Retail banks pass on rate cut
by investor on 20/01/09 at 5:07 pm
Canada’s big retail banks swiftly moved to match the 50-basis-point cut the Bank of Canada made to its benchmark interest rate.
Within minutes of the Bank of Canada decision on Tuesday, the Bank of Montreal appeared to be the first chartered bank to follow suit, announcing that it would be cutting its prime lending rate to 3% from 3.5%, effective Wednesday.
BMO was quickly followed by TD Canada Trust, CIBC, Royal Bank, Laurentian, and Scotiabank, which all reset their prime rates to 3% from 3.5%.
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