President of CDIC discusses recent improvements to deposit insurance
OTTAWA – August 11, 2020 – Earlier today, Canada Deposit Insurance Corporation (CDIC) held its Annual Public Meeting via live webcast. CDIC President and CEO Peter Routledge, discussed how deposit insurance protects Canadians’ hard-earned savings and how recent changes to the deposit insurance regime have improved protection for Canadian depositors. Mr. Routledge was joined by Robert Sanderson, Chair of the Board of Directors, and Chantal Richer, Chief Operating Officer, who spoke about CDIC’s public awareness efforts and how CDIC is reaching out to Canadians to inform them about how CDIC protects their savings.
“The updated coverage was announced in the 2019 budget following an extensive consultation and policy review process.” said Mr. Routledge. “The expanded coverage provides Canadians with more flexibility in how they save their money.”
The meeting concluded with Mr. Routledge, Ms. Richer and Mr. Sanderson responding to questions submitted by the public.
You can watch the complete broadcast here.
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $800 billion in deposits at more than 80 member institutions. As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our 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. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.
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Director, Communications and Public Affairs