埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2305|回复: 2

Banks move to trim prime rate further after Ottawa offers mortgage relief

[复制链接]
鲜花(0) 鸡蛋(0)
发表于 2008-10-10 11:03 | 显示全部楼层 |阅读模式
老杨团队,追求完美;客户至上,服务到位!
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.
8 ]1 ]$ Z5 K0 s! ]  q1 s" P2 T$ w& |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.
) Z) Q' E+ M# r2 a) T9 tThe 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.3 m: k3 m& f5 H, \
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."* I1 ?: f* J: O
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.
) l6 e; f! p' lThe 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.
- G% e5 k) o3 g+ S/ T, WFriday's additional trim was credited to the morning's move by Finance Minister Jim Flaherty to allow the banks to offload as much as $25 billion of mortgages from their balance sheets to the Canada Mortgage and Housing Corp., D" N; s, X0 H9 V/ z/ _
TD said this should reduce the banks' cost of financing, in turn allowing them to trim the price of loans.
* E* M1 C" b; X% t% A- y% i4 n! O$ J1 P"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.
. x0 g( w2 J5 C0 r"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.", z! Z5 b# m4 m+ O* s9 x, [. ]
Flaherty said the federal government will buy up to $25 billion in residential mortgages from the banks and shift them to CMHC." f# n9 x( @- G; z' D2 w1 Q3 K
"This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses," said the finance minister.) D3 q" A$ e" ?
Sonia Baxendale, CIBC's chief of retail markets, called the government's action "positive."
鲜花(0) 鸡蛋(0)
 楼主| 发表于 2008-10-10 12:54 | 显示全部楼层
So far:
4 H4 f( u4 p! B0 v) I5 g5 u$ O/ \# S+ n- I0 l
Scotiabank, BMO  cut 0.25 to 4.25
  Z0 b) J. U! J' N: NTD, CIBC cut 0.15 to 4.35
鲜花(0) 鸡蛋(0)
 楼主| 发表于 2008-10-10 12:55 | 显示全部楼层
RBC cut 0.25 to 4.25
' f. h+ e5 T+ F
您需要登录后才可以回帖 登录 | 注册

本版积分规则

联系我们|小黑屋|手机版|Archiver|埃德蒙顿中文网

GMT-7, 2026-7-1 08:40 , Processed in 0.115616 second(s), 10 queries , Gzip On, APC On.

Powered by Discuz! X3.4

Copyright © 2001-2021, Tencent Cloud.

快速回复 返回顶部 返回列表