Jobu Posted October 10, 2008 Report Posted October 10, 2008 TD Canada Trust lowers prime lending rate Friday October 10, 12:31 pm ET TORONTO, Oct. 10 /CNW/ - TD Canada Trust today announced that it has lowered its prime lending rate by 15 basis points to 4.35 per cent, effective, Tuesday, October 14, 2008. This morning the government announced that it will buy $25-billion in insured mortgage pools to address Canadian banks' increased cost of borrowing. "We believe that this initiative will be put into effect in a way that will reduce our overall cost of funds and, as a result we are dropping our rate today. As we've been saying, a number of factors go into decisions about rate changes. Financial markets are very turbulent, and funding costs are still high. 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," said Tim Hockey, President and CEO, TD Canada Trust. Quote
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