CDIC 2020 Annual Report released
OTTAWA – October 7, 2020 – The Canada Deposit Insurance Corporation’s (CDIC) 2020 Annual Report was tabled yesterday in Parliament.
“As Canadians continue to respond courageously to the many challenges presented by the pandemic, we can take one concern off our list. We don’t have to worry about the safety of deposits protected by CDIC,” said President and CEO Peter Routledge. “Since its establishment in 1967, no one has lost a single dollar of deposits under CDIC protection.”
“We at CDIC stand ready to fulfill our mandate by protecting the deposits of Canadians, by promoting financial stability and by serving as the resolution authority for all of our members.”
CDIC’s 2020 Annual Report highlights progress made against strategic priorities, including:
- Modernizing our insurance and payout processes, which will ultimately enhance our service to Canadians using modern, fast and secure technologies that will adapt to an evolving banking landscape.
- Strengthening our resolution planning processes.
- Launching CDIC’s three-year Organization and Culture Strategy and Plan to transform the organization’s culture, enhance organizational effectiveness and sharpen the Corporation’s focus on its most pressing risks.
- Increasing public awareness of CDIC or federal deposit protection to 61% of Canadians as of March 2020. Awareness has grown steadily over the past three years, particularly in our target demographics such as Canadians aged 18–34 and Canadians of more moderate means.
These initiatives have strengthened our preparedness and leave CDIC very well positioned to manage through the uncertainty that attends Canada’s COVID-19 recovery.
The CDIC 2020 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 close to $970 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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