OTTAWA – August 21, 2019 – The Canada Deposit Insurance Corporation’s (CDIC) 2019 Annual Report was tabled today in Parliament.
“This year, CDIC reached a number of key milestones that strengthen the deposit insurance and resolution framework and make Canada’s financial system more resilient,” said President and CEO Peter Routledge.
“The newly implemented bail-in regime along with the Resolution Planning By-law that formalizes the resolution planning framework for Canada’s largest banks, effectively complete CDIC’s resolution authority toolkit. We’ve also made important strides in modernizing regulatory and operational aspects of the deposit insurance framework, so it’s been a very productive year.”
The Report highlights progress made in key areas, including::
- Bolstering the resiliency of Canada’s financial system by bringing into force regulations supporting the bail-in regime, which allows Canada’s domestic systemically important banks (D-SIBs) to issue bail-in debt.
- Working with member institutions and industry stakeholders to implement key changes announced by the Government of Canada that modernize and strengthen the deposit insurance framework.
- Completing the development of the Resolution Planning By-law and the By-law Amending the Differential Premiums By-law, formalizing the framework for the development and maintenance of resolution plans by D-SIBs and strengthening the resiliency of Canada’s largest banks.
- Increasing public awareness of CDIC and its deposit insurance program through a public awareness strategy integrated with updated member requirements under the CDIC Deposit Insurance Information By-law, which came into force in September 2018.
The CDIC 2019 Annual Report also outlines CDIC’s financial performance over the past year.
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Further information:
Brad Evenson
Director, Communications and Public Affairs
Tel: 613.943.4395
E-mail: media@cdic.ca