CHASE-AMP BANK CUTS AUSTRALIAN PRIME TO 17.75 PCT
<Chase-AMP Bank Ltd> said it will lower
its prime lending rate to 17.75 pct from 18.25, effective
tomorrow.
    The bank is the first to lower its prime rate below the 18
pct set by a few banks in the last few days in a continuation
of a downward trend which began late last month.
    Other prime rates range from 18.25 to 18.5 pct, with the
majority on 18.25.
    The bank said the reduction reflected the recent downturn
in money market rates, the improved economic outlook and
adequate liquidity in the second quarter tax rundown period.
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