CDIC takes action to support the confidence of Canadian depositors in the wake of COVID-19 global outbreak
OTTAWA – To allow its member institutions to focus resources on directly supporting the needs of their customers in this challenging economic and financial environment, Canada Deposit Insurance Corporation (CDIC) has announced the following measures:
- CDIC will not charge interest on premiums that are received after July 15, 2020 so long as these are received no later than December 15, 2020.
- Delay submission of the stratification section of the Return of Insured Deposits (RID)
- Offer acceptable delays on complying with Deposit Insurance Information By-law (DIIB), requirements in light of changes to CDIC deposit insurance coverage effective April 30, 2020
- Postpone testing for Data and System Requirements (DSR 2.0) compliance until July 15, 2020
- Waive the annual notification to multi-beneficiary trust depositors
- Step up our public awareness activities
“We anticipate that the above measures will offer member institutions some operational reprieve to aid in weathering the ongoing economic and market uncertainty and to focus resources on client service delivery,” said CDIC President and Chief Executive Officer Peter Routledge.
The full details of these measures are contained in a letter sent to CDIC members.
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $800 billion in deposits at more than 80 member institutions. 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. We have resolved 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.
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