Financial Institution Restructuring Provisions (FIRP)

CDIC can take control of the failing member for a short time to complete its sale, merger, or restructuring. This ensures that the bank continues to offer financial services and that depositors have access to their money. These powers are referred to as CDIC’s Financial Institution Restructuring Provisions (FIRP). 

Before taking this course of action, CDIC must ensure that there is a viable buyer, that a transaction is likely to be quickly completed, and that the transaction meets CDIC’s objectives of protecting depositors and promoting financial stability.  

To learn more, consult our backgrounder on the Forced Sale resolution tool


Will I lose access to my accounts during a forced sale or FIRP scenario?
What happens to my CDIC deposit protection if my bank is purchased by another bank, but they remain separate CDIC member institutions?  
If my bank is purchased and merged with another CDIC member, do I get separate CDIC protection?
If my bank is purchased by a non-member, do I lose my CDIC protection?
What happens to the bank’s shareholders and creditors while CDIC is in control?  
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