Bank of Canada Cuts Rate (again)
- Thread starter dwb
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QUOTE (dwb @ Oct 21 2008, 01:34 PM) Anyone heard yet if the Banks followed with a cut of Prime by 25 basis points? Or did they balk at it again?
TD, Scotiabank cut prime lending rate
http://www.thestar.com/Business/article/521331
Oct 21, 2008 05:03 PM
TD Canada Trust says it will cut its prime lending rate by 35 basis points, the first of the big banks to follow the Bank of Canada`s lead today on lowering the cost of borrowing.
The unusual-sounding amount combines today`s quarter percentage point cut by the central bank, which amounts to 25 basis points, with the 10 points TD failed to pass on to customers last time the Bank of Canada lowered its rates two weeks ago.
TD`s announcement ends hours of speculation today on whether the big banks would cut the rates their customers pay or use the reduction in central bank loans to reduce their own cost of borrowing.
Scotiabank announced minutes after TD it would also cut its prime lending rate to 4 per cent, matching the central bank`s quarter percentage point cut.
TD, Scotiabank cut prime lending rate
http://www.thestar.com/Business/article/521331
Oct 21, 2008 05:03 PM
TD Canada Trust says it will cut its prime lending rate by 35 basis points, the first of the big banks to follow the Bank of Canada`s lead today on lowering the cost of borrowing.
The unusual-sounding amount combines today`s quarter percentage point cut by the central bank, which amounts to 25 basis points, with the 10 points TD failed to pass on to customers last time the Bank of Canada lowered its rates two weeks ago.
TD`s announcement ends hours of speculation today on whether the big banks would cut the rates their customers pay or use the reduction in central bank loans to reduce their own cost of borrowing.
Scotiabank announced minutes after TD it would also cut its prime lending rate to 4 per cent, matching the central bank`s quarter percentage point cut.
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the banks are cutting their prime rates but they have not dropped mortgage rates. Every thing is still prime plus on the variable side and still in the high fives for 5 year fixed.