Bank Prime Rate Cuts Fail to Match Bank of Canada’s
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Canada’s six biggest banks cut their prime lending rates 15 basis points to 2.85 percent, failing to fully match a rate reduction by the nation’s central bank six days earlier.
Royal Bank of Canada, Bank of Montreal, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Nova Scotia and National Bank of Canada made the first change to their prime rates, which set borrowing levels on everything from variable mortgages to credit lines, since September 2010, according to data compiled by Bloomberg.