The 2006 annual report of the Canada Deposit Insurance Corp. has been tabled in Parliament and released to the public, highlighting a positive year for the CDIC and its member institutions.

“CDIC continued to deliver a strong financial performance for the year ending March 31. For consumers, the increase in the deposit insurance coverage limit to $100,000 — the first increase in over 20 years — is without doubt of greatest significance,” said CDIC president and CEO, Guy Saint-Pierre.

CDIC’s consolidated net income was $52 million down from last year’s $105 million, largely as a result of a reduction in premium rates paid by CDIC’s member institutions — and an increase of $50 million to the corporation’s provision for insurance losses, necessitated by the 16% increase in the amount of insured deposits to $437 billion. The premium rates paid by CDIC’s member institutions remain at an all-time low.

CDIC received the 2005 Auditor General of Canada Award for Excellence in Annual Reporting by Crown Corporations in the large Crown Corporation category.

CDIC’s 2006 annual report, entitled More protection for consumers: up to $100,000 for eligible deposits is available at www.cdic.ca under “About Us, Corporate Publications.”