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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.
( |/ a1 m6 Q9 |. m* U% r3 B, iTD 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.
: h4 b( O: L' BThe 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.
9 W3 I/ u% f8 q2 Q* |' e6 J4 XChris 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."9 z/ c0 L" O) g- N7 \
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.$ X4 m& |- B0 i; ?5 C/ g
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.
* y$ d& |( m# \9 E, T( u# f$ mFriday's additional trim was credited to the morning's move by Finance Minister Jim Flaherty to allow the banks to offload as much as $25 billion of mortgages from their balance sheets to the Canada Mortgage and Housing Corp." i: l3 V+ H( }" k6 @1 F
TD said this should reduce the banks' cost of financing, in turn allowing them to trim the price of loans.5 L4 k/ H" F0 ?4 L$ [) O( w8 ]  O4 Y
"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.
) R  d% V9 h. Y"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."
& ]% ^; Q$ o1 p7 MFlaherty said the federal government will buy up to $25 billion in residential mortgages from the banks and shift them to CMHC.
, m3 b, W- O% ~# P9 o8 M"This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses," said the finance minister.
, o8 D% O- g" n; p) {. N9 lSonia 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. p, [' }7 ~2 T3 c
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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