Canada\u0027s deposit insurance limit was last reviewed and increased in 2005 from $60,000 to $100,000. Read more.
, which was shuttered by authorities in the United States after a bank run left the US$200-billion lender without enough funds to survive.report on March 18 said a coalition of mid-sized U.S. banks had sent a letter to federal regulators seeking to extend FDIC insurance to all deposits for the next two years, arguing the guarantee is needed to avoid a wider run on the banks.
“We’re in North America. It probably makes sense to be somewhere in the $200,000 to $300,000 Canadian number,” Moor said, adding that doubling the current limit here was in order. “Both the CDIC and the Ministry of Finance are definitely interested in exploring the issue and making sure that both of them have all the mechanics, CDIC plus the coverage level, are appropriate to achieve what we’re trying to achieve,” he said.
“An increase would not only assuage concerns Canadians may have with their deposit limits, but would also provide stronger footing for our members, who serve a critical function in the financial services sector, to compete for deposits against the largest banks,” the Bank and Trust Companies Association wrote.
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