Canada Deposit Insurance Corporation
Releases its 2006 Annual Report
18 September 2006
OTTAWA (Ontario) September 18,
2006 – The 2006 Annual Report of the
Canada Deposit Insurance Corporation (CDIC) has been tabled in Parliament and released to the public.
Entitled "More protection for consumers: up to $100,000 for eligible deposits", the report highlights a
positive year for CDIC and its member institutions.
"CDIC continued to deliver a strong financial
performance for the year ending March 31, 2006. For consumers, the increase in the deposit insurance coverage
limit to $100,000 – the first increase in over 20 years – is without doubt of greatest significance," said
CDIC President and CEO, Guy Saint-Pierre.
CDIC's consolidated net income was $52 million
down from last year's $105 million, largely as a result of a reduction in premium rates paid by CDIC's member
institutions – and an increase of $50 million to the Corporation's provision for insurance losses,
necessitated by the 16 per cent increase in the amount of insured deposits to $437 billion. The premium rates
paid by CDIC's member institutions remain at an all-time low.
CDIC is proud to have received the 2005 Auditor
General of Canada Award for Excellence in Annual Reporting by Crown Corporations in the large Crown
Corporation category.
CDIC is a federal Crown Corporation that
contributes to the stability of the Canadian financial system. It protects depositors in Canada against the
loss of their eligible deposits in CDIC member institutions in the event of their failure. To date, CDIC has
protected the eligible deposits of consumers in the failure of 43 member institutions. CDIC members are
banks, federally and provincially incorporated trust and loan companies, and associations to which the
Cooperative Credit Associations Act applies. CDIC is funded by premiums assessed on its member institutions
and does not receive federal tax dollars.
CDIC's 2006 Annual Report is available at
www.cdic.ca under "About Us, Corporate Publications."
2006 Annual Report
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For further information:
Sophie Roux,
Manager, Communications and Public Affairs
Tel.: (613) 995-6548
Cell: (613) 612-1068
E-mail: sroux@cdic.ca
