CDIC 2019 Annual Report released
OTTAWA – August 21, 2019 – The Canada Deposit Insurance Corporation’s (CDIC) 2019 Annual Report was tabled today in Parliament.
“This year, CDIC reached a number of key milestones that strengthen the deposit insurance and resolution framework and make Canada’s financial system more resilient,” said President and CEO Peter Routledge.
“The newly implemented bail-in regime along with the Resolution Planning By-law that formalizes the resolution planning framework for Canada’s largest banks, effectively complete CDIC’s resolution authority toolkit. We’ve also made important strides in modernizing regulatory and operational aspects of the deposit insurance framework, so it’s been a very productive year.”
The Report highlights progress made in key areas, including::
- Bolstering the resiliency of Canada’s financial system by bringing into force regulations supporting the bail-in regime, which allows Canada’s domestic systemically important banks (D-SIBs) to issue bail-in debt.
- Working with member institutions and industry stakeholders to implement key changes announced by the Government of Canada that modernize and strengthen the deposit insurance framework.
- Completing the development of the Resolution Planning By-law and the By-law Amending the Differential Premiums By-law, formalizing the framework for the development and maintenance of resolution plans by D-SIBs and strengthening the resiliency of Canada’s largest banks.
- Increasing public awareness of CDIC and its deposit insurance program through a public awareness strategy integrated with updated member requirements under the CDIC Deposit Insurance Information By-law, which came into force in September 2018.
The CDIC 2019 Annual Report also outlines CDIC’s financial performance over the past year.
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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Director, Communications and Public Affairs