The differences Δα cos(δ) and Δδ , smoothed, in the sense Instrument-FK5, obtained from the observations of series of Fundamental FK5 Stars, made up to June 1993 with the Repsold Meridian Circle at Cerro Calán, National Astronomical Observatory, Chile, are compared with the differences obtained with the observations carried out with the Hipparcos Astrometric Satellite. From the analysis of these results it is possible to see that there are yet systematic differences in the Fundamental Catalogue FK5, specially in the Southern Hemisphere.