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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.  m& R" F- s0 R1 U& k( |  c
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.8 J- T- |. M+ K9 D) ~
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.6 |3 g4 M8 ~7 H* Y
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."
7 B, |; ]" e# h+ RShortly 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$ M# g  \# C9 y
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.7 Z$ i) g7 G/ D7 q! T# Q" L
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 $25 billion of mortgages from their balance sheets to the Canada Mortgage and Housing Corp.4 Q( d6 V& f& _9 _
TD said this should reduce the banks' cost of financing, in turn allowing them to trim the price of loans.
8 M: w5 R* B. D9 M" p, e"Financial markets are very turbulent, and funding costs are still high," commented Tim Hockey president of TD Canada Trust, the retail arm of TD Bank.$ p7 K* y" l; ?" M# W7 c  X( P3 I' q
"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.". a3 d, @7 `# Y5 O
Flaherty said the federal government will buy up to $25 billion in residential mortgages from the banks and shift them to CMHC.
2 Y7 q9 v6 V6 \$ F! P"This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses," said the finance minister.& v: E/ `! I/ O0 n! V7 M
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:! F% \( ]2 Y$ _$ c
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Scotiabank, BMO  cut 0.25 to 4.25
4 @* z6 g& ^) `+ ?- E4 aTD, 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' H" D3 U& r7 i) s4 n) j9 z
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