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Email this7:40 pm
April 27, 2014
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If we have a financial meltdown, the DGCM would not have sufficient funds to cover unlimited deposits at all Manitoba CUs simultaneously. Anyone think the Manitoba government would step in to insure all depositors? Would they even have sufficient resources to do so? If not, would the federal government throw out a life line? I’m not feeling comfortable these days with a large portion of my cash in these accounts.
8:16 pm
February 20, 2018
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No worries
‘We are seeing encouraging signs’
Dr. Theresa Tam, Canada’s Chief Public Health Officer, offered Canadians encouraging news at the federal minister’s update.
While over 5,153 Canadians are unwell, only 7 per cent have been hospitalized, 3 per cent are critically ill and 1 per cent of cases are fatal.
Tam confirmed there is some ‘cautious optimism’ coming out of British Columbia, with a slight flattening of the curve and reduced growth of cases. The country will look closely at the province's cases and curve to confirm what method of distancing is most effective in coming weeks.
The optimism coming out of British Columbia doesn’t mean that social distancing should come to an end.
“This should spur us to keep up with our new habit of social distancing. We need to stay the course,” Tam urged.
The important thing is to stay in your bubble and not burst someone else’s by getting within 2-metres of distance of them.
Deputy Chief Public Health Officer Howard Njoo reiterated Tam’s message when asked about how long social distancing will continue across the country.
‘We can’t predict what will happen in the future but there have been encouraging signs. The number of cases is decreasing in British Columbia, or even in Canada. It's important we stay the course and we not give up.”
8:59 pm
April 6, 2013
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There is nothing new, except the novel coronavirus.
None of the deposit insurers, including DGCM, have ever had sufficient funds to cover 100% of the value of the insured deposits. That much backing has never been needed.
Losses in the loan books of the credit union need to burn through the share capital of the credit union before a deposit insurer needs to supply any money.
Unless the loan losses are sudden and large, the regulator would take control of the credit union long before the losses burn through all of the credit union's share capital.
The deposit insurance fund is for any occasions when the regulator did not take control quickly enough and the loan losses end up exceeding the share capital. It is also for times when there are slower losses (like long term fraud) and the losses are not detected before they exceed share capital.
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