OTTAWA – November 1^st, 2018 – The Canada Deposit Insurance Corporation (CDIC) welcomed Coast Capital Savings Federal Credit Union as its 83^rd member institution.

To support the transition from a provincial to federal deposit protection regime, transitional coverage will apply.

Headquartered in British Columbia, Coast Capital is the second credit union to join the federal regime. Caisse populaire acadienne ltée, a New Brunswick-based financial institution, joined CDIC’s membership in 2016.

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 in all its member institutions. As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest.

CDIC is funded by premiums paid by member institutions and does not receive public funds to operate. We have dealt with 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.

Look for this logo to identify a CDIC member institution:

For more information about CDIC please go to www.cdic.ca.

For more information about CDIC’s newest member, please visit Coast Capital Savings Federal Credit Union.

– 30 –

Additional information:

Brad Evenson
Director, Communications and Public Affairs
Tel: 613.943.4395
E-mail: media@cdic.ca

OTTAWA – October 25, 2018 – In a Parliamentary appearance today, the Canada Deposit Insurance Corporation (CDIC) said it has made important progress to protect depositors and promote financial stability in the 10 years since the global financial crisis.

“In the 10 years since the crisis, much has been done to better position us,” said CDIC President and CEO Dean Cosman. “However, we cannot lose our focus as the financial sector landscape and Canadians’ habits and expectations are in constant evolution.”

In his opening statement (PDF, 143 MB), Mr. Cosman told the Senate Committee on Banking, Trade and Commerce that the next financial crisis may look very different from the last one so CDIC must continue its efforts to strengthen its resolution framework and preparedness to ensure it can adapt and be ready for new risks and challenges.

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 dealt with 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.

– 30 –

Further information:

Brad Evenson
Director, Communications and Public Affairs
Tel: 613.943.4395
E-mail: media@cdic.ca

OTTAWA – October 22, 2018 – The Canada Deposit Insurance Corporation (CDIC) welcomes the appointment of Peter Routledge as President and Chief Executive Officer (CEO).

Mr. Routledge has extensive experience in Canada’s financial sector. He was most recently a Senior Advisor at the Department of Finance where he provided advice on a number of financial sector policy issues including financial stability, housing finance, and competition in Canadian financial services. Prior to joining the public service, Mr. Routledge held a variety of leadership roles at institutions within the Canadian capital markets sector.

“I consider it a privilege to lead an organization which is so important to the financial security of Canadians”, said Mr. Routledge, whose appointment is for a term of five years. Further details on Mr. Routledge’s appointment can be found on the Department of Finance Canada website.

CDIC’s Board of Directors also thanked interim President and CEO Dean Cosman for his exemplary service and leadership of the Corporation during the period of transition. Mr. Cosman had served in this role since June and will be reinstated in his position as Senior Vice-President, Insurance and Risk Assessment.

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 dealt with 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.

– 30 –

Further information:

Brad Evenson
Director, Communications and Public Affairs
Tel: 613.943.4395
E-mail: media@cdic.ca

OTTAWA – October 5, 2018 – The Canada Deposit Insurance Corporation’s (CDIC) 2018 Annual Report (PDF, 7.6 MB) was tabled in Parliament on October 4^th, 2018.

Over the past year, CDIC worked to earn the trust of Canadians as a global leader in deposit insurance and resolution, including:

• Reaching a key milestone toward ending ‘too big to fail’ by finalizing regulations for the bank recapitalization (bail-in) regime in collaboration with other federal safety net agencies.
• Working with the Government to enhance Canada’s deposit insurance framework to ensure our coverage reflects the changing needs of the depositing public.
• Launching a new public awareness strategy and expanding the Deposit Insurance Information By-law to ensure Canadians are well informed about CDIC deposit protection.
• Strengthening partnerships and outreach activities with key domestic and international stakeholders to enhance our resolution preparedness.

“CDIC continues to evolve as a corporation but one core objective remains: protecting depositors,” said CDIC President and CEO Dean Cosman. “Whether it is through a modernized deposit insurance framework or the strengthening of our role as Canada’s resolution authority, Canadians can be confident that CDIC is ready to jump into action to protect their hard-earned savings.”

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 dealt with 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.

– 30 –

Further information:

Brad Evenson
Director, Communications and Public Affairs
Tel: 613.943.4395
E-mail: media@cdic.ca

OTTAWA – July 20, 2018 – The Canada Deposit Insurance Corporation (CDIC) today launched a consultation for public comment on proposed changes to requirements for deposits in joint and trust accounts. The consultation process will assist the CDIC in reshaping its Joint and Trust Account Disclosure By-Law (JTDB).

On June 21, 2018, the Budget Implementation Act 2018, No. 1 received Royal Assent. It includes changes to the CDIC Act to modernize and enhance Canada’s deposit insurance framework. Key amendments will affect insurance coverage and requirements for trust deposits when they come into force.

