Reimbursement to Depositors Communication with Depositors Scott Hayes Director, Risk Assessment Intervention Canada Deposit Insurance Corporation 2 Communications with Depositors CDIC Background Founded in 1967 43 failures historically
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01
Reimbursement to Depositors Communication with Depositors Scott Hayes
Director, Risk Assessment & Intervention
Canada Deposit Insurance Corporation<br>
02
2 Communications with Depositors CDIC Background
Founded in 1967
43 failures historically having $26 Bn. deposits
Last failure June, 1996 (17 years with no failures)
CDIC Today
82 member institutions
$2.0 trillion deposits
$650 billion insured deposits
Up to $100,000 coverage per category<br>
03
Communications with Depositors Public Awareness of Deposit Insurance Coverage and Limits
In Canada awareness of CDIC ranges between 55-60%
The percentage of Canadians who know (unaided) the dollar limit of coverage ranges between 24-28% 3<br>
04
Communications with Depositors IADI Enhanced Guidance on Reimbursement Systems and Processes
Essential pre-closure activities includes:
“Developing the communications strategy for dealing with the failure of the bank.” 4<br>
05
Communications with Depositors Intervention Communications Plan (“ICP”) prepared as soon as a member institution is moved to CDIC’s acute watchlist.
Purpose –
To guide CDIC through the communications steps required by the failure of the bank.
To identify audiences and deliver messages designed to facilitate financial stability in Canada in the midst of the failure of the bank. 5<br>
06
Communications with Depositors ICP contents
Overview of the bank and the environment
Communications objectives and strategy
Target audiences and message(s)
Bank depositor profile
Critical path of communications plan
Assignment of tasks in communications plan
“Q’s & A’s” 6<br>
07
Communications with Depositors Information sources for ICP
In the public domain
Provided by the Regulator
Requested directly from the Bank
Obtained during the preparatory examination 7<br>
08
Communications with Depositors CDIC Communications Channels
CDIC’s general website and call centre
‘Intervention’ website and call centre
Social media – Twitter and Facebook
Media briefings and outreach to key media
Letters to depositors
Email and/or letters to deposit brokers 8<br>
09
Communications with Depositors Target Audiences – with possible differences in the message:
Depositors of failed bank
Deposit brokers
General public/deposit customers of other member institutions
News media and market analysts
Safety net partners 9<br>
10
Communications with Depositors 30 days after the bank failure CDIC will hold a ‘post mortem’ or ‘debrief’.
Solicit the ‘good, bad and ugly’ experiences from CDIC staff, liquidator, media monitoring, and public relations firm
Consideration would also be given to testing the public’s image of CDIC shortly after a failure. 10<br>
