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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.- M0 W2 P: w6 ?5 M
TD 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.
- x" ~: U( z* o/ N/ u2 M& |2 MThe 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.
! C2 P* `# t) l0 R+ _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."
6 v8 Y9 [) l# p. A1 g5 B+ ~  qShortly 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.! |; W" u0 I9 b) s1 U% V: k# N4 U* Q
The 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.
/ h& a. ^8 o: a. R- fFriday's additional trim was credited to the morning's move by Finance Minister Jim Flaherty to allow the banks to offload as much as $25 billion of mortgages from their balance sheets to the Canada Mortgage and Housing Corp.
# N: f. g  v% a( m% w. }TD said this should reduce the banks' cost of financing, in turn allowing them to trim the price of loans.5 s0 Q$ V+ ]; z/ V: `9 h
"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.
8 Z# o6 l; y7 z* z$ w"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."/ u0 F/ o( t, \; ^9 f3 K
Flaherty said the federal government will buy up to $25 billion in residential mortgages from the banks and shift them to CMHC.
3 |2 G$ y7 t+ u* I4 U  v/ w; ["This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses," said the finance minister.
2 r+ p! j  g- V% _3 nSonia 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:
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3 j! G1 n/ o0 h- ^" F1 yScotiabank, BMO  cut 0.25 to 4.259 D. q- o% ~4 Y( H4 g. h0 ]
TD, 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
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