The JTDB is the first by-law affected by the changes to the CDIC Act on which we are seeking feedback. In the coming months, CDIC member institutions and key stakeholders will be consulted to provide comments on proposed amendments to other by-laws.

Read the consultation paper (PDF, 1.5 MB) and provide your comments by September 28, 2018 to:

Canada Deposit Insurance Corporation
Mail to: 17th Floor, 50 O’Connor Street,
Ottawa, Ontario K1P 6L2

By email to: consultation@cdic.ca

CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $770 billion in deposits.

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 dealt with 43 member failures affecting some 2 million Canadians. No one has lost a dollar of deposits under CDIC protection.

– 30 –

For further information:

Brad Evenson
Director, Communications and Public Affairs
Tel: 613.943.4395
E-mail: media@cdic.ca

OTTAWA – July 18, 2018 – The Canada Deposit Insurance Corporation (CDIC) today welcomed the announcement that Dean Cosman has been appointed its President and Chief Executive Officer (CEO).

The appointment is for a period of six months or until the government CEO recruitment process is completed, whichever occurs first.

Mr. Cosman first joined CDIC in 1995 and brings more than 20 years of experience with Crown corporations to this position, most recently as its senior Vice-President, Insurance and Risk Assessment.

“I am honoured to have the opportunity to lead CDIC, which is so important to the financial security of Canadians,” said Mr. Cosman.

Mr. Cosman replaces Michèle Bourque, who retired recently after eight years as President and CEO of CDIC.

CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $770 billion in deposits.

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 dealt with 43 member failures affecting some 2 million Canadians. No one has lost a dollar of deposits under CDIC protection.

– 30 –

Further information:

Brad Evenson
Director, Communications and Public Affairs
Tel: 613.943.4395
E-mail: media@cdic.ca

OTTAWA – June 5, 2018 – The Canada Deposit Insurance Corporation (CDIC)’s Corporate Plan Summary was tabled today in Parliament.

The five-year plan identifies CDIC’s four strategic objectives for 2018-2019 to 2022-2023:

• Preparedness: Advancing resolution readiness
• Deposit insurance: Modernizing the deposit insurance program
• Stakeholders: Strengthening confidence and trust
• Work environment: Promoting innovation and adaptability

CDIC’s evolving role as deposit insurer and resolution authority are key drivers of the Plan.

“Our environment is changing at an ever-increasing rate and CDIC is keeping pace with emerging developments and trends,” said CDIC President and CEO Michèle Bourque. “Further modernization of the deposit insurance framework, enhanced operational readiness and continued strengthening of our relationships with key stakeholders will ensure CDIC remains adaptable and ready to effectively resolve any of our members, from the smallest to the largest.”

The Summary of the Corporate Plan (PDF, 3.67 MB) also includes a summary of CDIC’s 2018/19 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 $770 billion in deposits. 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.

– 30 –

Further information:

Brad Evenson
Director, Communications and Public Affairs
Tel: 613.943.4395
E-mail: media@cdic.ca

OTTAWA – April 23, 2018 – The Canada Deposit Insurance Corporation (CDIC) is pleased to announce that it has signed a Memorandum of Understanding (MOU) with the Autorité des marchés financiers (AMF).

Under the MOU, CDIC and AMF have agreed to strengthen their cooperation on matters of common interest and to facilitate the exchange of information in the event of crisis situations pertaining to the resolution of certain CDIC member institutions. The MOU complements the 1969 agreement between the two organizations.

“The signing of this agreement builds upon our longstanding partnership with the AMF, which dates back five decades,” stated Michèle Bourque, President and CEO of CDIC. “This enhanced collaboration will strengthen the protection we offer depositors”.

The AMF is the body mandated by the Québec government to regulate Québec’s financial sector and assist consumers of financial products and services. It administers all legislation governing Québec’s financial sector, including the Deposit Insurance Act. Québec’s deposit insurance plan has contributed to the stability of Québec’s financial system and the confidence of participants since its inception in 1967. The AMF ensures the protection of deposits, takes preventive action to reduce the risk of insolvency of an institution and may be required to implement resolution operations in the event of an institution’s failure.

CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $770 billion in deposits. 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.

– 30 –

Further information:

Brad Evenson
Director, Communications and Public Affairs
Tel: 613.943.4395
E-mail: media@cdic.ca

OTTAWA – April 18, 2018 – The publication of regulations to establish a federal bail-in regime for Canada’s largest banks will strengthen CDIC’s bank resolution toolkit and further contribute to financial stability.

The new bail-in regulations only apply to Canada’s domestic systemically important banks (D-SIBs). A D-SIB is a bank that could broadly impact the domestic economy should it fail.

