Auditor's Report
Introduction
We have audited the 1996 financial statements of
FGH BANK N.V., Utrecht. These financial statements
are the responsibility of the company's management.
Our responsibility is to express an opinion on these
financial statements based on our audit.
Scope
We conducted our audit in accordance with auditing
standards generally accepted in the Netherlands. Those
standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial
statements. An audit also includes assessing the
accounting principles used and significant estimates
made by management, as well as evaluating the overall
financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
Opinion
In our opinion, the financial statements give a true and
fair view of the financial position of the company as at
JL December 311996 and of the result for the year then
ended in accordance with accounting principles
generally accepted in the Netherlands and comply with
the financial reporting requirements included in Part 9,
Book 2 of the Dutch Civil Code.
Utrecht, March 7, 1996
Moiet Ernst Young Accountants