Canada Deposit Insurance Corporation Selected as Deposit Insurance Organization of the Year for 2006.

6 December 2006

15 November 2006

On behalf of the Members of the International Association of Deposit Insurers (IADI), JP Sabourin, Chair of the Executive Council is pleased to announce that Canada Deposit Insurance Corporation (CDIC) has been selected as Deposit Insurance Organization of the Year for 2006.

In presenting this Award at the opening of the Fifth Annual IADI Conference being held in Rio de Janeiro, Mr. Sabourin said that CDIC has contributed an outstanding effort to the sound growth and development of the IADI. In particular, during this past year, CDIC staff has been active members of the Standing Committee on Research and Guidance, chaired a sub-group on Governance of Deposit Insurance Systems, co-chaired a sub-group on Funding of Deposit Insurance Systems, and has been a member of the Advisory Group of the Research and Guidance Committee. As part of its commitment to improve the effectiveness of deposit insurance systems in contributing to financial stability, CDIC has developed, maintained, and is in the process of enhancing a data base to aid research and the development of guidance to improve the effectiveness of deposit insurance systems.

As well, CDIC has generously responded to many requests through visits, missions and enquiries from other deposit insurers in an effort to share their expertise and best practices.

Canada Deposit Insurance Corporation is a founding member of IADI. The Deposit Insurance Organization of the Year Award is conferred on a Member in celebration of an important achievement and/or in recognition of the contribution that the Member has made to the furtherance of IADI's objects.

The award collectively recognizes the contribution of all the staff and management of the Member and is not intended to single out the work of just one individual.

Central Deposit Insurance Corporation (Taiwan) was the first-ever recipient of this prestigious award in 2005.

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