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CIBC REPLIES TO BLOOMBERG NEWS REPORT

 CIBC REPLIES TO BLOOMBERG NEWS REPORT
 TORONTO, May 17 /PRNewswire/ -- A Bloomberg Business News report


issued Friday afternoon from New York referred to a statement by Olympia & York Development Ltd., and four of its U.S. affiliates listing the top 20 unsecured creditors to their Chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of New York.
 The report is inaccurate and misleading, CIBC said today.
 The full amount of some syndicated loans has been ascribed to CIBC, substantial portions of which are held by other banks. And it appears that other double-counting errors have been made in arriving at the amount calculated. The conclusion drawn regarding security also seems to be based on incorrect assumptions, CIBC said.
 CIBC is one of the largest financial institutions in North America, with assets exceeding $124 billion. It employs about 34,000 full-time and 14,000 part-time staff in 1,619 branches, offices, agencies and subsidiaries in Canada and 23 countries around the world.
 -0- 5/17/92
 /CONTACT: Jeff Roach, 416-324-9584, or after 6 p.m., Kitty Griffiths, 718-935-0138, both of CIBC/ CO: CIBC ST: New York IN: SU:


SH-MA -- NYSU004 -- 1087 05/17/92 14:13 EDT
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Date:May 17, 1992
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