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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.
% U3 U1 j8 x! [$ i" m8 ]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.: D. L0 i( W, \& f2 N! y
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.! {: r3 ]0 M4 e9 j) O
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."' F+ O7 v* U/ n
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.. H3 @/ j" c% z% A! v7 b
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.
9 K9 ~! d! x& T+ m9 r& i" NFriday's additional trim was credited to the morning's move by Finance Minister Jim Flaherty to allow the banks to offload as much as $25 billion of mortgages from their balance sheets to the Canada Mortgage and Housing Corp.
# h- \+ q1 m- F- f# nTD said this should reduce the banks' cost of financing, in turn allowing them to trim the price of loans.( T0 O# u+ |% W- J) i% n$ i
"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.- V- q- R' l" ^. S0 j
"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.", I4 Q- d. G. o" X4 D
Flaherty said the federal government will buy up to $25 billion in residential mortgages from the banks and shift them to CMHC.
# e! o$ @" O1 r2 {) \"This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses," said the finance minister.
- \& s/ M, f; o  f8 ~3 mSonia 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:
" Z. z( {$ G0 F9 |* C4 N+ g) N2 k/ h3 @9 p5 B+ P7 ^7 @% L
Scotiabank, BMO  cut 0.25 to 4.251 h& S5 I& N4 M: M0 q1 v! C, c
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& @6 r3 \- v0 A* b3 Z
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