Matters arising from transactions of the Northland Bank with its clearing agent the Royal Bank of Canada, and with the Bank of Canada on August 30th, 1985

Questions have been raised about clearing transactions involving the Northland Bank, its Clearing Agent The Royal Bank of Canada, and the Bank of Canada, that were initiated by large movements of funds by the Northland on August 30th. The Bank of Canada does not normally comment on transactions with clients, but in the light of the special circumstances and the publicity already given to these transactions it is making a public statement on the matter.