OTTAWA, May 14, 2019 (GLOBE NEWSWIRE) -- On Wednesday, May 15, 2019, CDIC will hold its Annual Public Meeting in the form of a panel discussion about the steps it is taking toward its goal of ensuring Canadians have immediate access to their protected savings in the event of a member institution failure.

Peter Routledge, President and CEO of CDIC, will be joined by a panel of CDIC subject matter experts to discuss its plans to modernize its reimbursement program and systems with an aspiration of being able to reimburse depositors on the day of failure (T+0). These also include working closely with member institutions and financial professionals to facilitate the quick and accurate payment to depositors. These efforts will ensure CDIC keeps pace with a changing banking landscape and Canadians can continue to save and bank with confidence.

Members of the public are invited to participate and will also have the opportunity to ask the panel questions in advance by emailing smenquiries@cdic.ca or in real time by tweeting @CDIC_CA in English or @SADC_CA in French.

Meeting details:

The event will take place at the Beanfield Centre, 105 Princes’ Blvd, Toronto, on May 15, 2019 at 2:15 pm, Eastern Time. To attend in person please email CDIC at media@cdic.ca.

About CDIC
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $792 billion 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 loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.

Media contact:

Brad Evenson
Director, Communications and Public Affairs
(613) 943-4395
media@cdic.ca