Notice of CDIC’s 2024 Annual Public Meeting: “Our unwavering focus to protect depositors”
October 4, 2024
The Board of Directors of the Canada Deposit Insurance Corporation (CDIC) is pleased to announce that its 2024 Annual Public Meeting will be held via live bilingual webcast on November 6, 2024, from 2:00 p.m. to 3:00 p.m. ET.
Leah Anderson, President and Chief Executive Officer, and Robert Sanderson, Chair of the Board, will be joined by members of senior management to discuss how CDIC protects depositors and promotes financial stability by focusing on depositor confidence, resolution readiness, and organizational strength in a dynamic operating environment.
The Annual Public Meeting will address key issues and initiatives outlined in CDIC’s 2024 Annual Report.
Members of the public are invited to participate virtually and ask questions in advance by e-mailing smenquiries@cdic.ca, or by sending a tweet or direct message to @CDIC_CA in English or @SADC_CA in French. A selection of questions will be covered during the meeting with the remainder posted to CDIC.ca.
We look forward to having you join us. Follow us on Meta, X(Twitter), Instagram and LinkedIn for regular updates.
Event details
The event will take place via live webcast on November 6, from 2:00 p.m. to 3:00 p.m. ET. Please visit our registration page for a link to the webcast.
About CDIC
CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $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 trust and loan companies. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million depositors. No one has ever lost any money under CDIC protection.
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For further information
Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca
OTTAWA – September 26, 2024 – The Canada Deposit Insurance Corporation (CDIC) tabled its 2024-2025 Summary of the Corporate Plan in Parliament today.
CDIC’s vision is guaranteeing the safety of your insured deposits to protect financial futures in Canada. We protect insured deposits, ensure the orderly resolution of a member institution in the event of failure, and contribute to financial stability.
CDIC is focusing on three strategic objectives for the 2024-2025 to 2028-2029 planning period:
- Depositor trust and confidence: Protecting insured deposits reinforces depositor confidence and contributes to financial stability. CDIC will continue to earn depositors’ trust by:
- anticipating and responding to evolving financial sector risks and the savings needs of depositors
- raising public awareness of deposit insurance protection so that depositors can make informed decisions about the safety of their deposits
- Resolution readiness: Being prepared for resolution involves having the necessary people, data, processes, tools, systems, and financial capacity in place to resolve a potential failure of a member institution. CDIC’s preparedness activities focus on:
- identifying risks within CDIC’s membership and the financial system, and being ready to resolve member institutions for the benefit of depositors
- providing depositors with timely access to their deposits in the event of a member failure
- Organizational strength: Ensuring a resilient organization requires a focus on resourcing excellence, efficient and secure technology, and a culture where all staff can thrive. CDIC will continue to build organizational strength by:
- ensuring CDIC reflects the people it serves
- continuing to advance and maintain the security of CDIC’s enterprise technology and cyber capabilities
To ensure the achievement of our strategic objectives, CDIC’s 2024-2025 Corporate Plan is forward-looking and responds to internal and external factors, including: Canada’s rapidly evolving financial sector, the complex operating environment, technological change, and the evolution of our workplace.
“CDIC remains laser focused on being prepared to protect insured depositors and promote financial stability, no matter what,” said CDIC President and CEO Leah Anderson. “Our plan is outcome based, targeted at depositor protection, being prepared for resolution, and organizationally resilient in a dynamic operating environment.”
The Summary of the Corporate Plan also includes a summary of CDIC’s 2024-2025 operating and capital budgets and borrowing plan.
About CDIC
CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $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 trust and loan companies. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million depositors. No one has ever lost any money under CDIC protection.
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For further information
Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca
CDIC launches its new advertising campaign to raise awareness of deposit insurance
September 9, 2024
OTTAWA – September 9, 2024 – The Canada Deposit Insurance Corporation (CDIC) works to increase the public’s awareness of deposit insurance and how it can protect people’s money in the event of a bank’s failure. Today, CDIC has launched its new 2024 campaign on the theme of “Protecting your deposits – that’s what we do”. The consumer-focused campaign aims to raise awareness of deposit protection, particularly among young women, where awareness is lowest.
“Public awareness is a global best practice and is an International Association of Deposit Insurers (IADI) core principle for effective deposit insurance programs,” said Tamara Mason, Head of Communications and Reporting at CDIC. This is based on international research that shows that awareness of deposit protection is the #1 mitigator of bank run behaviour across all jurisdictions tested. We are proud that CDIC is recognized as world-class in public awareness among our IADI partners, particularly how it relates to our extensive research and evidence-based approach.”
Following research to determine the messaging that most resonates and drives confidence with young women, CDIC tested several concepts and scripts with members of the public earlier this year. The scripts and scenarios were refined using the feedback from the qualitative research.
The final concept features CDIC as an ‘everyday champion’ combining believability and relatability with protection and possible loss—ideas that had the greatest appeal with focus group participants.
