Canada Deposit Insurance Corporation

Canada Deposit Insurance Corporation

December 06, 2006 12:32 ET

Canada Deposit Insurance Corporation Holds Its First Annual Public Meeting

TORONTO, ONTARIO--(CCNMatthews - Dec. 6, 2006) - The Canada Deposit Insurance Corporation (CDIC) held its inaugural Annual Public Meeting in Toronto yesterday. Led by CDIC's Chair, Bryan Davies, and its President and CEO, Guy L. Saint-Pierre, the meeting highlighted CDIC's mandate, as well as the organization's 2006 results and activities for the year.

"One of the most important roles for CDIC is to contribute to the stability of Canada's financial system," said Bryan Davies, Chair of the CDIC Board of Directors. "Knowing that the financial institution where they bank is protected by CDIC - that it has that red and white decal on the door - provides comfort to Canadians. The reality is that to date, CDIC has protected the savings of more than two million depositors who held more than $25 billion in insured funds in failed institutions."

CDIC's President and CEO, Guy L. Saint-Pierre, added, "For CDIC to contribute to the people's confidence in Canada's financial system, Canadians must first know it exists. They must also know what it covers and what it does not."

Through advertising and other communications activities, CDIC has been working to make more Canadian consumers aware of the recent increase in the CDIC deposit insurance coverage limit - from $60,000 to $100,000 per depositor, per member institution.

Saint-Pierre reported that,"2005/2006 represented another good year for CDIC. Our financial performance remained strong. Our operating expenses were kept in check, with essentially no change for the fifth year in a row. In addition, premiums paid by CDIC members remain at an all time low. CDIC's highest rated members have now seen their premium rates reduced by more than 90 per cent since 1999."

"CDIC's member financial institutions continued to demonstrate solid performance last year," added Saint-Pierre. "Members demonstrated strong profitability, good asset quality and robust levels of capital. We are expecting 2006 to be another favourable year for our members."

At the meeting, it was also announced that CDIC was named the 2006 Deposit Insurer of the Year by the International Association of Deposit Insurers. Earlier this year, CDIC was awarded the Auditor General's Award for Excellence in Annual Reporting in the large Crown corporations category. For more information about these awards visit 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, 2006, CDIC insured $455 billion in deposits at its member institutions. CDIC members include banks, trust and loan companies, and federal retail cooperative credit associations. 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
    Manager, Communications and Public Affairs
    (613) 995-6548 or Cell: (613) 612-1068
    Email: sroux@cdic.ca
    Website: www.cdic.ca