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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.
3 V/ n2 |/ H1 k0 w7 TTD 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.
4 ]. v; w* z5 l1 p% U: [* UThe 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.
& U9 n! ~- L; PChris 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."6 J# z# R0 W. \% b3 Q
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 A7 P, _  h; Z$ CThe 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.# N6 Z) p% `/ M" t  L/ b
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 $25 billion of mortgages from their balance sheets to the Canada Mortgage and Housing Corp.
# @+ s. Z* g! |$ J; ITD said this should reduce the banks' cost of financing, in turn allowing them to trim the price of loans.# y6 F6 t+ d* _2 ~
"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.
% F2 f$ @" _  Q4 A; |* Z# `, Q; R1 x5 o6 m"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 l# B# o: J4 t) o) |6 P2 uFlaherty said the federal government will buy up to $25 billion in residential mortgages from the banks and shift them to CMHC.8 ?. ^/ C* `! Z$ i4 @" D3 W1 ^
"This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses," said the finance minister.
( i* ^* q6 m1 iSonia 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:; i9 k6 L' N4 D6 Y% C$ E
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Scotiabank, BMO  cut 0.25 to 4.25
5 R0 R( X- t- @% I6 eTD, 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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