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 Web site 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”, says Guy Saint-Pierre, CDIC president and CEO.

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 notes that during the year it received 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 online 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’s 2007 Annual Report is available at www.cdic.ca under “About Us, Corporate Publications.”