Canada Deposit Insurance Corporation

Canada Deposit Insurance Corporation

September 27, 2011 15:15 ET

Canada Deposit Insurance Corporation Releases its 2011 Annual Report

OTTAWA, ONTARIO--(Marketwire - Sept. 27, 2011) - The Canada Deposit Insurance Corporation (CDIC) announced that its 2011 Annual Report was tabled in Parliament on September 19, and is now available to the public.

The report discusses measures taken over the past year to strengthen CDIC's resolution capabilities. These include the introduction of CDIC's Data and System Requirements By-law, which imposes certain systems requirements on member institutions. The implementation of the by-law will allow CDIC to determine more rapidly the amounts owed to depositors in the event of a failure.

"CDIC has been working closely with its members as they implement the technical requirements of the by-law. We are also enhancing our own systems and processes to provide a faster payment of insured savings should this ever be required", noted Michèle Bourque, CDIC President and CEO. "CDIC is proud of its many other achievements during this past year, which also include our public awareness campaign aimed at informing Canadians about our deposit insurance programme", added Ms. Bourque.

The 2011 Annual Report also highlights the Corporation's active involvement in the development of global best practices in deposit insurance in support of Canada's G20 commitments and the efforts that the Corporation has deployed to implement measures to support its bridge institution resolution tool.

CDIC's 2011 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. CDIC members include 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 March 31, 2011, CDIC insured $604 billion in deposits at its member institutions.

Contact Information

  • Canada Deposit Insurance Corporation
    Michel Lefebvre
    Manager, Communications and Public Affairs
    613.943.1978
    mlefebvre@cdic.ca