OTTAWA – October 7, 2024 – The Canada Deposit Insurance Corporation’s (CDIC) 2024 Annual Report was tabled today in Parliament.
CDIC’s vision of guaranteeing the safety of your insured deposits to protect financial futures in Canada, reflects our unwavering focus on depositors and the central role deposit insurance plays in consumer protection.
The annual report outlines CDIC’s progress to date, including advancements made against our key strategic priorities during the 2023/2024 fiscal year. These include:
- Depositor trust and confidence
A shifting financial landscape makes for a dynamic operating environment. Over the year, CDIC stayed on top of market innovation while ensuring our deposit protection framework remains responsive to the evolving savings needs and expectations of depositors. We progressed on ongoing industry consultations to inform CDIC’s Deposit Insurance Study and advanced domestic and global priorities through our work with federal and provincial counterparts, as well as the International Association of Deposit Insurers. - Resolution readiness
During a period of increasing market uncertainty and international bank failures, CDIC strengthened our risk assessment through early identification of risks to our member financial institutions. We also strengthened our resolution planning and tested our readiness capabilities to better protect depositors through our Simulations Centre of Excellence. - Organizational strength
CDIC’s vision is realized through our people, reliable and secure systems and technology, and an inclusive culture. In 2023/2024, we progressed our diversity, equity and inclusion goals by exceeding representation of women, racialized minorities and people with disabilities. We continued to mature our cyber security posture and we’re proud to have launched our Environmental, Social and Governance (ESG) Strategy outlining our emissions and sustainability commitments to support the Government of Canada’s efforts to reach net-zero emissions by 2050.
“Canada’s financial system remained strong and resilient during the March 2023 international banking crisis,” said President and Chief Executive Officer (CEO) Leah Anderson. “Nevertheless, CDIC focused on lessons learned from this event to reinforce depositor protection and confidence, and to bolster our resolution preparedness.“
To learn more about CDIC’s activities over the past year, please join us for the CDIC Annual Public Meeting on November 6, 2024, at 2 pm ET (virtual event).
About CDIC
CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $1 trillion 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 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 depositors. No one has ever lost any money under CDIC protection.
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For further information
Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca