TORONTO, Feb. 10, 1995 - ERNST & YOUNG
INC., liquidator of Standard Trust
Company and Standard Loan Company, announced today that it has obtained
approval from the Ontario Court to pay an interim distribution of 19 cents on
the dollar to Standard Trust's depositors and 11 cents on the dollar to
Standard Loan's creditors. According to Bill
Drake, a senior vice-president of
Ernst & Young Inc., the liquidator
expects to mail cheques within a week to
the 2200 Standard Trust depositors and 600 Standard Loan creditors entitled to
share in this interim distribution.

  This is the fourth interim distribution to Standard Trust depositors and
Standard Loan creditors. The Liquidator has now distributed 67 cents on the
dollar to Standard Trust depositors and 99 cents on the dollar to Standard
Loan creditors.

  Based on the recoveries to date, Ernst & Young Inc. now estimates that
Standard Trust's uninsured depositors could receive between 85 and 90 cents on
the dollar, its other creditors 45 cents on the dollar and Standard Loan's
creditors 107 cents on the dollar of their principal claims, although Drake
added that ``these estimates are subject to uncertain future events and actual
results may vary materially.''

  /For further information: Bill Drake,
FCA, CIP, Senior Vice-President,
Ernst  & Young Inc., Telephone: (416)
868-6900,  Fax: (416) 363-7306/