OTTAWA, ONTARIO--(Marketwire - Feb 8, 2013) - Canada Deposit Insurance Corporation (CDIC) was pleased to host an International Association of Deposit Insurers (IADI) conference on cross-border resolution in Ottawa, February 6.
IADI members from over 30 different countries met to discuss progress in their planning for large bank failures and to promote cross-border cooperation in the resolution of these complex financial institutions.
"We all learned a great deal from each other''s experience," said Michèle Bourque, CDIC President and CEO, who also chairs the IADI Regional Committee of North America. "Strategies of resolution have evolved with time and from the hard-won experience from around the world, and this will inform our complex resolution planning."
A multimedia presentation on the events will be available at www.cdic.ca in the coming weeks.
CDIC is a federal Crown corporation that provides deposit insurance against the loss of eligible deposits with its member institutions in the event of their failure. Eligible deposits are automatically covered to a limit of $100,000 per insured category at each member institution. CDIC members include most Canadian chartered banks, loan and trust companies, federally-regulated credit unions as well as associations governed by the Cooperative Credit Associations Act. CDIC is entirely funded by premiums assessed on its member institutions and does not receive public funds.