Equipment is stated at purchase cost less depre ciation. Assets and liabilities denoted in foreign currencies have been converted at the relevant exchange rates as per the balance sheet date. Items of the income statement denominated in foreign currencies have been translated at the weighted average exchange rates for the year. The translation differences arising out of the application of both year-end rates and weighted average rates are reflected in the stockholders’ equity under the heading “Exchange differences reserve”. Results accruing from over and underhedging of foreign participating interests, including the associated hedging transactions, are reflected in the stockhol ders’ equity under the heading “Exchange differen ces reserve”. Other exchange differences are inclu ded in the result. Accrued corporate income tax and provisions for deferred tax liabilities have been included under the heading “Payables”. In this context, deferred liabilities refer to the tax resulting from differences in the fiscal valuation of assets and liabilities. Such assets and liabilities are valued on a current value basis as per the date of the balance sheet. Income and expenses are generally recorded in the year to which they relate. Incidental income and expenses connected with lending and borrowing activities are included in the income statement in the year in which the assets or liabilities are con tracted. A list of names and registered offices of partici pating interests has been filed with the Amsterdam Chamber of Commerce. For the record, it should be noted that the income statement of FGH BANK N.V. has been prepared in accordance with the provisions of Section 402, Book 2 of the Dutch Civil Code, Title 9. 23 EXPLANATORY NOTES

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Annual Reports FGH Bank | 1991 | | pagina 25