Canada Deposit Insurance Corporation

Canada Deposit Insurance Corporation

October 19, 2007 12:23 ET

Canada Deposit Insurance Corporation Releases its 2007 Annual Report

OTTAWA, ONTARIO--(Marketwire - Oct. 19, 2007) - The Canada Deposit Insurance Corporation's Annual Report for the year ending March 31, 2007 has been tabled in Parliament and released to the public. The report highlights the 40th year of CDIC's operations as a Crown corporation.

"CDIC's performance remained strong over the past fiscal year. Our emphasis remained on CDIC's core mandate, which is to ensure that we are ready to serve Canadians should they require it. We continued our efforts to increase public awareness of deposit insurance by undertaking numerous activities, including the redesign of our website to make deposit insurance information easier to find and to understand. We also began holding annual public meetings as another means of communicating directly with Canadians", said CDIC President and CEO, Guy Saint-Pierre.

CDIC had a net income for the year of $105.3 million, as a consequence of which CDIC's ex ante funding, representing the aggregate of CDIC's retained earnings and provision for insurance losses, increased to $1.6 billion. These results also reflect the continuing solid performance of CDIC's member institutions, whose deposit insurance premiums remained at an all-time low.

CDIC is proud to have received during the year the "Deposit Insurance Organization of the Year" award from the International Association of Deposit Insurers (IADI) as well as an award from the Government of Canada for on-line and service improvement initiative.

CDIC is a federal Crown corporation that provides deposit insurance against the loss of deposits with its member institutions in the event of their failure. Eligible deposits are automatically insured for up to $100,000 per person at each member institution. As of April 30, 2007, CDIC insured $477 billion in deposits at its member institutions. CDIC members include Canadian banks, loan companies and trust companies that take deposits, as well as associations governed by the Cooperative Credit Associations Act that take deposits. CDIC is funded by premiums assessed on its member institutions and does not receive federal tax dollars.

CDIC's 2007 Annual Report is available at www.cdic.ca under "About Us, Corporate Publications."

Contact Information

  • Canada Deposit Insurance Corporation
    Sophie Roux
    Director, Communications and Public Affairs
    613-995-6548
    613-612-1068 (cell)
    sroux@cdic.ca