President of CDIC discusses deposit protection with Canadians
TORONTO – February 8, 2017 – As part of the celebration of the Canada Deposit Insurance Corporation’s (CDIC) 50th anniversary year, Michèle Bourque, President and CEO of CDIC, held a roundtable discussion with Canadians to discuss what it means to have their savings protected in the unlikely event of a bank failure.
To ensure a diversity of views, Ms. Bourque heard directly from Canadians of different ages, including participants from the Millennial, Gen-X, and Baby Boom generations. The panel members discussed the relevance of CDIC at different life stages. Lucie Tedesco, Commissioner of the Financial Consumer Agency of Canada, also took part in the discussion, and highlighted the importance of financial planning.
“Over the past 50 years, CDIC has resolved 43 bank failures and protected two million depositors,” said Ms. Bourque. “Having Canadians of different generations engaged in a discussion about the protection of their savings helps to keep our financial system strong.”
The roundtable was broadcast live online from the Zoomer Studio in Toronto, where Ms. Bourque and Ms. Tedesco also took questions from the audience.
CDIC is a federal Crown corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of failure. Eligible deposits are automatically covered to a limit of $100,000 per insured category at each member institution. CDIC 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. CDIC is funded by premiums paid by member institutions and does not receive public funds to operate.
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Director, Communications and Public Affairs