May 31, 2016 – Canada Deposit Insurance Corporation (CDIC)'s Corporate Plan Summary was tabled today in Parliament.
The five-year plan identifies
CDIC's three strategic objectives:
- Modernize the deposit insurance program
- Build preparedness to resolve domestic systemically important banks
- Foster innovative thinking and adaptability
"In recent years, we have made significant strides to ensure we are ready to take action in the event of a member institution failure of any size," said
CDIC President and
CEO Michèle Bourque. "We will continue to focus on developing an innovative and flexible team at
CDIC that is prepared for any resolution scenario."
Ms. Bourque said the recent introduction of proposed bail-in legislation would enhance
CDIC's ability to protect depositors and essential financial services in the unlikely event of a large bank failure.
The Summary of the Corporate Plan also includes a summary of CDIC's 2016/17 operating and capital budgets and borrowing plan.
Canada Deposit Insurance Corporation (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. Eligible deposits are automatically covered to a limit of $100,000 per insured category at each member institution.
CDIC members can include banks, trust and loan companies, federally regulated credit unions 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