OTTAWA – October 5, 2018 – The Canada Deposit Insurance Corporation’s (CDIC) 2018 Annual Report was tabled in Parliament on October 4th, 2018.
Over the past year, CDIC worked to earn the trust of Canadians as a global leader in deposit insurance and resolution, including:
- Reaching a key milestone toward ending ‘too big to fail’ by finalizing regulations for the bank recapitalization (bail-in) regime in collaboration with other federal safety net agencies.
- Working with the Government to enhance Canada’s deposit insurance framework to ensure our coverage reflects the changing needs of the depositing public.
- Launching a new public awareness strategy and expanding the Deposit Insurance Information By-law to ensure Canadians are well informed about CDIC deposit protection.
- Strengthening partnerships and outreach activities with key domestic and international stakeholders to enhance our resolution preparedness.
“CDIC continues to evolve as a corporation but one core objective remains: protecting depositors,” said CDIC President and CEO Dean Cosman. “Whether it is through a modernized deposit insurance framework or the strengthening of our role as Canada’s resolution authority, Canadians can be confident that CDIC is ready to jump into action to protect their hard-earned savings.”
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $792 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 dealt with 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.
– 30 –
Director, Communications and Public Affairs