More fuel to the fire from Rob Carrick with Globe and Mail with this article titled "Banks fail ethics test by not lowering prime rates".
http://www.theglobeandmail.com/globe...ticle22642899/
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Don’t be distracted by the fixed-rate mortgage cuts just announced by some banks – that’s just a smokescreen to cover their unwillingness to move on the more influential prime rate, which guides not just variable-rate mortgages but also lines of credit and floating rate loans.
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There’s talk now that the banks’ non-compliance on prime has made it more likely the Bank of Canada will cut rates again soon. All lenders are equally guilty of blowing off the Bank of Canada, but the big banks are the worst offenders because they set the trend in the financial sector. If the banks are resisting, others will, too.
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