OTTAWA – March 29, 2024 – The Canada Deposit Insurance Corporation (CDIC) is advising depositors that, effective March 29, 2024, the following CDIC member institutions have amalgamated: HSBC Bank Canada (HBCA), HSBC Trust Company Canada (HTCC), HSBC Mortgage Corporation Canada (HMCC) and Royal Bank of Canada (RBC).

Upon the amalgamation of these entities, deposits held within HBCA, HTCC and HMCC have migrated to RBC.

While CDIC will be removing the three HSBC entities from the list of members and deposit insurance calculator on the website, insured deposits that a client has at any HSBC entity and RBC entity before the amalgamation continue to be insured separately, up to $100,000 per depositor per category for a period of two years post amalgamation, or in the case of term deposits, until maturity (or redemption). However, the amount of separate coverage is reduced by any withdrawals made from those separate deposits, or as term deposits mature or are redeemed.

Post-amalgamation: How new deposits are covered

Coverage for new deposits a client makes at RBC (i.e. the amalgamated institution) after amalgamation depends on the total deposit amounts the client had at the member institutions before they amalgamated:

If a client’s total existing deposits (in a category) held with the entities immediately prior to amalgamation total $100,000 or more, any new eligible deposits the client makes (for that category) at RBC after amalgamation will exceed the $100,000 maximum and not be insured by CDIC.

If a client’s total existing deposits (in a category) held with the entities immediately prior to amalgamation are less than $100,000, any new eligible deposits the client makes (for that category) at RBC after amalgamation will be added to the previous deposits, and the total will be insured up to $100,000.

Look for this logo to identify a CDIC member institution:

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.  

– 30 –

For further information

Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca

Canada’s largest annual payments conference, drawing innovators, leaders, and experts from across the sector.

A uniquely tailored forum for senior business executives, regulators, and government representatives in Canada’s financial services sector.

Annual event that examines the critical role prepaid providers have played in payments innovation through the lens of key stakeholders: consumers, SMBs, merchants, neo banks, traditional banks, and fintechs.

OTTAWA – October 17, 2023 – The Canada Deposit Insurance Corporation’s (CDIC) 2023 Annual Report was tabled today in Parliament. 

“Over the past year, ongoing geopolitical tensions, climate events, cyber security, and a deteriorating economic outlook have amplified the complexity of risks to Canada’s financial system,” said President and Chief Executive Officer (CEO) Leah Anderson. “The good news is, even in the face of these risks, we delivered on our mandate to protect depositors.” 

The CDIC 2023 Annual Report highlights progress made against our key strategic priorities during the 2022-2023 fiscal year, including: 

1.  To be resolution ready. 
   
   It is rare for financial institutions in Canada to fail, but when they do, CDIC is here to make sure people’s eligible deposits are protected and accessible. Being resolution ready means having the necessary people, processes, tools, systems, and financial capacity for CDIC to resolve a member financial institution, if necessary. CDIC advanced these efforts through early and continuous identification of risks to our member financial institutions, the modernization of our funding framework, and activities to strengthen our resolution strategies, policies, and plans.
    
2. To reinforce trust in depositor protection.
   
   The range of financial products and service providers is dynamic and rapidly evolving.  CDIC keeps pace by staying on top of market innovation, new deposit products and services, and people’s changing savings habits. We made progress on a number of initiatives over the past year in response to these developments to reinforce public trust in deposit protection. For example, we advanced our multi-year Payout Modernization Program to ensure depositors continue to have fast and reliable access to their eligible deposits in the event of a member failure, and raised public awareness of deposit insurance to a record level of 64% through CDIC’s Public Awareness Campaign. 
    
3. To strengthen organizational resilience.  
   
   A rapidly changing financial sector requires a proactive approach to managing our operations. A key pillar of our promise to serve the people of Canada is our commitment to continuous organizational improvement. We anticipate and respond to risks that can impact CDIC’s operating environment, including technologies, our workforce, and our culture on a daily basis. Over the past year, we enhanced our cyber security posture and multi-year enterprise technology strategy, while fostering a vibrant, thriving, and inclusive environment that supports hybrid work. CDIC was also proud to be certified a “Great Place to Work” by the Great Place to Work® Institute Canada in November 2022. 

CDIC’s performance over the past year has bolstered our preparedness to respond to risks and better protect people’s hard-earned money.  

The CDIC 2023 Annual Report also outlines our financial performance over the past year. 

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 85 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.  

