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Originally Posted by Nancy
Not to nitpick, but in order to avoid confusing this with the Prime Rate that you and I pay to the bank, this is usually referred to as the B of C "Key Rate."
Not sure how much of this cut you or I will actually see from our own banks. Have any of the banks matched yet?
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http://www.financialpost.com/news/story.html?id=1052266
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TD has decided to pass on to customers only part of the hefty cut in interest rates by the Bank of Canada.
The bank will pocket a third of the rate cut to improve its own profit margins, while customers will see the prime lending rate reduced by only .5 per cent, instead of the full .75 per cent rate cut announced by the central bank.
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and further down....
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In research papers and interviews the bank has been a leading advocate of the view that Canada is moving towards a model seen in other countries where institutions pick and choose how much of a rate cut to pass on to consumers.
This is creating new competitive dynamics in Canada's retail banking market that have little precedent, with rival banks watching each other closely and engaging in an elaborate game of chicken to determine who will cut most.
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