TORONTO, Oct. 8 /CNW/ - TD Canada Trust today announced that it has
lowered its prime lending rate by 25 basis points to 4.50 per cent, effective
October 9, 2008.
"Like all financial institutions, we have been watching the key lending
rates very closely. Continuing market turmoil has steadily driven up the cost
of borrowing for financial institutions. This makes it challenging to match
the Bank of Canada rate cut at this time. We recognize the efforts the Bank of
Canada is making and, despite the fact that our cost of funds remains high, we
have decided to reduce our rate by 25 bps. We see this as a balanced move in
managing our funds and passing along the intended benefits to our customers,"
said Tim Hockey, President and CEO, TD Canada Trust.
"We will continue to carefully watch the effect of central bank actions
and key lending rates, as well as the market's reaction and the competitive
landscape, all of which we will take into consideration for future rate
setting," added Hockey.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Financial Group. TD Bank Financial Group is the seventh largest bank
in North America by branches and serves approximately 17 million customers in
four key businesses operating in a number of locations in key financial
centres around the globe: Canadian Personal and Commercial Banking, including
TD Canada Trust; Wealth Management, including TD Waterhouse and an investment
in TD Ameritrade; U.S. Personal and Commercial Banking through TD Banknorth
and Commerce Bank (to be known together as TD Bank); and Wholesale Banking,
including TD Securities. TD Bank Financial Group also ranks among the world's
leading on-line financial services firms, with more than 5.5 million on-line
customers. TD Bank Financial Group had CDN$509 billion in assets as of July
31, 2008. The Toronto-Dominion Bank trades on the Toronto and New York Stock
Exchanges under the symbol "TD", as well as on the Tokyo Stock Exchange.
For further information: Kelly Hechler, TD Bank Financial Group, (416)
982-2469