Government announces appointment of President and Chief Executive Officer of the Canada Deposit Insurance Corporation
Press Release
From: Department of Finance Canada
April 24, 2023
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the appointment of Leah Anderson as the President and Chief Executive Officer of the Canada Deposit Insurance Corporation (CDIC) for a five-year term. Ms. Anderson has served as interim President and CEO of CDIC since August 2021.
Quotes
“Ms. Anderson has demonstrated her strong commitment to ensuring the stability of Canada’s financial system. I am pleased to announce today her appointment as President and CEO of the Canada Deposit Insurance Corporation for the next five years. I have confidence that her experience as interim President and CEO, and previously in several leadership roles at Finance Canada, makes her the ideal candidate to continue leading CDIC and fulfill its mandate of protecting Canadians’ deposits.”
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
Quick facts
- CDIC is a federal Crown corporation that provides deposit insurance of up to $100,000 for each of nine insured account categories at each CDIC member institution. Members include banks, federally-regulated credit unions, as well as loan and trust companies. CDIC is also the resolution authority for its member institutions.
- CDIC deposit insurance fully covers approximately 97 per cent of all eligible deposit accounts at member institutions.
- Budget 2018 amended the Canada Deposit Insurance Corporation Act to modernize and enhance the Canadian deposit insurance framework to ensure it continues to meet its objectives. These changes modernize the scope of deposit insurance coverage to better reflect products currently offered in the market, address the complexity of trust deposits, help protect depositors, improve understanding of insurance coverage, and ultimately better support financial sector stability in Canada.
- Budget 2022 announced the First Home Savings Account (FHSA), which as of April 1, 2023, will help first-time home buyers save up to $8,000 a year. CDIC coverage has been expanded to include separate coverage of up to $100,000 for eligible FHSA deposits, bringing CDIC’s coverage framework to a total of nine separately insured deposit categories for each member institution.
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Contacts
Media may contact:
Adrienne Vaupshas
Press Secretary
Office of the Deputy Prime Minister and Minister of Finance
[email protected]
Media Relations
Department of Finance Canada
[email protected]
613-369-4000
General enquiries:
Phone: 1-833-712-2292
Facsimile: 613-369-4065
TTY: 613-369-3230
E-mail: [email protected]
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