Canada Deposit Insurance Corporation: CDIC 2024-2025 Corporate Plan Summary released

CDIC 2024-2025 Corporate Plan Summary released

OTTAWA – September 26, 2024 – The Canada Deposit Insurance Corporation (CDIC) tabled its 2024-2025 Summary of the Corporate Plan in Parliament today.

CDIC's vision is guaranteeing the safety of your insured deposits to protect financial futures in Canada. We protect insured deposits, ensure the orderly resolution of a member institution in the event of failure, and contribute to financial stability.

CDIC is focusing on three strategic objectives for the 2024-2025 to 2028-2029 planning period:

1. Depositor trust and confidence: Protecting insured deposits reinforces depositor confidence and contributes to financial stability. CDIC will continue to earn depositors' trust by:
   
   1. anticipating and responding to evolving financial sector risks and the savings needs of depositors
   2. raising public awareness of deposit insurance protection so that depositors can make informed decisions about the safety of their deposits
      
2. Resolution readiness: Being prepared for resolution involves having the necessary people, data, processes, tools, systems, and financial capacity in place to resolve a potential failure of a member institution. CDIC's preparedness activities focus on:
   
   1. identifying risks within CDIC's membership and the financial system, and being ready to resolve member institutions for the benefit of depositors
   2. providing depositors with timely access to their deposits in the event of a member failure
      
3. Organizational strength: Ensuring a resilient organization requires a focus on resourcing excellence, efficient and secure technology, and a culture where all staff can thrive. CDIC will continue to build organizational strength by:
   
   1. ensuring CDIC reflects the people it serves
   2. continuing to advance and maintain the security of CDIC's enterprise technology and cyber capabilities
      

To ensure the achievement of our strategic objectives, CDIC's 2024-2025 Corporate Plan is forward-looking and responds to internal and external factors, including: Canada's rapidly evolving financial sector, the complex operating environment, technological change, and the evolution of our workplace.

"CDIC remains laser focused on being prepared to protect insured depositors and promote financial stability, no matter what," said CDIC President and CEO Leah Anderson. "Our plan is outcome based, targeted at depositor protection, being prepared for resolution, and organizationally resilient in a dynamic operating environment."

The Summary of the Corporate Plan also includes a summary of CDIC's 2024-2025 operating and capital budgets and borrowing plan.

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

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