Canada Deposit Insurance Corporation

Canada Deposit Insurance Corporation

October 02, 2009 09:55 ET

Canada Deposit Insurance Corporation Releases its 2009 Annual Report

OTTAWA, ONTARIO--(Marketwire - Oct. 2, 2009) - The Canada Deposit Insurance Corporation (CDIC) announced that its 2009 Annual Report has been tabled in Parliament and is now available to the public. Under the theme "Savings Protection Canadians Can Count On," the document reports that in the face of difficult economic times over the 2008/2009 reporting period, CDIC experienced its 13th year without a member institution failure.

"As a whole, our membership continued to perform relatively well," reported CDIC President and CEO, Guy L. Saint-Pierre, adding that "Canadians' confidence in the strength of Canada's financial system is well-founded."

CDIC took action on several fronts to maintain its readiness to act in the event of a member failure.

Mr. Saint-Pierre noted that key readiness activities over the year included enhancements to CDIC's capacity to make a payout to depositors in the event of a failure. In addition, important amendments to CDIC's powers were made by Parliament in 2009, in line with international best practices, giving CDIC more resolution options to respond to systemic risk concerns arising from a failing member.

CDIC is recognized internationally for its work. The Corporation played a leadership role in the development and adoption by the Basel Committee on Banking Supervision of a set of core principles on deposit insurance in 2009, and continues to be involved in bilateral work with deposit insurers around the world.

Last year, CDIC was pleased to receive the Canadian Institute of Chartered Accountants award for financial reporting in the large Crown corporation category. CDIC's 2009 Annual Report is available at www.cdic.ca.

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 from $1 to $100,000 per person at each member institution. The deposit insurance coverage limit is set by Parliament. CDIC members include Canadian banks, loan companies and trust companies that take deposits, as well as retail 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. As at April 30, 2009, CDIC had 81 member institutions and insured deposits totaling $590 billion.

Contact Information

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