In his 2017 book “From Next Best to World Class: The People and Events That Have Shaped the Canada Deposit Insurance Corporation.”, author, historian, and lawyer, C. Ian Kyer, travels through CDIC’s first 50 years and documents the people and events that have shaped the organization to what it is today.
“Few Canadians realize how fortunate we are to have the dedicated men and women of CDIC working on our behalf. It is a special challenge to spend your life preparing for the financial crisis that you hope never comes, but you know likely will. And in its 50 years, CDIC has had to contend with many financial crises. As a result, its story is much more dramatic than people think.” – C. Ian Kyer, Author of ‘From Next Best to World Class: The People & Events That Have Shaped the Canada Deposit Insurance Corporation’.
The Canada Deposit Insurance Corporation (CDIC) has been protecting Canadians’ deposits for over 50 years. We were established as an independent Crown corporation in Canada’s centennial year, 1967, by an act of Parliament following a year marked by financial turmoil and a loss of depositor confidence that exposed the fragility of the financial system.
At the time we insured $17 billion in deposits in all federal banks, trust and loan companies and in participating provincial trust and loan companies. The coverage limit for eligible deposits was $20,000.
Over the past 50 years, our role has evolved to meet the changing needs of Canadians and keep pace with our modern financial system. By 2017 CDIC protected over $770 billion in deposits and coverage had risen to $100,000 for each insured deposit category, per member institution. We now have a modern set of flexible resolution tools that ensures we are well equipped to protect Canadians’ hard-earned money and contribute to the stability of the Canadian financial system.
The book is available for download in PDF format (3.42 MB).