Canada Deposit Insurance Corporation

Canada Deposit Insurance Corporation

September 25, 2007 16:00 ET

Canada Deposit Insurance Corporation Holds its Annual Public Meeting in Vancouver's Chinatown

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 25, 2007) - The Canada Deposit Insurance Corporation (CDIC) held its 2007 Annual Public Meeting today in Vancouver's Chinatown. CDIC's Chair, Bryan Davies and its President and CEO, Guy L. Saint-Pierre, spoke to a full house at the noon-hour meeting.

"CDIC's research shows that new Canadians and seniors have the most questions about deposit insurance-so we are here, in Vancouver, to meet with Canadians of all ages -who live and work in the heart of Chinatown," Bryan Davies told those in attendance. Mr. Davies encouraged participants to talk to CDIC's representatives at the meeting, to find out more about CDIC deposit insurance and how it protects Canadians' savings.

Guy L. Saint-Pierre provided an overview of what is covered by CDIC deposit insurance, and what is not covered, emphasizing that "eligible deposits include such everyday savings as chequing accounts, and GICs and other term deposits that mature in 5 years or less, but they do not include, for example, mutual funds and stocks." Mr. Saint-Pierre 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.

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.

Contact Information

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