Minister of Finance Jim Flaherty today announced the appointment of Bryan Davies to the position of chairman of the Canada Deposit Insurance Corp. (CDIC).

“With his tremendous experience in the financial sector as a supervisor and policy-maker, and as a senior banking executive, Mr. Davies will play a key role in providing direction for CDIC in the coming years,” Flaherty said.

The appointment will be for a term of five years.

Davies was CEO and Superintendent of the Financial Services Commission of Ontario from 2002 to 2005. Before then, he held a number of senior positions within the financial sector and in government, including Ontario Deputy Treasurer and Deputy Minister of Economics, and was vice president of business affairs and chief administrative officer at the University of Toronto.

CDIC is a federal Crown corporation established in 1967 to provide deposit insurance against the loss, in whole or in part, of deposits with member institutions in the event of their failure.