RBC Royal Bank decreases prime rate
TORONTO, October 10, 2008 — RBC Royal Bank today
decreased its prime lending rate by 25 basis points to 4.25
per cent from 4.50 per cent, effective October 14, 2008.
"The federal government's move today to maintain the
availability of longer-term credit in Canada will improve
the banking system's access to funding," said David McKay,
Group Head, Canadian Banking, RBC. "With this important
step forward to address funding costs in the Canadian market,
we are reducing our prime lending rate."
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For further information contact:
Jackie Braden, RBC, Media Relations, (416) 974-2124