Currently, 65% of the general public are aware of CDIC or federal deposit protection, while only 42% of women aged 18-34 and 49% of women aged 35-49 are aware of the protection offered by CDIC. CDIC aims to shrink the awareness gap between men and women with this current and ongoing campaign.
For more information on CDIC’s public awareness activities, go to CDIC.ca.
About CDIC
CDIC is a federal Crown corporation, established in 1967. We protect people’s money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 80 member financial institutions. As a 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 trust and loan companies. We are funded by premiums paid by member financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada.
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For further information
Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca
OTTAWA – May 9, 2024 – The Canada Deposit Insurance Corporation (CDIC) has tabled its 2023-2024 Summary of the Corporate Plan in Parliament.
CDIC protects depositors by providing deposit insurance, promoting the stability of the financial system, and ensuring the orderly resolution of a member institution in the event they fail.
Our Summary of the Corporate Plan 2023-2024, focuses on three strategic objectives:
1 – Be resolution ready
Our role within Canada’s financial safety net intensifies during times of economic uncertainty. Being resolution ready means having the necessary processes, tools, systems, and capacity to ensure the timely resolution of a member institution.
2 – Reinforce trust in depositor protection
The focus of our mandate is to protect depositors. CDIC reinforces confidence in depositor protection by ensuring our deposit insurance and resolution frameworks remain fit for purpose, which in turn contributes to the stability of the financial system in Canada.
3 – Strengthen organizational resilience
Strengthening organizational resilience involves addressing internal and external factors that can impact CDIC’s operations, people, and culture. We are enhancing our systems, technology, and skills training to ensure we continue to fulfill our mandate in an evolving risk and operating environment.
“CDIC is well prepared to navigate and adapt to the accelerating changes in the economy and financial sector,” said President and Chief Executive Officer, Leah Anderson. “We are proactively aligning our plans to the dynamic operating environment so depositors can rest assured we are ready to protect them and support the stability of the financial system.”
The Summary of the Corporate Plan also includes a summary of CDIC’s 2023/2024 operating and capital budget and borrowing plan.
About CDIC
CDIC is a federal Crown corporation, established in 1967. We protect people’s money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 80 member financial institutions. As a 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 trust and loan companies. We are funded by premiums paid by member financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada.
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For further information
Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca
OTTAWA – March 29, 2024 – The Canada Deposit Insurance Corporation (CDIC) is advising depositors that, effective March 29, 2024, the following CDIC member institutions have amalgamated: HSBC Bank Canada (HBCA), HSBC Trust Company Canada (HTCC), HSBC Mortgage Corporation Canada (HMCC) and Royal Bank of Canada (RBC).
Upon the amalgamation of these entities, deposits held within HBCA, HTCC and HMCC have migrated to RBC.
While CDIC will be removing the three HSBC entities from the list of members and deposit insurance calculator on the website, insured deposits that a client has at any HSBC entity and RBC entity before the amalgamation continue to be insured separately, up to $100,000 per depositor per category for a period of two years post amalgamation, or in the case of term deposits, until maturity (or redemption). However, the amount of separate coverage is reduced by any withdrawals made from those separate deposits, or as term deposits mature or are redeemed.
Post-amalgamation: How new deposits are covered
Coverage for new deposits a client makes at RBC (i.e. the amalgamated institution) after amalgamation depends on the total deposit amounts the client had at the member institutions before they amalgamated:
If a client’s total existing deposits (in a category) held with the entities immediately prior to amalgamation total $100,000 or more, any new eligible deposits the client makes (for that category) at RBC after amalgamation will exceed the $100,000 maximum and not be insured by CDIC.
If a client’s total existing deposits (in a category) held with the entities immediately prior to amalgamation are less than $100,000, any new eligible deposits the client makes (for that category) at RBC after amalgamation will be added to the previous deposits, and the total will be insured up to $100,000.
Look for this logo to identify a CDIC member institution:
About CDIC
CDIC is a federal Crown corporation, established in 1967. We protect people’s money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 80 member financial institutions. As a 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 trust and loan companies. We are funded by premiums paid by member financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada.
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For further information
Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca
OTTAWA – October 17, 2023 – The Canada Deposit Insurance Corporation’s (CDIC) 2023 Annual Report was tabled today in Parliament.
“Over the past year, ongoing geopolitical tensions, climate events, cyber security, and a deteriorating economic outlook have amplified the complexity of risks to Canada’s financial system,” said President and Chief Executive Officer (CEO) Leah Anderson. “The good news is, even in the face of these risks, we delivered on our mandate to protect depositors.”
The CDIC 2023 Annual Report highlights progress made against our key strategic priorities during the 2022-2023 fiscal year, including:
- To be resolution ready.
