Posted AT 7:47 PM EST on 10/10/08
Banks cut rates after Ottawa steps in
OTTAWA and TORONTO — Royal Bank of Canada's Barbara Stymiest paused at midday Friday in the midst of explaining the balancing act that's required to fund a major financial institution during a credit crisis.
The chief operating officer had been talking about the need to keep lending to customers at reasonable rates while at the same time maintaining a safe and sound bank.
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