OTTAWA, November 03, 2022 (GLOBE NEWSWIRE) — Canada Deposit Insurance Corporation (CDIC) held its annual public meeting today via live webcast. President and CEO of SADC Leah Anderson was joined by the chairman of the board of directors, Robert Sanderson to discuss highlights of CDIC’s preparedness efforts, building confidence in deposit insurance, and recent governance updates that are helping CDIC navigate a complex and uncertain operating environment.
“Our current state of preparedness accelerated when the COVID-19 pandemic arrived in early 2020, and we have not let our guard down,” said Ms Anderson. “As we have done for 55 years, CDIC remains true to its mandate to protect depositors’ savings in the unlikely event that a member institution fails.
SADC’s preparedness is fundamentally based on its ability to quickly and continuously identify risks that could have a material impact on one or more member institutions and to have detailed plans to resolve a potential crisis or failure of the member institution. a specific troubled institution. These plans take into account not only the impact on individual members, but also the impacts of a crisis on the whole system.
CDIC recognizes that working with key stakeholders, industry leaders and financial safety net partners in this time of uncertainty and change is critical to keeping pace with depositor and public expectations. financial innovation while maintaining readiness and building confidence in deposit protection.
About CDIC
CDIC is a federal Crown corporation created in 1967 to protect the savings of Canadians and contribute to financial stability. We currently protect over $1 trillion in eligible deposits with more than 80 member institutions. As the resolution authority, CDIC is responsible for managing the default of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions, and loan and trust companies. CDIC is funded by premiums paid by member institutions. The CDIC resolved the default of 43 members affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.
Further information :
Brad EvensonDirector, Communications and Public Affairs Tel: 613.943.4395 E-mail: [email protected]
