Effective immediately, the maximum amortization period will be reduced to 35 years, and a five-per-cent minimum requirement for down payments will be implemented for new mortgage financing.

Scotiabank will honour its existing customer commitments and continue to process approved mortgage applications with 40-year amortization periods and lower down payments.

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 60,000 employees, Scotiabank Group and its affiliates serve approximately 12.5 million customers in some 50 countries around the world.

Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With $453 billion in assets (as at April 30, 2008), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). -- www.cnxmarketlink.com