ABN Sounds Cautious Note

With trading figures released kast week at ABN, more can perhaps be read into what the bank is saying rather than the numbers.

"Weak conditions, seen in the first half of the year (2001), continued and significantly worsened in the second half........The tragic events in the United States in September have had a substantial impact on the global economic outlook and consumer confidence. The collapse of major corporates in the fourth quarter have further aggravated the situation.....The weak market conditions seen in the second half of 2001 are expected to continue into 2002."

Abn are widely known to be big lenders to the aircraft industry and have had investments in both Argentina and failed energy giant Enron.