It is rare for financial institutions in Canada to fail, but when they do, CDIC is here to make sure people’s eligible deposits are protected and accessible. Being resolution ready means having the necessary people, processes, tools, systems, and financial capacity for CDIC to resolve a member financial institution, if necessary. CDIC advanced these efforts through early and continuous identification of risks to our member financial institutions, the modernization of our funding framework, and activities to strengthen our resolution strategies, policies, and plans.
- To reinforce trust in depositor protection.
The range of financial products and service providers is dynamic and rapidly evolving. CDIC keeps pace by staying on top of market innovation, new deposit products and services, and people’s changing savings habits. We made progress on a number of initiatives over the past year in response to these developments to reinforce public trust in deposit protection. For example, we advanced our multi-year Payout Modernization Program to ensure depositors continue to have fast and reliable access to their eligible deposits in the event of a member failure, and raised public awareness of deposit insurance to a record level of 64% through CDIC’s Public Awareness Campaign.
- To strengthen organizational resilience.
A rapidly changing financial sector requires a proactive approach to managing our operations. A key pillar of our promise to serve the people of Canada is our commitment to continuous organizational improvement. We anticipate and respond to risks that can impact CDIC’s operating environment, including technologies, our workforce, and our culture on a daily basis. Over the past year, we enhanced our cyber security posture and multi-year enterprise technology strategy, while fostering a vibrant, thriving, and inclusive environment that supports hybrid work. CDIC was also proud to be certified a “Great Place to Work” by the Great Place to Work® Institute Canada in November 2022.
CDIC’s performance over the past year has bolstered our preparedness to respond to risks and better protect people’s hard-earned money.
The CDIC 2023 Annual Report also outlines our financial performance over the past year.
About CDIC
CDIC is a federal Crown corporation, established in 1967. We protect people’s money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 85 member financial institutions. As a 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 trust and loan companies. We are funded by premiums paid by member financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada.
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For further information
Tamara Mason
Head, Communications and Reporting
Tel: 343-543-3562
E-mail: media@cdic.ca
Standing Senate Committee on Banking, Commerce and the Economy
Speaking Notes by Leah Anderson, CDIC President and CEO – May 17, 2023
President’s Remarks on Strengthening Public Confidence and Building Resilience
April 25, 2023
International Association of Deposit Insurers (IADI): 7th Americas Deposit Insurance Forum
Speaking Notes by Leah Anderson, CDIC President and CEO – April 25, 2023
Speaking Notes by Leah Anderson, President and CEO – CANNEX Term Deposit Conference 2022 – May 12, 2022
Speaking Notes by Leah Anderson, President and CEO – Payments Canada Summit – April 26, 2022
Whether you started saving as a child, teenager or adult, you probably keep this hard-earned money in a bank or other financial institution. But have you ever stopped to think what would happen to your deposits if your bank failed?
The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that protects eligible deposits held in its member institutions against the risk of failure. This protection is free and automatic; you don’t need to sign up. But you should take the time to learn how it works, because not all deposits at member financial institutions are protected, and there are limits on deposits that are covered per category for each depositor.
CDIC protects eligible deposits at over 80 financial institutions in Canada, up to a maximum of $100,000 in each separately protected categories. Whether you’re just starting to build your savings or you’re nearing retirement, knowing how deposit protection works can help you make informed decisions about your money.
Recent grads. If you’ve recently graduated from high school or university and you’re entering the workforce, CDIC will protect deposits in your chequing and savings accounts, TFSAs, GICs and RRSPs at member institutions for each depositor per insured category. But not everything in these accounts is covered. Mutual funds and stocks are not covered by CDIC.
Newlyweds or new parents. If you’ve just gotten married or are starting a family, it’s important to know that CDIC protects deposits in joint accounts separately from your own personal deposits. RESPs are also covered by CDIC. In some cases, trust deposits can be covered up to $100,000 per beneficiary. Check with your member institution to find out how much you (and your beneficiaries) are covered for.
Retirees. After a successful career, enjoy your retirement knowing that CDIC protects eligible deposits in RRIFs the same way as RRSPs. And you will still have protection of eligible TFSAs and day-to-day personal deposits, like those in chequing accounts, savings accounts or GICs.
When Canadians think of bank failures, they probably think of people lining up in front of a bank anxious to get their money out. The last time a Canadian bank went under, however, the Spice Girls had a number one hit on the radio, and today we have online banking.
Fortunately, today, surveys show that Canadians are confident that the deposits in financial institutions are safe. And there’s a good reason for that. For more than 50 years, Canada Deposit Insurance Corporation (CDIC) has protected eligible deposits at federally regulated banks, loan companies and other member institutions. So even when a bank has failed, for over five decades, no one has lost a single dollar protected under CDIC.
In fact, during the financial crisis of 2008, while other leading nations struggled to maintain confidence in their banking systems because of failures of long-standing financial titans, Canadians remained confident that the money they had in the bank would be there when they needed it.