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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.% _4 A. a5 N$ t# A% p0 C5 I
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.
* ?- W! `, s) `& |  [& 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.$ Y- s  Q6 D/ x+ |- @: S
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."/ P: f9 w0 g$ p
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.6 z. i! P5 f. W& V0 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.0 u) l- ~5 n( s  G" r4 G
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.1 }4 O0 C" r  t& Y6 I3 e7 O, L( I
TD said this should reduce the banks' cost of financing, in turn allowing them to trim the price of loans.
& W0 V, f3 D. o  D5 [* 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.& ~% o# P8 V5 e# E. i
"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."
* C4 V; {% O* \1 CFlaherty said the federal government will buy up to $25 billion in residential mortgages from the banks and shift them to CMHC.5 u' g' t8 m* i! A! z9 J
"This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses," said the finance minister.$ A& a+ s, L/ D! R, z8 ^
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:
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# |5 s6 g8 Q/ V! ~  j9 bScotiabank, BMO  cut 0.25 to 4.25+ O( m% L9 j9 |( r# A/ X
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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