Canada Deposit Insurance Corp. announced today the latest changes to its list of member institutions, while approving the application for deposit insurance of Bank West, effective Dec. 2, 2002.

CDIC has cancelled the policies of deposit insurance of BNY Trust Company of Canada and United Overseas Bank (Canada), effective January 6, 2003.

BNY Trust Company of Canada had requested that CDIC cancel its policy of deposit insurance because it had no deposits and did not plan to accept deposits in the future.
United Overseas Bank (Canada) had requested that CDIC cancel its policy of deposit insurance because its parent had recently established a branch in Canada and no longer planned to accept deposits in UOBC.

UOBC has transferred its assets and deposits to its parent’s newly established branch, United Overseas Bank, Vancouver Branch and has started the process of voluntary liquidation and dissolution.

CDIC membership now totals 87 institutions. The list of member institutions is available on CDIC’s Web site at www.cdic.ca.

CDIC insures eligible deposits up to $60,000 per person at each member institution. Eligible deposits include savings accounts, chequing accounts, and term deposits with a term of five years or less, provided they are in Canadian currency and payable in Canada.

As of April 30, 2002, CDIC insured some $350 billion of deposits in member institutions.