Canada Deposit Insurance Corporation holds its Annual Public Meeting in Montréal, Québec 

Montréal, October 7, 2008—The Canada Deposit Insurance Corporation (CDIC) held its 2008 Annual Public Meeting today in Montréal, Québec. CDIC’s Chair, Bryan P. Davies and its President and CEO, Guy L. Saint-Pierre, spoke at the noon-hour meeting. 

“Each year, we hold our Annual Public Meeting in a different part of the country because CDIC works to protect the savings of all Canadians,” said CDIC’s Chair, Bryan P. Davies. “Today we are reaching out to Montrealers to give them the opportunity to hear about who CDIC is, and how we protect their hard-earned savings and those of all Canadians.” 

Guy L. Saint-Pierre provided an overview of what is covered by CDIC deposit insurance. Mr. Saint-Pierre stated that “given the concerns expressed by Canadians, it is very important that Canadians be aware of CDIC's deposit insurance—what it covers and what it doesn't.” He emphasized that “eligible deposits include such everyday savings as chequing accounts, and GICs and other term deposits that mature in 5 years or less, but they do not include, for example, mutual funds and stocks.” Mr. Saint-Pierre encouraged the audience—and all Canadians—to check to see if their deposits are covered by going to CDIC’s website at www.cdic.ca or calling 1-800-461-2342 (CDIC). 

CDIC is a federal Crown corporation that provides deposit insurance against the loss of deposits with its member institutions in the event of their failure. Eligible deposits are automatically insured for up to $100,000 per person at each member institution. The deposit insurance coverage limit is set by the Parliament of Canada. As of April 30, 2008, CDIC insured $512 billion in deposits at its member institutions. CDIC members include Canadian banks, loan companies and trust companies that take deposits, as well as associations governed by the Cooperative Credit Associations Act that take deposits. CDIC is funded by premiums assessed on its member institutions and does not receive federal tax dollars.

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