Auditor's Report
We have examined the Financial Statements of
FGH BANK N.V. for the year 1993. Our examinations
have been made in accordance with generally accepted
auditing standards in the Netherlands.
In our opinion, the Financial Statements give a true and
fair view of the financial position of the company on
December 31, 1993 and of the results for the year 1993
and also comply with the statutory requirements
concerning financial statements.
Utrecht, March 4, 1994
Moiet Ernst Young Accountants
