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ECONOMY CAN'T BEAR TWO PERCENT RISE, SAYS CANADA TRUST

ECONOMY CAN'T BEAR TWO PERCENT RISE, SAYS CANADA TRUST
 LONDON, Ont., Oct. 1 /CNW/ - Following on the heels of an increase in the prime rate yesterday where Canada Trust came in half a percent less than the big banks, the company announced a six month closed mortgage rate at 7.50 percent that is 0.25 percent lower than the five big banks.
 "We're concerned about the impact a two percent increase is going to have on consumers," said Bob Overholt, Vice-President, Retail Credit. "What's happened to the prime is temporary -- it's too high. The economy can't bear it and doesn't need it. We'll continue to offer a lower rate to our customers to get them through this period."
 "We're in the retail banking business," said Overholt. "The individual consumer is our customer so we'll do what we can to affect rates in their best interest." Towards this end, the company took the lead when it raised the rate it pays on term deposits a full two days before adjusting the mortgage rates it announced today.
 "Other players have moved to high short-term rates but we don't believe its the right way to go. By offering a lower six month closed mortgage, we'll help customers through the storm," says Overholt.
 For further information: Bob Overholt, Vice-President, Retail Credit, Toronto (416) 361-8489 - office, (416) 822-8999 - home, after 7:00 p.m.
 (CT.PR.A.)
 -0- 10/01/92


CO: CANADA TRUST IN: FIN SU: ECO ST: -- c0148 -- X045 10/01/92
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Publication:PR Newswire
Date:Oct 1, 1992
Words:250
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