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Posted AT 7:47 PM EST on 10/10/08

Banks cut rates after Ottawa steps in

SHAWN MCCARTHY AND ANDREW WILLIS AND TARA PERKINS

From Saturday's Globe and Mail

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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