TROIS-RIVIÈRES, QUEBEC--(Marketwire - Nov. 3, 2011) - The Canada Deposit Insurance Corporation (CDIC) held its 2011 Annual Public Meeting today in Trois-Rivières, Québec. CDIC's Chair, Bryan P. Davies and CDIC's President and CEO, Michèle Bourque, spoke at the breakfast reception meeting.
"I was delighted to be in Trois-Rivières today to host our APM with the Trois-Rivières Chamber of Commerce" commented Mr. Davies following the meeting. "Stability and confidence are essential to business growth. We welcomed the opportunity to share with this audience and all Canadians how CDIC deposit insurance plays a role in protecting Canadians' savings which in turn contributes to the stability of Canada's financial system."
"We want the public to know how to protect their hard-earned savings" added President and CEO, Michèle Bourque. "It is very important that Canadians be aware of CDIC's deposit insurance—what it covers and what it doesn't." Ms. Bourque encouraged the audience—and all Canadians—to check to see if their deposits are covered by going to CDIC's website at www.cdic.ca.
Together with Mr. Davies and Ms. Bourque, other representatives from the Board of Directors and the executive team were also on hand to speak with the audience.
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. 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 entirely funded by premiums assessed on its member institutions and does not receive federal tax dollars. As at April 30, 2011, CDIC insured $622 billion in deposits at its member institutions.
Contact Information:
Director, Communications and Public Affairs
Cell: 613.612.1068
sroux@cdic.ca