DEPOSIT GUARANTEE CORPORATION OF MANITOBA

100% Guaranteed Deposits

All deposits in any Manitoba credit unions are guaranteed, without limit. We ensure that Manitoba credit unions operate under sound business practices and that Credit Union Central of Manitoba (CUCM) operates according to prudential standards.

ABOUT US

Our Role

Provide a 100% guarantee of deposits held with Manitoba credit unions.

Ensure that credit unions operate according to standards of sound business practice and that CUCM operates according to prudential standards.

Monitor credit union and CUCM’s performance and implement appropriate actions to reduce risk.

Promote and otherwise contribute to the stability of and public confidence in the credit union system and CUCM.

History

The Deposit Guarantee Corporation of Manitoba (DGCM) commenced operations in 1965 as the Credit Union Stabilization Fund guaranteeing deposits in credit unions and caisses populaires on a voluntary basis.

In 1968, legislation was enacted which enabled caisses populaires to form their own stabilization fund and required both credit unions and caisses populaires to be covered by a ‘deposit guarantee corporation’. The Credit Union Stabilization Fund and “le Fonds de sécurité” were both formed.

In 1994 the Credit Union Stabilization Fund was renamed and became the Credit Union Deposit Guarantee Corporation. “Le Fonds de sécurité” was later renamed “La Société d’assurance-dépôts des caisses populaires du Manitoba”.

In 2011, the Credit Union Deposit Guarantee Corporation and “La Société d’assurance-dépôts des caisses populaires du Manitoba” were amalgamated and renamed the Deposit Guarantee Corporation of Manitoba (DGCM), once again guaranteeing deposits in Manitoba credit unions and caisses populaires.

In 2022, DGCM was given responsibility to oversee CUCM. Previously, CUCM had been regulated jointly by the federal government (OSFI) and Financial Institutions Regulation Branch (FIRB).

Corporate Governance

DGCM is governed by a Board of not less than five and not more than seven Directors appointed by the Lieutenant Governor in Council of Manitoba of the Province of Manitoba, as well as the Deputy Minister of Finance (or designate) as a non-voting member.

The Board of Directors together with the Chief Executive Officer and Senior Management ensures the effective operation of the organization.

DEPOSIT GUARANTEE

How Deposits are Protected

DGCM ensures that credit unions operate according to standards of sound business practices. Legislation requires credit unions to maintain minimum levels of capital and liquidity.

DGCM maintains a fund to guarantee deposits. Credit unions pay a quarterly assessment to maintain the Guarantee Fund at an acceptable level.

What's Covered/What's Not

DGCM guarantees every deposit in a Manitoba credit union including accrued interest.

This guarantee covers all deposits including chequing and savings accounts, term deposits/GICs (including those with terms exceeding five years), registered deposits, and foreign currency deposits. The guarantee is not affected by a credit union changing its name, amalgamating, or entering into similar agreements.

The guarantee does not cover non-deposit instruments such as members’ share capital (e.g. common, surplus, or preferred shares), mutual funds, and self-administered RRSPs that are not deposits (e.g. equity shares and mutual funds).

Layers of Protection

There are several levels of protection in place to safeguard member deposits in Manitoba credit unions.

Regulatory Oversight
The Credit Union and Caisse Populaires Act authorizes DGCM to issue Standards of Sound Business Practice governing credit unions, and Prudential Standards governing CUCM.

DGCM ensures credit unions operate safely and soundly through approaches that include:

Development and maintenance of the Standards of Sound Business Practice and other regulatory policies and guidelines
Oversight practices such as regular monitoring and examinations to ensure credit unions are adhering to the Standards of Sound Business Practice
Preventive guidance that strengthens the knowledge and skills of credit union boards and management

DGCM ensures CUCM operates safely and soundly through approaches that include:

Development and maintenance of Prudential Standards and other regulatory policies and guidelines
Oversight practices such as regular monitoring and examinations to ensure CUCM is adhering to Prudential Standards which focus on CUCM’s role as the manager of the credit union liquidity reserves.

Capital
Legislation requires credit unions to maintain a certain percentage of their assets as capital. This can be found on each credit union’s balance sheet as retained earnings and share equity. This is one measure of a credit union’s sustainability.

Guarantee Fund
A guarantee fund is maintained to guarantee deposits. In the unlikely event of a credit union failure, where assets and capital are insufficient to satisfy member deposit obligations, DGCM will take all necessary steps to protect depositors.

