Bridge bank

CDIC will transfer all insured deposits to the bridge bank and may also transfer uninsured deposits and other assets to ensure the new bridge bank is viable and continues to provide financial services to its customers. CDIC’s deposit protection remains in place.

You will have full access to ATM networks and online banking, and will have access to financial services. You do not have to do anything— you will be contacted by the bridge bank with an update.   

There are no changes to mortgages. You may continue to make your regular payments. Regular services for other financial products and services will continue to be provided by the bridge bank. You do not have to do anything—the bridge bank will contact you directly if there are any changes that affect you.    

The objective is to return the institution to private ownership at the earliest opportunity. 

A bridge bank will be run much like any bank, by a board of directors and an executive team chosen for their ability to lead the bridge bank through restructuring and back to the private sector. Executives and directors may be drawn from the bank itself or its own succession planning, as well as from CDIC’s stand-by executive roster, consisting of highly experienced financial sector leaders who stand ready to take on a challenging role and support the stability of the financial system in Canada.