OTTAWA – October 27, 2020 – The Canada Deposit Insurance Corporation (CDIC)’s Corporate Plan Summary was tabled yesterday in Parliament.
The five-year plan identifies CDIC’s five major strategic objectives for 2020-2021 to 2024-2025:
- Strategic: transform our Enterprise Risk Management program
- Preparedness: refine our capability to respond quickly and effectively to any member institution failure
- Operational: modernize payout systems and enhance information security practices
- Organizational: implement the Organization and Culture Strategy and Plan
- Reputational: increase public awareness of CDIC deposit protection
CDIC deposit insurance is a critical part of the Canadian financial system’s resiliency and we aim to safeguard and enhance the quality of this protection.
“In today’s uncertain environment, CDIC will adapt our activities to fulfill our number one priority: to meet depositors’ expectations,” said CDIC President and CEO Peter Routledge. “We’ve built flexibility into our plan to enhance CDIC’s preparedness to respond effectively to uncertainty and to protect depositors always.”
The Summary of the Corporate Plan (PDF, 2.45 MB) also includes an overview of CDIC’s operating and capital budgets and borrowing plan from 2020/2021.
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. Since our creation, we have resolved 43 member failures affecting some two million Canadians. No one has ever lost a dollar of deposits under CDIC protection.
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Further information:
Brad Evenson
Director, Communications and Public Affairs
Tel: 613.943.4395
E-mail: media@cdic.ca