Canada and Europe Strengthen Collaboration with Cooperation Arrangement
OTTAWA – December 22, 2017 – The Canada Deposit Insurance Corporation (CDIC) and the European Single Resolution Board (SRB) have signed an agreement on the exchange of information to facilitate the resolution of financial firms with international operations in the event of failure.
Today’s signing of a Cooperation Arrangement strengthens the collaboration between the CDIC and the SRB to better protect depositors. This agreement follows similar arrangements CDIC has established with other deposit insurers and financial regulators around the world.
“Our financial institutions are more global and interconnected than ever,” said Michèle Bourque, President and CEO of CDIC. “Depositors in Canada and the European Union will benefit from enhanced dialogue between our two agencies. This agreement builds on the existing relationship between CDIC and the SRB by strengthening consultation and cooperation and information sharing for resolution planning.”
The SRB is the resolution authority for the European Banking Union with the objective of ensuring effective and uniform resolution rules across participating member states.
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $770 billion in deposits. 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.
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Director, Communications and Public Affairs