OTTAWA, ONTARIO--(Marketwire - Aug. 22, 2012) - The Canada Deposit Insurance Corporation (CDIC) tabled its 2012 Annual Report in Parliament today.
The Annual Report highlights how CDIC provides Canadians with deposit protection they can count on. In particular the report details how CDIC is working with its member institutions to ensure the public faster access to their savings in the unlikely event of a member failure. CDIC has also increased its capacity to respond to the unique circumstances of complex member failures through the creation of a new division.
"We have focused our efforts on further developing our systems so that we can better protect Canadians' savings and contribute to the stability of the financial system in Canada," said Michèle Bourque, CDIC President and CEO.
The 2012 Annual Report also highlights the results of CDIC's ongoing efforts to increase Canadians' understanding of its deposit insurance program. It outlines CDIC's new public awareness strategy aimed at leveraging financial advisors as an additional avenue to reach the general public.
CDIC's 2012 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 a 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. As at April 30, 2012, CDIC insured $645 billion in deposits at its member institutions. CDIC is entirely funded by premiums assessed on its member institutions and does not receive federal tax dollars.