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A key concern highlighted is that the Canada Deposit Insurance Corporation’s (CDIC) coverage levels have remained stagnant despite economic growth. With Canada’s GDP doubling since 2005 and the TSX index rising by 72 percent, CDIC’s coverage has not kept pace.
This stagnation contrasts sharply with international trends, where countries typically offer higher coverage limits. For instance, post-financial crisis, the US raised its insurance coverage to US$250,000, whereas Canada’s remained at $100,000.
GRI underscores the critical role of deposit insurance as a macroprudential tool and outlines several recommendations to enhance the system.
These include raising the statutory/basic coverage to $250,000 per account, offering voluntary coverage of $500,000 per account for personal and $5,000,000 per account for business, and allowing unlimited excess coverage determined by the insurance provider.
The institute points to technological advancements as a driving factor for these reforms. The rapid deposit run at Silicon Valley Bank in 2023, fueled by social media and digital technology, exemplifies the changing operational landscape for financial institutions.
