Canada Deposit Insurance Corporation

Canada Deposit Insurance Corporation

June 10, 2005 15:14 ET

CDIC Welcomes New Member Institution

OTTAWA, ONTARIO--(CCNMatthews - June 10, 2005) - The Canada Deposit Insurance Corporation (CDIC) announced today that General Bank of Canada 's application for deposit insurance was approved, effective June 8 2005.

General Bank of Canada, with its head office in Edmonton, Alberta, is a wholly-owned subsidiary of Firstcan Management Inc., a Canadian controlled private corporation, whose primary business activity is the provision of insurance products through its subsidiaries. General Bank of Canada will focus on the automobile lending market, providing loans to customers purchasing new and used cars.

"On behalf of our Board of Directors, CDIC welcomes General Bank of Canada and its future depositors to the federal deposit insurance system" said Guy Saint-Pierre, President and CEO of CDIC.

Commenting on the approval of General Bank of Canada's application Don Wheaton, President of General Bank of Canada said: "We are very pleased to be a member of CDIC".

CDIC, a federal Crown corporation, provides insurance to depositors against the loss, in whole or in part, of deposits made at member institutions in the event of their failure. Eligible deposits are insured up to $60,000 per person at each member institution. If the Budget Implementation Act comes into force, the deposit insurance coverage limit will rise to $100,000.

CDIC contributes to the stability of the Canadian financial system. Since 1967, CDIC has dealt with the failure of 43 member institutions in Canada thus protecting more than two million depositors holding some $24 billion in insured deposits. CDIC is funded by premiums assessed on its member institutions and does not receive federal tax dollars.

The list of member institutions is available on CDIC's Web site at www.cdic.ca. Depositors can also call CDIC directly at 1-800-461-2342 to find out if a financial institution is a CDIC member.

Contact Information

  • CDIC Communications
    Jean Valin
    (613) 943-1971