Riggs National Corporation & Subsidiaries - Page 36




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         Central Bank’s restructuring debt interest remittances from 1984             
         through early 1988) lists Joint Exhibit 692-ZN(23) as covering an            
         earlier January 1985 phase II CGA interest payment to the foreign            
         lenders, an examination of various underlying documents shows this           
         summary listing to be a misstatement and possibly a typographical            
         error.  We note that November 19, 1985, not September 6, 1985, is            
         the date of the Central Bank letter in Joint Exhibit 692-ZN(23).             
         Yet, in erroneously listing Joint Exhibit 692-ZN(23) as the Central          
         Bank letter transmitting the DARF’s covering the January 1985 phase          
         II CGA interest payment, Joint Exhibit 697-ZS incorrectly states the         
         date of the Central Bank letter in Joint Exhibit 692-ZN(23) to be            
         September 6, 1985.  We also note that Joint Exhibit 697-ZS lists,            
         immediately after the January 1985 phase II CGA interest payment,            
         later March, April, and June 1985 phase II CGA interest payments.            
         With respect to those later March, April, and June 1985 phase II CGA         
         interest payments, Joint Exhibit 697-ZS correctly lists Joint                
         Exhibit 692-ZN(22) (consisting of a Central Bank letter dated                
         September 6, 1985, and some of that letter’s attachments) as the             
         Central Bank letter transmitting the DARF’s pertaining to those              
         interest payments.17  Moreover, with respect to the January, March,          
         April, and June 1985 phase II CGA interest payments, Joint Exhibit           



               17   The Central Bank’s Sept. 6, 1985, letter transmitted              
          DARF’s purporting to evidence various withholding tax payments,             
          including those tax payments effected in January, March, April,             
          and June 1985.                                                              





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