Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Bank of Canada cuts Interest Rates again. Prime now at 2.25%

Bertuzzied · 04-21-2009, 08:58 AM

I think this must be the lowest rate ever. Heloc holders and variable rate mortgagors rejoice!

Hmmmm How lowww can we gooooo?? 1%???

Well golly gee, that is nice of BMO to pass the 1/4% cut to their clients... AFTER they increased all their existing customers by 1%!

http://money.canoe.ca/News/Economy/2...187621-cp.html

The bank said it will target a daily level of settlement balance in the financial system at $3 billion, a move it says will help drive the overnight rate to the bottom of the trading band.
The Bank of Montreal (TSX:BMO) was the first of Canada's major banks to announce that it would lower its own prime rate in step with the central bank, dropping the benchmark around which it calculates variable mortgages and other loans to 2.25 per cent.
Shortly after, Royal Bank (TSX:RY) said it too would lower its prime rate to 2.25 per cent, signalling that the other chartered banks would likely follow suit.

04-21-2009, 08:58 AM	#1
Bertuzzied Lifetime Suspension Join Date: Apr 2004 Location: Market Mall Food Court Exp:	Bank of Canada cuts Interest Rates again. Prime now at 2.25% I think this must be the lowest rate ever. Heloc holders and variable rate mortgagors rejoice! Hmmmm How lowww can we gooooo?? 1%??? Well golly gee, that is nice of BMO to pass the 1/4% cut to their clients... AFTER they increased all their existing customers by 1%! http://money.canoe.ca/News/Economy/2...187621-cp.html The bank said it will target a daily level of settlement balance in the financial system at $3 billion, a move it says will help drive the overnight rate to the bottom of the trading band. The Bank of Montreal (TSX:BMO) was the first of Canada's major banks to announce that it would lower its own prime rate in step with the central bank, dropping the benchmark around which it calculates variable mortgages and other loans to 2.25 per cent. Shortly after, Royal Bank (TSX:RY) said it too would lower its prime rate to 2.25 per cent, signalling that the other chartered banks would likely follow suit.