OTTAWA - June 9, 2017 - The Canada Deposit Insurance Corporation (CDIC)’s Corporate Plan Summary was tabled today in Parliament.
The five-year plan identifies CDIC’s four strategic objectives:
- Enhance resolution planning and risk management processes to maintain readiness
- Modernize the deposit insurance program
- Strengthen engagement with key stakeholders, including depositors and members
- Prepare CDIC for the work force of the future
“The Canadian financial sector is evolving rapidly, so we have put in place a robust plan to ensure that our deposit insurance program and resolution preparedness are keeping pace,” said CDIC President and CEO
Michèle Bourque. “By focusing on our engagement with depositors, members and other stakeholders, I am confident that we will enhance our contribution to Canada’s financial stability.”
Ms. Bourque highlighted the progress that has been made in strengthening CDIC’s readiness to respond to the failure of any member institution, regardless of size. Proposed legislation to formally recognize CDIC as resolution authority for Canada’s systemic banks is an important milestone that would support the corporation’s strategic objective of enhancing resolution planning and preparedness.
The Summary of the Corporate Plan also includes a summary of CDIC’s 2017/18 operating and capital budgets and borrowing plan.
CDIC is a federal Crown corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of failure. CDIC protects close to $750 billion of savings held by its member institutions which 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. CDIC is funded by premiums paid by member institutions and does not receive public funds to operate.
Director, Communications and Public Affairs