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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.
5 m9 y# b, A5 b5 u0 N# ]% JTD 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.
* h0 j7 K& M9 P. RThe 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.
" _  y1 K4 E/ h( S6 i4 c& E4 |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."
3 x6 e" P8 N  R3 i* N5 pShortly 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.2 g6 B9 q9 j; d
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.$ M& V: ^9 P6 w( ]3 H
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.; l& M; A0 O: T6 W7 X4 O; t
TD said this should reduce the banks' cost of financing, in turn allowing them to trim the price of loans.7 v# M% x  ?  @& T2 {8 ]6 C& ?+ c
"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.
4 R* U9 h( X3 n9 p# j- B"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."7 k* a6 `  S) V& R+ F
Flaherty said the federal government will buy up to $25 billion in residential mortgages from the banks and shift them to CMHC.
  [4 \' X3 Y% j9 y& r"This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses," said the finance minister.
/ X7 l6 K: r& `, VSonia 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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Scotiabank, BMO  cut 0.25 to 4.25" U: I" a' Q% u. c- b
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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