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Canada Deposit Insurance
Corporation
Releases its 2007 Annual Report
Ottawa, October 19, 2007 – The
Canada Deposit Insurance Corporation’s Annual Report for the year ending March 31, 2007 has been tabled in
Parliament and released to the public. The report highlights the 40th year of CDIC’s operations as a Crown
corporation.
“CDIC’s performance remained strong over the past fiscal year. Our emphasis remained on CDIC’s core mandate,
which is to ensure that we are ready to serve Canadians should they require it. We continued our efforts to
increase public awareness of deposit insurance by undertaking numerous activities, including the redesign of
our website to make deposit insurance information easier to find and to understand. We also began holding
annual public meetings as another means of communicating directly with Canadians”, said CDIC President and
CEO, Guy Saint-Pierre.
CDIC had a net income for the year of $105.3 million, as a consequence of which CDIC’s ex ante
funding, representing the aggregate of CDIC’s retained earnings and provision for insurance losses, increased
to $1.6 billion. These results also reflect the continuing solid performance of CDIC’s member institutions,
whose deposit insurance premiums remained at an all-time low.
CDIC is proud to have received during the year
the “Deposit Insurance Organization of the Year” award from the International Association of Deposit Insurers
(IADI) as well as an award from the Government of Canada for on-line and service improvement
initiative.
CDIC is a federal Crown corporation that provides
deposit insurance against the loss of deposits with its member institutions in the event of their failure.
Eligible deposits are automatically insured for up to $100,000 per person at each member institution. As of
April 30, 2007, CDIC insured $477 billion in deposits at its member institutions. CDIC members include
Canadian banks, loan companies and trust companies that take deposits, as well as associations governed by
the Cooperative Credit Associations Act that take deposits. CDIC is funded by premiums assessed on its member
institutions and does not receive federal tax dollars.
CDIC’s 2007 Annual Report is available at www.cdic.ca under
“About Us, Corporate Publications.”
2007 Annual Report
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