deposits and loans aimed at bolstering the Island's economic recovery and at bringing the Island's rates closer to those in the United States.

The Bank of Bermuda and the Bank of Butterfield both cut their interest rates by half a percentage point on a variety of Bermuda dollar deposits and loans.

The Bank of Butterfield announced a cut on conventional and loans performing loans of $25,000 or more. The Bank of Bermuda announced a similar cut on its prime rate.

The cuts were aimed at boosting the economy.

Full story -- Business, Page 10.