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Scotiabank cuts prime rate by 25 bps to 4.25 pct

Fri Oct 10, 2008 1:35pm EDT

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TORONTO, Oct 10 (Reuters) - Bank of Nova Scotia (BNS.TO) said on Friday it will cut its prime lending rate by 25 basis points to 4.25 percent from 4.50 percent, effective next Tuesday.

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The move follows a federal government plan to help lower costs for Canadian financial insitutions by buying an additional C$25 billion ($21 billion) in pooled mortgages.

Scotia's cut is deeper than one announced earlier in the day by Toronto-Dominion Bank (TD.TO), which said it would cut its prime rate by 15 basis points to 4.35 percent as of Tuesday. Monday is the Canadian Thanksgiving holiday. (Reuters Toronto Bureau 416-941-8100)
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