Canada Deposit Insurance Corporation’s 2018 Annual Report was tabled in Parliament in October 2018. Among CDIC’s achievements and activities for fiscal year 2017/18, there is a clear theme: protecting depositors in an evolving environment.
Here are some highlights of achievements and activities over the past year:
- CDIC, with its safety net partners, finalized regulations for a bank recapitalization (bail-in) regime. The regulations represent a major milestone toward ending “too big to fail” by ensuring that taxpayers do not have to bail out large banks in distress.
- CDIC launched a new public awareness strategy to ensure that Canadians are aware of deposit protection. In parallel with the new campaign, CDIC modernized requirements for its member institutions in promoting awareness of deposit protection through an updated Deposit Insurance Information By-law.
- In collaboration with the federal government, CDIC enhanced Canada’s deposit protection framework to ensure CDIC coverage reflects an evolving financial landscape and the changing needs of consumers.
- The Corporation continued to play a leadership role in the international arena, building strong relationships with international counterparts to increase cross-border cooperation and to share best practices in resolution with our international peers.
Whether it is through a modernized deposit insurance framework or the strengthening of our role as Canada’s resolution authority, CDIC continues to innovate and expand its capabilities to protect depositors in an increasingly complex and ever-evolving financial landscape.