The big banks dropped their prime lending rate late Tuesday

 Almost a week after the Bank of Canada cut its key lending rate. But they're not passing along the entire rate cut the central bank had announced.

Royal Bank was the first of the big banks to cut its prime since last Wednesday's surprise rate cut by the central bank. Other banks later matched Royal's move.

The banks trimmed their primes by 0.15 of a percentage point to 2.85 per cent. The Bank of Canada had cut its key overnight rate by a quarter of a percentage point to 0.75 per cent.

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