There will continue to be a public relations campaign by the big banks to justify why they do not match the rate cuts of the Bank of Canada.  The government (Finance minister Jim Flaherty) has certainly waded in by saying we have “an open, competitive banking system” and the federal government “does not dictate business decisions” It is true that the overnight rate dictated by the Bank of Canada is only one of many sources of funds for the big banks and as such does not accurately reflect their overall cost of funds, but given the current mood of Canadians especially in Ontario you would think the banks would work with their customers and give some overall relief, after all collectively the top 3 banks made $10 billion in profits.keep an eye on this as it develops