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.