Following financial difficulties arising from the decline of the western oil economy, the collapses of Canadian Commercial Bank and Northland Bank had a serious impact on other institutions that depended on wholesale deposit funding. Like the many Trust Companies and Credit Union amalgamations in 1986, the Canadian government permitted the Hongkong Bank of Canada (HSBC) to rescue it. By stepping in, HSBC acquired a large base of stable retail deposits. The acquisition immediately raised HSBC's ranking amongst Canadian banks from the 20th to the 9th largest.