Up to $100,000 in Deposit Protection: Canada Deposit Insurance Corporation Releases its Five-Year Corporate Plan Summary

OTTAWA, ONTARIO--(Marketwired - June 7, 2013) - Canada Deposit Insurance Corporation (CDIC)'s corporate plan summary was tabled today in Parliament by the Minister of Finance.

The five-year plan identifies CDIC's four corporate strategies and supporting initiatives:

  • Enable quick access to insured deposits in the event of a member institution failure;
  • Build preparedness for complex resolutions;
  • Promote public awareness of CDIC deposit insurance; and
  • Optimize the use of strategic resources.

"We continue to improve our systems and processes to assess, monitor and manage the risk of all our member institutions," said CDIC President and CEO Michèle Bourque.

"The recent financial crisis clearly demonstrated that the failure of large financial institutions can have serious negative effects, domestically and internationally, given the global activities undertaken by these institutions. CDIC continues to put significant focus and effort on building the necessary capacity to effectively handle the failure of a large, complex member institution."

The Summary of the Corporate Plan also includes a summary of CDIC's 2013/2014 operating and capital budgets and borrowing plan. A copy is available at www.cdic.ca.

Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of failure. Eligible deposits are automatically covered to a limit of $100,000 per insured category at each member institution.

CDIC members include banks, federally regulated credit unions, as well as loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits. CDIC is self-funded by premiums paid by member institutions and does not receive public funds to operate.

Contact Information:

Brad Evenson
Director, Communications and Public Affairs