OTTAWA – September 19, 2016 – Canada Deposit Insurance Corporation (CDIC)’s 2016 Annual Report, titled
Protecting the Dreams of Canadians, was tabled today in Parliament. The Report highlights progress made in key areas, including:
- Making significant headway in CDIC’s resolution planning and preparedness;
- Collaborating with international resolution authorities to share information and expertise in the resolution of large banks that do business across borders;
- Supporting the introduction of bail-in legislation; and,
- Guiding and supporting large banks in the preparation of their own resolution plans.
“Everything we do at CDIC is focused on protecting depositors so that they can be confident when saving for their goals and dreams,” said President and CEO Michèle Bourque.
“Over the past year we have made major strides in improving our own domestic planning for the resolution of large banks. In particular, the introduction in Parliament of the bail-in framework gives us an important new tool that would ensure a troubled institution remains open and operating for Canadians.”
As of March 31, 2016, CDIC insured approximately $696 billion in deposits. Find out
what is covered and what is not.
CDIC 2016 Annual Report also outlines CDIC’s financial performance over the past year.
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.
Director, Communications and Public Affairs