Joe Oliver: It’s time to double or triple bank deposit insurance fpcomment
Nevertheless, there are strong arguments for increasing the guarantee provided by the Canada Deposit Insurance Corporation , a federal crown corporation established in 1967. Since 2005, savings and chequing accounts, Guaranteed Investment Certificates and foreign currency are covered per category of account for up to $100,000, which is equivalent to $146,000, inflation adjusted to today, for a current total for $968 billion at 85 institutions.
Provincial deposit insurance plans guarantee deposits of provincial financial institutions including credit unions, caisses populaires and provincially regulated trust and loan companies. The amounts they cover differ widely, but all are equal to or in most cases higher than the CDIC because the provinces want to promote consumer confidence in their institutions. Quebec has a $100,000 cap. In Ontario, it is $250,000 for unregistered accounts and unlimited for registered accounts. P.E.I.
The European Union covers €100,000 or $147,000 Cdn. In the U.S., the Federal Deposit Insurance Corporation insures $250,000 or roughly $338,000 Cdn. Furthermore, Global Systemically Important Banks , including RBC and TD, are considered too big to fail, so depositors are fully protected. After the government decided to backstop SVB deposits, Secretary of the Treasury Janet Yellen first promised to guarantee all deposits at regional banks, then backed off.
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