Auditor's Report
We have examined the Financial Statements of
FGH BANK N.V. for the year 1994. 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, 1994 and of the results for the year
1994 and also comply with the legal requirements
concerning financial statements.
Utrecht, March 3, 1995
Moret Ernst Young Accountants
