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Banks move to trim prime rate further after Ottawa offers mortgage relief

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发表于 2008-10-10 11:03 | 显示全部楼层 |阅读模式
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TORONTO — Canada's big banks are passing on more rate cuts to consumers and companies after credit markets freed up Friday in the wake of federal government help for the mortgage industry.
1 R9 F8 U# N0 x* `& @! DTD Canada Trust (TSX:TD) said it will lower its prime lending rate by 15-hundredths of a percentage point to 4.35 per cent, effective next Tuesday.8 c. V2 h' O6 A; F, h$ |+ c
The Bank of Nova Scotia (TSX:BNS) announced shortly afterward that it is cutting its prime rate by a quarter-point to 4.25 per cent.4 f& q# i+ r- w+ U" I
Chris Hodgson, Scotiabank's head of domestic personal banking, stated that: "At a challenging time in world financial markets, this reduction in interest rates reflects actions initiated by the Bank of Canada and the federal government."
5 k( v6 P9 n1 {Shortly afterward, CIBC (TSX:CM) chimed in, matching the smaller TD trim in the prime rate - the benchmark for a wide range of lending to individuals and corporations.
4 k$ ]% i8 Y2 o' q+ p: D, C" NThe banks had come under fire earlier this week after they passed on only half of the 0.50-point cut in the Bank of Canada's overnight rate, which was part of a co-ordinated effort by major central banks to ease credit markets.; W1 H' s8 Q: {4 ]" ?$ |
Friday's additional trim was credited to the morning's move by Finance Minister Jim Flaherty to allow the banks to offload as much as $25 billion of mortgages from their balance sheets to the Canada Mortgage and Housing Corp.' M) F6 M2 ?  ~9 p/ t
TD said this should reduce the banks' cost of financing, in turn allowing them to trim the price of loans.7 |' X8 m" H0 a: J- {/ _
"Financial markets are very turbulent, and funding costs are still high," commented Tim Hockey president of TD Canada Trust, the retail arm of TD Bank.. f( O. m3 F; ]2 x$ ]
"However, we anticipate that our cost of funds will decrease with the implementation of this program, and therefore wanted to take action that will benefit our customers directly."3 ^, C, i& J5 R8 V2 Z! T1 A* j
Flaherty said the federal government will buy up to $25 billion in residential mortgages from the banks and shift them to CMHC." [. G! L4 w  b8 _8 A, h+ w6 ?& b
"This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses," said the finance minister.1 z7 c& |0 B+ o6 P) e" A" D
Sonia Baxendale, CIBC's chief of retail markets, called the government's action "positive."
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 楼主| 发表于 2008-10-10 12:54 | 显示全部楼层
So far:
. |& R( `6 I% `" F) j, R4 h' _1 y2 R0 M
Scotiabank, BMO  cut 0.25 to 4.25
# K. x5 w7 ^# k/ C7 xTD, CIBC cut 0.15 to 4.35
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 楼主| 发表于 2008-10-10 12:55 | 显示全部楼层
RBC cut 0.25 to 4.25% U5 p8 s1 B* W& i" R) A9 l4 R2 g
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