Riggs National Corporation & Subsidiaries - Page 6




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          provided that there would be an initial period of about 16 to 18            
          months during which DFA or CGA funds could alternatively be lent or         
          re-lent to other Brazilian persons and companies (the relending             
          period).6                                                                   
               The phase I restructuring agreements (which included a phase           
          I DFA that covered the scheduled debt payments due in 1983 on prior         
          outstanding Brazilian loans and a phase I CGA under which the               
          Central Bank would be lent up to an additional $4.4 billion) were           
          entered on February 25, 1983.  The phase II restructuring                   
          agreements (which included a phase II DFA that covered the                  
          scheduled debt payments due in 1984 on prior outstanding Brazilian          
          loans and a phase II CGA under which the Central Bank would be lent         
          up to an additional $6.5 billion) were entered on January 27, 1984.         
               The phase III restructuring negotiations began around the              
          fall of 1984 and continued through July 1986.  On July 25, 1986,            
          Brazil and its foreign lenders signed the phase III DFA.  The phase         
          III DFA covered the scheduled Brazilian foreign debt payments due           
          in 1985 and 1986.  Under the phase III DFA, any 1985 debt payments          
          would be available for relending to other Brazilian persons and             





               6    In connection with the phase III restructuring                    
          negotiations, the relending period for the phase II DFA was                 
          extended from June 30, 1985, to April 1986, and the relending               
          period for the phase II CGA was extended from June 30, 1985, to             
          March 1986.                                                                 





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