CDIC Corporate Plan Summary released
OTTAWA – May 17, 2019 – The Canada Deposit Insurance Corporation (CDIC)’s Corporate Plan Summary was tabled today in Parliament.
The five-year plan identifies CDIC’s four major strategic objectives for 2019-2020 to 2023-2024:
- Preparedness: Advancing resolution readiness
- Deposit insurance: Modernizing the deposit insurance program
- Stakeholders: Strengthening confidence and trust
- Organization: Evolving the Corporation
The plan is driven by key regulatory developments, including changes to the deposit insurance framework and CDIC’s role in resolution planning.
“The financial environment is changing rapidly and so are depositors’ expectations,” said newly appointed CDIC President and CEO Peter Routledge. “Changes to our legislation, including new insurance categories and new rules for trust deposits, as well as critical investments we are making at CDIC to improve the quality of our product, will help strengthen our ability to protect Canadians’ hard-earned savings.”
The Summary of the Corporate Plan (PDF, 679 KB) also includes a summary of CDIC’s 2019/2020 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 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 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