OTTAWA - September 18, 2017 - Canada Deposit Insurance Corporation (CDIC)’s 2017 Annual Report, titled Protecting Your Future for 50 Years, was tabled today in Parliament. In 2017, CDIC celebrates 50 years of service to Canadians. The Report highlights progress made in key areas, including:
- Enhancing CDIC’s planning and preparedness to resolve any of its members from the smallest to the largest. This includes collaborating with Canada’s largest banks on their first set of resolution plans as they work toward advancing their resolvability.
- Strengthening our resolution framework by signing new memoranda of understanding with key domestic and international partners.
- Providing extensive support to the Government in the comprehensive review of the deposit insurance framework and the next steps in the bail-in regime.
- Conducting research on the role of public awareness of deposit insurance in protecting Canadians and the stability of the financial system, which led to the development of a new strategy of television, digital and print advertising.
“This past year marked important milestones for CDIC,” said President and CEO Michèle Bourque. “As we celebrated our 50th anniversary, we also welcomed legislation to formally designate CDIC as the resolution authority for all of its members, further strengthening Canada’s resolution framework.”
CDIC insures over $770 billion in deposits at 82 member institutions, while deposit volumes continue to grow. Find out what is covered and what is not.
The CDIC 2017 Annual Report also outlines CDIC’s financial performance over the past year.
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $770 billion in deposits. As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions as well as loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits. We are funded by premiums paid by member institutions and do not receive public funds to operate.
– 30 –
Director, Communications and Public Affairs