The bail-in power is a tool that CDIC can use to convert some of a failing D-SIB’s debt into common shares in order to recapitalize the bank and allow it to remain open and operating. Bail-in legislation was introduced as part of Federal Budget 2016 and the regulations provide details for operationalizing this important resolution tool.

The regulations set out key features for the bail-in regime including which instruments are subject to the bail-in power, factors that CDIC must consider in exercising the bail-in power, and the requirements that D-SIBs must follow when issuing the bail-in debt:

• Bank Recapitalization (Bail-in) Issuance Regulations
• Bank Recapitalization (Bail-in) Conversion Regulations

“Bail-in is an important step in strengthening Canada’s bank resolution regime,” said CDIC President and CEO Michèle Bourque. “Deposits, including deposits in chequing accounts, savings accounts and term deposits, are not affected by the bail-in regime.”

An overview of the bail-in tool is available.

The Canadian bail-in regime aligns with the Financial Stability Board’s (FSB) Key Attributes for Effective Resolution Regimes, a set of international standards developed following the global financial crisis.

The Government has also published new compensation regulations which set out an updated process for providing compensation to shareholders and creditors in the unlikely event that they have been made worse off as a result of CDIC’s resolution actions than they would have been if the bank had been liquidated or wound up.

CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $770 billion in deposits. 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.

– 30 –

Further information:

Brad Evenson
Director, Communications and Public Affairs
Tel: 613.943.4395
E-mail: media@cdic.ca

OTTAWA – February 12, 2018 – The Canada Deposit Insurance Corporation (CDIC) today launched a consultation for public comment on proposed requirements to strengthen the planning process for resolving Canada’s largest banks in the event of financial distress. The Resolution Planning By-law will specify what these banks must include in their resolution plans, and how the plans could be implemented. The proposed By-law requirements formalize CDIC’s existing resolution planning guidance and practices as Canada’s resolution authority for these large banks, and are consistent with international standards.

“Strengthening the resilience of the Canadian financial system is the main objective of resolution planning,” said CDIC President and CEO Michèle Bourque. “This By-law supports CDIC’s efforts in achieving this objective.”

A copy of the consultation paper (PDF, 804 KB) is available. Comments are requested from interested parties by March 13, 2018.

CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $770 billion in deposits. 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.

– 30 –

Further information:

Brad Evenson
Director, Communications and Public Affairs
Tel: 613.943.4395
E-mail: media@cdic.ca

OTTAWA – December 22, 2017 – The Canada Deposit Insurance Corporation (CDIC) and the European Single Resolution Board (SRB) have signed an agreement on the exchange of information to facilitate the resolution of financial firms with international operations in the event of failure.

Today’s signing of a Cooperation Arrangement strengthens the collaboration between the CDIC and the SRB to better protect depositors. This agreement follows similar arrangements CDIC has established with other deposit insurers and financial regulators around the world.

“Our financial institutions are more global and interconnected than ever,” said Michèle Bourque, President and CEO of CDIC. “Depositors in Canada and the European Union will benefit from enhanced dialogue between our two agencies. This agreement builds on the existing relationship between CDIC and the SRB by strengthening consultation and cooperation and information sharing for resolution planning.”

The SRB is the resolution authority for the European Banking Union with the objective of ensuring effective and uniform resolution rules across participating member states.

CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $770 billion in deposits. 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.

– 30 –

Further information:

Brad Evenson
Director, Communications and Public Affairs
Tel: 613.943.4395
E-mail: media@cdic.ca

OTTAWA – December 1, 2017 – With the closing of the Government of Canada’s 2017 Workforce Charitable Campaign, the Canada Deposit Insurance Corporation (CDIC) would like to remind charities and non-profit organizations to familiarize themselves with deposit protection limits.

CDIC protects eligible deposits at each CDIC member institution of up to $100,000 (principal and interest combined), per depositor, in each of the seven separately covered categories, in the event of a member institution’s failure. Although financial institutions in Canada rarely fail, there have been 43 member failures since CDIC was created in 1967 and no one lost a dollar of deposits under CDIC protection.

“Charities and non-profit organizations work to raise money that help improve the lives of people and their communities,” said CDIC President and CEO Michèle Bourque. “It is important that when charities and non-profits deposit their donations they be aware of what CDIC insures. This knowledge allows them to make informed decisions about the protection of these funds.”

To confirm if these deposited donations are safe in the event of a member failure, charities and non-profit organizations can discuss coverage limits with their CDIC member institution or with a financial professional.

CDIC’s employees continue to participate in the United Way fundraising campaign alongside other Crown corporations and government departments and agencies, as part of the Government of Canada Workplace Charitable Campaign (GCWCC).

CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $770 billion in deposits. 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.

– 30 –

Further information:

Brad Evenson
Director, Communications and Public Affairs
Tel: 613.943.4395
E-mail: media@cdic.ca