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TORONTO - High banking standards have kept Canada's financial institutions afloat and out of the kind of trouble that has sunk many of their international peers, Finance Minister Jim Flaherty said Wednesday.
Economies around the world have been battered by a banking crisis, a crumbling housing market and a credit crunch that has dried up borrowing. Canada has not been hit nearly as hard as others, Flaherty said, citing an International Monetary Fund report released Tuesday shows Canada will lead G-7 economies in 2009, with growth of 1.2 per cent, though overall global growth will slow down.
Canada's big banks are lowering their prime lending rates in response to an announcement Friday from Finance Minister Jim Flaherty that the federal government will buy $25 billion worth of mortgage debt to help free up credit markets. TD Canada Trust and CIBC said it will lower the rate by another 15-hundredths of a point to 4.35 per cent, effective