CDIC news
CDIC meets to discuss protecting depositors in a dynamic financial environment
November 6, 2024
Protecting your deposits.
What’s covered?
Guaranteeing the safety of your insured deposits to protect financial futures in Canada.
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians. As a 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 trust and loan companies. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million Canadians. No one has ever lost any money under CDIC’s protection.
What happens in a failure?
Canada’s financial system is strong and stable. Canadian financial institutions must meet robust prudential standards to maintain their safety and soundness but like all businesses they can fail at some point.
If a bank does fail, CDIC has tools to resolve them while protecting depositors and contributing to the stability of the financial system.
Doing business with CDIC
CDIC enters into supply agreements every year with a wide range of suppliers – both small and large. CDIC’s procurement and contracting activities ensure that its operational requirements are always met and that transparency, openness, fairness, and value for money are promoted.
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