– 30 – 

For further information

Tamara Mason
Head, Communications and Reporting  
Tel: 343-543-3562 
E-mail: media@cdic.ca 

OTTAWA – October 12, 2023 – Canada Deposit Insurance Corporation (CDIC) held its Annual Public Meeting today via live webcast. Leah Anderson, President and Chief Executive Officer, was joined by Robert Sanderson, Chair of the Board of Directors, to discuss how CDIC is protecting depositors and promoting financial stability through deposit insurance protection and resolution preparedness.

“As I reflect on the past year, I am struck by the increasing pace of change and innovation in the financial sector, and the dynamic risk environment for CDIC’s member financial institutions,” said Ms. Anderson. “Throughout this period, CDIC continued to deliver on its mandate to protect depositors by staying focused on our strategic priorities.”

CDIC’s priorities include reinforcing trust in deposit protection through a robust public awareness program and appropriate disclosures at member financial institutions; being “resolution ready” through early and continuous identification of risks to CDIC members and timely resolution management plans; and fostering organizational resilience through its corporate operations and a diverse and inclusive workforce.

Ms. Anderson also announced that CDIC will offer easily downloadable and shareable social media content for members during Financial Literacy Month in November to help them promote their membership and inform depositors about CDIC protection.

– 30 –

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 85-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.

For further information

Tamara Mason
Head, Communications and Reporting
Tel: 343-543-3562
E-mail: media@cdic.ca

The Board of Directors of the Canada Deposit Insurance Corporation (CDIC) is pleased to announce that its 2023 Annual Public Meeting will be held via live bilingual webcast on October 12, 2023, from 2 p.m. to 3:00 p.m. ET.  

Leah Anderson, President and Chief Executive Officer, and Robert Sanderson, Chair of the Board, will discuss how CDIC is protecting depositors and promoting financial stability through deposit insurance protection and resolution preparedness in a complex and dynamic financial environment. 

Members of the public are invited to participate and ask questions live or in advance by e-mailing smenquiries@cdic.ca, or by sending a tweet or direct message to @CDIC_CA in English or @SADC_CA in French.   

We look forward to having you join us. Follow us on Meta, X (Twitter), Instagram and LinkedIn for regular updates. 

Event Details

The event will take place via live webcast on October 12, 2023, from 2:00 p.m. to 3:00 p.m. ET.

View CDIC’s 2022 Annual Report.

Ottawa – July 31, 2023 – Today, CDIC concludes its review of the Differential Premiums System (DPS), a risk-based ratings system used to set premiums paid by member institutions. The changes, which are anticipated to be implemented in the 2025 premium year, are outlined in CDIC Differential Premiums System Review – Conclusions.

CDIC will make the following key changes:   

• Raise the number of premium categories from four to five
• Increase the frequency of differential premium assessments (process of classifying member institutions into risk categories) from annual to semi-annual 
• Enhance the DPS scorecard, which measures financial and regulatory criteria, to capture a broader set of risks posed by member institutions to CDIC

Once implemented, these changes will modernize and improve the effectiveness of the DPS.

CDIC launched its DPS review one year ago, on July 25, 2022, with a 90-day public consultation with member institutions and industry organizations. CDIC listened carefully and made some adjustments based on the input we received. For more information, please consult this summary of feedback. CDIC thanks all the members and industry organizations who participated and contributed to the review.

About CDIC

CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians and to contribute to financial stability by safeguarding close to $1 trillion in deposits at more than 85 member 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 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 a dollar of deposits under CDIC’s protection.

-30-

For further information

Tamara Mason
Head, Communications and Reporting
Tel: 343-543-3562
E-mail: media@cdic.ca

OTTAWA – June 23, 2023 – The Canada Deposit Insurance Corporation (CDIC) welcomes Innovation Federal Credit Union to its membership.  

For more than 50 years, CDIC has protected Canadians’ deposits and promoted financial stability. CDIC membership means eligible deposits at Innovation will now be protected up to $100,000 in each of our deposit categories. 

Innovation Federal Credit Union is a Saskatchewan-headquartered financial institution with over 450 staff in 24 advice centre locations. The credit union serves over 59,000 members and has approximately $4.335 billion total assets under administration. 

CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $1 trillion in deposits in all our member institutions. As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest.

CDIC is funded by premiums paid by member institutions and does not receive public funds to operate. We have dealt with 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection. 

Look for this logo to identify a CDIC member institution: 

– 30 –

For further information

Tamara Mason
Head, Communications and Reporting
E-mail: media@cdic.ca

Standing Senate Committee on Banking, Commerce and the Economy

Speaking Notes by Leah Anderson, CDIC President and CEO – May 17, 2023