Guarantee Fund Management

DGCM levies credit unions based on member deposits to ensure the Guarantee Fund is maintained at an appropriate level.

Investment of the Guarantee Fund
DGCM manages the Guarantee Fund under a conservative investment policy approved by DGCM’s Board and by the Registrar.

COVERED INSTITUTIONS

Physical Institutions

Access Credit Union
Assiniboine Credit Union / Caisse Assiniboine
Belgian-Alliance Credit Union
Cambrian Credit Union
Compass Credit Union
Flin Flon Credit Union
Fusion Credit Union
Me-Dian Credit Union
Niverville Credit Union
Rosenort Credit Union
Steinbach Credit Union
Stride Credit Union
Sunrise Credit Union
Swan Valley Credit Union
Winnipeg Police Credit Union

Virtual Institutions

Achieva Financial (Cambrian)
Hubert Financial (Access)
MAXA Financial (Assiniboine)
Outlook Financial (Assiniboine)

FREQUENTLY ASKED QUESTIONS (FAQs)

How are my deposits protected?
DGCM ensures that credit unions operate under sound business practices and maintain quality assets, thereby minimizing the risk of loss. Legislation requires credit unions to maintain minimum levels of capital and liquidity. DGCM maintains a fund to guarantee deposits. Credit unions pay a quarterly assessment to maintain the Guarantee Fund at an acceptable level.

Are deposits in Manitoba credit unions and the caisse 100% guaranteed?
Yes. DGCM guarantees the repayment of all deposits with Manitoba credit unions, including accrued interest. It is not affected by a credit union changing its name, amalgamating, or entering into similar types of arrangements.

Is this guarantee the same as the banks’ $100,000 insurance?
No. This guarantee is provided by DGCM and only applies to Manitoba credit unions. Deposits placed with federally regulated financial institutions are insured by the Canada Deposit Insurance Corporation (CDIC). Please contact CDIC for information on their insurance coverage at www.cdic.ca.

Are my deposits guaranteed if I reside outside of Manitoba?
Yes. All deposits with Manitoba credit unions are covered by DGCM, regardless of where the depositor resides.

What is not covered by the guarantee?
The guarantee does not cover non-deposit instruments, examples of which include common shares, surplus shares, preferred shares, mutual funds, and self-administered RRSPs that are not deposits (e.g. equity shares, mutual funds).

Is DGCM part of the Manitoba Government?
DGCM is a Government Agency, established under The Manitoba Credit Unions and Caisses Populaires Act. A Board of Directors, appointed by the Lieutenant Governor in Council of Manitoba, oversees DGCM.

Does the Government of Manitoba also cover deposits?
No. There is no legislated requirement for the Manitoba government to guarantee deposits.

How will I get my money if a credit union or caisse fails?
In the unlikely event of a credit union failure, depositors will not be required to file a claim. They will be contacted at their last known address to confirm the deposit and will be advised of the payment details and date.

BROCHURE

DGCM Brochure

DGCM Brochure

PUBLICATIONS

DGCM publications are available for download in PDF format.

Annual Reports

2023 Schedule of Compensation

Standards of Sound Business Practice (SSBP) for Credit Unions

SSBP Guidance Framework

Enterprise Risk Management Guidelines

Audit Committee and Internal Audit Guidelines

Asset Liability Management Guidelines

Liquidity Risk Management Principles

Information Technology (IT) and Information Security Guidelines

Third-Party Risk Management Guidelines

Prudential Standards for Credit Union Central of Manitoba (CUCM)

Prudential Standards Guidance Framework

Internal Capital Adequacy Assessment Process Guidelines

Prudent Person Guidelines

Systemic Liquidity Risk Guidelines

LINKS

Canadian Financial Services Consumer Protection

The Credit Unions and Caisses Populaires Act

The Credit Unions and Caisses Populaires Regulations

Standards of Sound Business Practice Regulations

Prudential Standards for Credit Union Central of Manitoba

Financial Institutions Regulation Branch

CAREERS

For further information regarding DGCM’s Director Nomination Process or to apply for a position on DGCM’s Board of Directors, please visit the Manitoba Finance website.

There are currently no vacancies available. Please check back soon for exciting job opportunities on our careers page.

CONTACT

Email

mail@dgcm.ca

Mail

390-200 Graham Ave
Winnipeg, MB
R3C 4L5

Phone

Local: (204) 942-8480

Toll-Free: (800) 697-4447