CDIC 2021-2022 Corporate Plan Summary released
OTTAWA – May 31, 2021 – The Canada Deposit Insurance Corporation (CDIC)’s Summary of the Corporate Plan was tabled today in Parliament.
The five-year plan identifies CDIC’s three main strategic objectives for the 2021-2022 to 2025-2026 planning period:
- Advance CDIC’s readiness to respond effectively to a crisis
- Enhance organizational resiliency by transforming CDIC’s culture and workplace
- Innovate to meet evolving depositor expectations.
These objectives underpin CDIC’s continuing work to help safeguard the stability of the financial system by protecting the deposits of Canadians. The plan outlines the next steps for the expansion of CDIC protection under the deposit insurance framework slated for April 30, 2022.
“As Canada recovers from the challenges of the COVID-19 pandemic, CDIC will maintain its vigilance in the face of economic uncertainty,” said CDIC President and CEO Peter Routledge. “No matter what happens, Canadians can rest assured that CDIC has the strategies and toolkit to protect depositors and promote confidence in the resiliency of our financial system.”
The Summary of the Corporate Plan (PDF, 3 MB) also includes a summary of CDIC’s 2021/2022 operating and capital budgets and borrowing plan.
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 $1 trillion 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