[Source - CNW Group]
TORONTO, Oct. 10 /CNW/ - TD Canada Trust today announced that it haslowered 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 ininsured mortgage pools to address Canadian banks' increased cost of borrowing. "We believe that this initiative will be put into effect in a way thatwill reduce our overall cost of funds and, as a result we are dropping ourrate today. As we've been saying, a number of factors go into decisions aboutrate changes. Financial markets are very turbulent, and funding costs arestill high. However, we anticipate that our cost of funds will decrease withthe implementation of this program, and therefore wanted to take action thatwill benefit our customers directly," said Tim Hockey, President and CEO, TDCanada Trust.
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