Campbell Government Backs Unlimited Deposit Insurance for BC’s Credit Unions

Rossland Telegraph
By Rossland Telegraph
October 27th, 2008

One of the few good news stories to come out of recent global economic turmoil has been the revelation that Canada’s banking system is about the most stable and best-regulated in the world.

While Iceland’s banking system freezes solid and the US desperately tries to bail out its drowning financial institutions, in Canada’s banking sector it’s business as usual. With the goal of further strengthening our banking system, Premier Gordon Campbell announced last Wednesday, as part of his ten point plan to help BC’s economy, that deposits in BC’s Credit Unions, including Rossland’s branch of the Nelson & District Credit Union, will now have unlimited guarantees.

The Credit Union Deposit Insurance Corporation of British Columbia (CUDIC), a provincial corporation administered by the Financial Institutions Commission (an agency of the B.C. government) will provide this deposit insurance.

This move brings British Columbia into line with provinces such as Alberta, Saskatchewan, Manitoba, New Brunswick and Prince Edward Island.

For more information, check out the Financial Institutions Commission website at http://www.fic.gov.bc.ca/responsibilities/cudic/consumerinformation.htm.

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