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ARTICLE · 26 SEPTEMBER 2016

Canada Undergoes Review Of The Deposit Insurance Framework

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The Canadian Department of Finance (the "Department") has released a consultation paper entitled "Deposit Insurance Review" seeking input on how to improve Canada's current deposit insurance framework.

CanadaFinance and Banking
Samantha Tom
Samantha Tom
Jeffrey Graham
Jeffrey Graham
Stephen Redican
Stephen Redican
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The Canadian Department of Finance (the "Department") has released a consultation paper entitled "Deposit Insurance Review" seeking input on how to improve Canada's current deposit insurance framework. In the context of a continuously evolving financial sector, the aim of the Department is to ensure that the framework continues to adapt to the marketplace and that the scope of the products covered by the framework are adequately addressed.

Since the 2008 financial crisis, financial regulatory reforms have been introduced with the goal of reducing the probability of a future financial crisis. The Department has emphasized that deposit insurance is an important element of the financial safety net — it promotes financial stability and contributes to maintaining public confidence in the financial system. The consultation paper has been released pursuant to the federal government's Budget 2014 which announced the review to ensure continued protection of Canadians' savings.

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