Close X
Monday, November 11, 2024
ADVT 
National

Big Banks Pass On Part Of Bank Of Canada Rate Cut, Prime Rate Reduced To 2.70%

The Canadian Press, 16 Jul, 2015 01:34 PM
  • Big Banks Pass On Part Of Bank Of Canada Rate Cut, Prime Rate Reduced To 2.70%
OTTAWA — Less than 24 hours after the Bank of Canada cuts its key interest rate, Canada's big banks have partially followed suit.
 
The central bank cut its rate by a quarter percentage point on Wednesday to 0.5 per cent. The banks, in turn, cut their prime interest rate by 0.15 percentage points to 2.7 per cent.
 
It's the second time the central bank cut its key rate this year. When it chopped the rate in January by a quarter point, the big banks passed on only a portion of the rate cut to their customers then, too.
 
Moves in the prime rate directly affect the amount charged on loans such as variable rate mortgages and floating rate lines of credit.
 
The Bank of Canada also downgraded its outlook for the Canadian economy.

MORE National ARTICLES

Dalhousie Task Force Calls For Overhaul Of Complaint System

HALIFAX — A task force that looked into Dalhousie University's response to dentistry students who posted misogynistic comments on Facebook is calling on the school to overhaul the way it handles complaints of sexism and inequality.

Dalhousie Task Force Calls For Overhaul Of Complaint System

Improving Medevac Times A Must To Help Ukrainian Soldiers Survive, Officials Say

Improving Medevac Times A Must To Help Ukrainian Soldiers Survive, Officials Say
Kenney says there will be a particular focus on improving casualty evacuation, which is vital in the survival rates of wounded soldiers.

Improving Medevac Times A Must To Help Ukrainian Soldiers Survive, Officials Say

Wildfire Crews Across B.C. Brace For Incoming Thunderstorms, Lightning

Wildfire Crews Across B.C. Brace For Incoming Thunderstorms, Lightning
VANCOUVER — Wildfire crews across British Columbia are bracing for a wave of incoming thunderstorms and lightning.

Wildfire Crews Across B.C. Brace For Incoming Thunderstorms, Lightning

B.C. Bus Company At Centre Of Serious Highway Crash To Be Audited By Province

B.C. Bus Company At Centre Of Serious Highway Crash To Be Audited By Province
Police say that shortly before 10 a.m. on Saturday a tour bus rammed into a car and a tow truck parked on the shoulder of the Coquihalla Highway. The collision left 38 people injured, including two who were airlifted to hospital in serious condition.

B.C. Bus Company At Centre Of Serious Highway Crash To Be Audited By Province

Missing Ontario Hikers Turn Up Alive After A Week In B.C. Backcountry

Missing Ontario Hikers Turn Up Alive After A Week In B.C. Backcountry
Lynne Carmody, 61, and Rick Moynan, 59, of North Bay, Ont., turned up virtually unharmed on Sunday around 4 p.m., just hours before crews were going to call off the search for them.

Missing Ontario Hikers Turn Up Alive After A Week In B.C. Backcountry

Outbreak Of Salmonella Infections Linked To Frozen Raw Breaded Chicken Products

Outbreak Of Salmonella Infections Linked To Frozen Raw Breaded Chicken Products
OTTAWA — The Public Health Agency of Canada says an outbreak of salmonella infections in four provinces has been linked to frozen raw breaded chicken products.

Outbreak Of Salmonella Infections Linked To Frozen Raw Breaded Chicken Products