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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.
# Z& N6 C9 t- LTD 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., G7 r/ J7 a, T3 y! a0 }
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.$ z( Z/ p; g3 d
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."
5 E7 Q6 A5 z  t" u( u" TShortly 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* ^! T& M7 s% o$ j, Z8 QThe 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./ C' @6 u  B7 ]4 |1 c1 O+ V
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./ F4 N2 I" R' y+ q1 ?' ~
TD said this should reduce the banks' cost of financing, in turn allowing them to trim the price of loans." F# {1 k; i, 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.' [( Z! D  i0 B% z2 J0 q) T/ c; N2 ^
"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."5 k8 n  |, @- J, S
Flaherty said the federal government will buy up to $25 billion in residential mortgages from the banks and shift them to CMHC.
2 n& n0 F$ g6 U"This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses," said the finance minister.
, ~$ z! ^- e6 M9 aSonia 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:+ [# ~, e0 q2 m0 |: t1 O- _8 P+ u
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Scotiabank, BMO  cut 0.25 to 4.25) A3 i6 c2 N9 Q
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 4.259 r8 ]% o, K  t4 O( S9 w/ F
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