OTTAWA – May 9, 2024 – The Canada Deposit Insurance Corporation (CDIC) has tabled its 2023-2024 Summary of the Corporate Plan in Parliament.
CDIC protects depositors by providing deposit insurance, promoting the stability of the financial system, and ensuring the orderly resolution of a member institution in the event they fail.
Our Summary of the Corporate Plan 2023-2024, focuses on three strategic objectives:
1 – Be resolution ready
Our role within Canada’s financial safety net intensifies during times of economic uncertainty. Being resolution ready means having the necessary processes, tools, systems, and capacity to ensure the timely resolution of a member institution.
2 – Reinforce trust in depositor protection
The focus of our mandate is to protect depositors. CDIC reinforces confidence in depositor protection by ensuring our deposit insurance and resolution frameworks remain fit for purpose, which in turn contributes to the stability of the financial system in Canada.
3 – Strengthen organizational resilience
Strengthening organizational resilience involves addressing internal and external factors that can impact CDIC’s operations, people, and culture. We are enhancing our systems, technology, and skills training to ensure we continue to fulfill our mandate in an evolving risk and operating environment.
“CDIC is well prepared to navigate and adapt to the accelerating changes in the economy and financial sector,” said President and Chief Executive Officer, Leah Anderson. “We are proactively aligning our plans to the dynamic operating environment so depositors can rest assured we are ready to protect them and support the stability of the financial system.”
The Summary of the Corporate Plan also includes a summary of CDIC’s 2023/2024 operating and capital budget and borrowing plan.
About CDIC
CDIC is a federal Crown corporation, established in 1967. We protect people’s money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 80 member financial institutions. 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 financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada.
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For further information
Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca