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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.
' [6 K5 D& g1 @- r+ f2 d* bTD 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.& s/ k6 M) x% }0 y9 ?  B$ r
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.7 w- q8 @7 P1 {: V' D  G
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."
' S- S* Q3 r6 `) x' F  uShortly 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.$ l" [# {. }) s6 H  i" ^' ^
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.* t8 z3 S' P+ Y8 C7 F
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.
  o6 u8 K7 P- Q0 k. LTD said this should reduce the banks' cost of financing, in turn allowing them to trim the price of loans.
' d5 j2 k8 d0 N" O& L) r"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.) }0 i- r+ j3 ~8 f% ?. p* b5 I' y4 [
"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."( w9 |5 u, g! E+ S7 U
Flaherty said the federal government will buy up to $25 billion in residential mortgages from the banks and shift them to CMHC.
. j! J0 `5 l2 ^  F! p" S! K' ^"This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses," said the finance minister.
9 R$ D5 V+ k: c) p. [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:2 S! q4 s0 a' g' {; R% @" V
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Scotiabank, BMO  cut 0.25 to 4.25
' i# K) N3 l. V% yTD, 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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