(August 15) -The Canada Deposit Insurance Corp. reports it earned a net income of $157 million during the year ending March 31. CDIC says this reflects the absence of member-institution failures for the third consecutive year.

In its 1992/2000 annual report released today, CDIC says its assessed $134 million in premium revenue for the year ending March 31. This is the lowest level since 1985. As of April 30, CDIC insured $327 billion in deposits, up from $317 billion a year earlier.

CDIC says it has no debts and has eliminated its deficit, both of which peaked in the early 1990s at $3.7 billion and $1.7 billion respectively as a result of a wave of member institution failures. “In light of our improving financial situation, we are now focusing on enhancing systems and practices to deal with the rapidly changing financial environment,” remarked J.P. Sabourin, CDIC President and CEO.

“Notwithstanding our member institutions’ excellent financial results, we cannot afford to be complacent,” he added. “We are working hard to improve our ability to monitor risks at member institutions – and to intervene early should a member encounter difficulties.”
-IE Staff