CIBC, Canada Trust raise mortgage rates
Article Abstract:
Canadian Imperial Bank of Commerce (CIBC) raised mortgage rates for the second time in August 1998 on Aug. 19, 1998, placing one-year loan rates up by 0.10 percentage points to 6.85%. Effective Aug. 20, 1998, the new rates also call for a 0.25 percentage point hike for five-yea loans to 7.40%. CIBC Chief Economist Josh Mendelsohn said the decline of the Canadian dollar has increased the actual expenses for borrowing money on the open market for the firm. Meanwhile, the continuing Canadian dollar decline also means greater interest rates for lenders in Canadian funds.
Comment:
Raised mortgage rates for the 2nd time in 8/98 on 8/19/98, placing one-year loan rates up by 0.10 percentage points
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Bank of Canada trims rates; to boost 1999 growth forecast
Article Abstract:
The Bank of Canada lowered interest rates by 0.25% and is poised to issue a more optimistic projection for 1999 as the Canadian economy demonstrated minimal inflation and a stable financial market. Bank of Canada Governor Gordon Thiessen said that the rate reduction, which brings down the prime rate to 6.25% and the bank rate to 4.75%, was done to limit inflation to within the targeted 1% to 3% range until 2000. Thiessen also sees a better economic outlook that will encourage consumer and investor spending.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
More cuts coming at CIBC division
Article Abstract:
Canadian Imperial Bank of Commerce (CIBC) has earned C$34 million, or 1 cent per share, in the 4th qtr 1998, down by almost 92% from the year-ago period. The bank attributed the big drop to its World Markets brokerage division, which posted a loss of C$186 million during the period. CIBC said that World Markets has already slashed C$200 million in 1998, or 12% of its operating cost base, and will cut another C$100 million in 1999.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Fame and misfortune. Le Cirque is coming to town
- Abstracts: Mind-set and match. States ring in the deals
- Abstracts: Schneider board won't endorse bid. MD, Templeton to combine funds
- Abstracts: Firm fined $1.5M over tainted juice. Prescription shortcounts cost millions. Scandals could produce reforms
- Abstracts: Bombardier flies in Bangladesh. Ottawa may hike Bombardier subsidies. Quebec nurses change course, call off strike