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From Next Best to World Class: the People and Events That Have FROM NEXT BEST TO WORLD CLASS The People and Events That Have Shaped the Canada Deposit Insurance Corporation 1967–2017 C. Ian Kyer FROM NEXT BEST TO WORLD CLASS CDIC—Next Best to World Class.indb 1 02/10/2017 3:08:10 PM Other Historical Books by This Author A Thirty Years’ War: The Failed Public Private Partnership that Spurred the Creation of the Toronto Transit Commission, 1891–1921 (Osgoode Society and Irwin Law, Toronto, 2015) Lawyers, Families, and Businesses: A Social History of a Bay Street Law Firm, Faskens 1863–1963 (Osgoode Society and Irwin Law, Toronto, 2013) Damaging Winds: Rumours That Salieri Murdered Mozart Swirl in the Vienna of Beethoven and Schubert (historical novel published as an ebook through the National Arts Centre and the Canadian Opera Company, 2013) The Fiercest Debate: Cecil Wright, the Benchers, and Legal Education in Ontario, 1923–1957 (Osgoode Society and University of Toronto Press, Toronto, 1987) with Jerome Bickenbach CDIC—Next Best to World Class.indb 2 02/10/2017 3:08:10 PM FROM NEXT BEST TO WORLD CLASS The People and Events That Have Shaped the Canada Deposit Insurance Corporation 1967–2017 C. Ian Kyer CDIC—Next Best to World Class.indb 3 02/10/2017 3:08:10 PM Next Best to World Class: The People and Events That Have Shaped the Canada Deposit Insurance Corporation, 1967–2017 © Canada Deposit Insurance Corporation (CDIC), 2017 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior written permission of the publisher. ISBN: 978-0-660-09243-0 (print) CC394-4/2017E ISBN: 978-0-660-09242-3 (PDF) CC394-4/2017E-PDF Printed and bound in Canada 1 2 3 4 5 21 20 19 18 17 CDIC—Next Best to World Class.indb 4 02/10/2017 3:08:10 PM Contents Preface vii acknowledgements xi acronyms and a note on terminology xiii introduction 1 chaPter 1 A Century Without CDIC, 1867–1967 11 chaPter 2 The Next Best Approach, 1965–1967 39 chaPter 3 The Mighty Mite, 1968–1982 61 chaPter 4 A Dramatic Turn, 1983–1984 93 chaPter 5 Under the Microscope: The Studies of 1985 111 chaPter 6 A Very Difficult Period, 1985–1987 127 chaPter 7 Less Undertaker and More Doctor, 1988–1992 155 chaPter 8 Virtually Every Aspect Transformed, 1993–1999 175 chaPter 9 Thinking and Rethinking, 2000–2007 195 chaPter 10 Adapting to Rapidly Changing Times 215 ePilogue 243 aPPendix a: cdic corPorate directors 247 aPPendix B: cdic corPorate officers 255 aPPendix c: failed memBer institutions, 1967–2017 265 Photo credits 267 index 269 { v } CDIC—Next Best to World Class.indb 5 02/10/2017 3:08:11 PM CDIC—Next Best to World Class.indb 6 02/10/2017 3:08:11 PM Preface s a young man in high school I thoroughly enjoyed Stephen Leacock’s “My Financial Career.” This humorous sketch, like Aall Leacock humour, is lightly disguised social commentary. It is the story of a young man’s attempt to open an account at that most intimidating of financial institutions — a bank. It goes badly: “When I go into a bank I get rattled. The clerks rattle me; the wickets rattle me; the sight of the money rattles me; everything rattles me. The moment I cross the threshold of a bank and attempt to transact business there, I become an irresponsible idiot.” Leacock ends his brief tale of unease and trepidation with the words, “Since then I bank no more. I keep my money in cash in my trousers pocket and my savings in silver dollars in a sock.” Written in 1896 by a then twenty-seven-year-old master at Upper Canada College, it was first published in Life magazine in New York. In 1910, it was republished as the opening sketch in Leacock’s Literary Lapses. It resonated with the general public and for decades it was one of Leacock’s best-loved stories. In 1962, as I was pre­ paring to enter high school, it was made into an animated short by { vii } CDIC—Next Best to World Class.indb 7 02/10/2017 3:08:11 PM From Next Best to World Class Canada’s National Film Board.1 I had a part-time job as an usher at the Lyric Theatre in Kitchener, Ontario, and I saw it many times, laughing every time. When I went to open my first bank account in the summer of 1967, I had a much better experience. I was not afraid to leave my hard-earned dollars with the Bank of Montreal branch on King Street opposite Towne Bowling. It never occurred to me that I was lending this money to the bank or that I was an unsecured creditor who would be unable to recover my money on a failure if there were sufficient funds after the secured creditors had been paid. I did not think of banks as risky. If anything, I thought of banks as stable and secure. “Like money in the bank,” my father used to say when he was talking of a sure thing. But even if I had contemplated a run on the Bank of Montreal or its failure, I was confident that my money would be safe. A tent card on the counter informed me that the newly created Canada Deposit Insurance Corporation (CDIC) would be insuring deposits up to $20,000, far in excess of what I expected to have in my account. I had no appreciation then that the creation of CDIC a few months before had been a matter of much debate and that the whole concept of insured bank deposits had long been opposed by both the Canadian Bankers Association and a series of federal governments that had feared becoming too deeply involved in the world of private banking. I just knew that CDIC protection made me more comfort­ able in dealing with my bank. I certainly had no inkling that fifty years later I would be writing the history of CDIC and its role in providing deposit insurance in Canada. I fully expected to be writing history—my career goal was to become a medieval historian — but I never expected to be writ­ ing the history of a Crown corporation that formed part of Canada’s financial safety net.2 Ironically, I got the opportunity to write this book 1 David M Legate, Stephen Leacock: A Biography (Toronto, ON: Macmillan of Canada, 1970) at 32. 2 On the development and make-up of that safety net, see Walter Engert, “On the Evolution of the Financial Safety Net” Financial System Review —June 2005 { viii } CDIC—Next Best to World Class.indb 8 02/10/2017 3:08:11 PM Preface because after thirteen years in university collecting four degrees (BA, MA, PhD, and LLB) I shifted from history to law. I ended up as an Information Technology (IT) lawyer in the Bay Street Toronto firm, Fasken & Calvin.3 That firm did not then represent CDIC. In fact, my first professional encounter with CDIC was opposite them on a motion brought by Faskens on behalf of the ousted management and directors of Seaway Trust following the 1983 takeover of Seaway, Greymac and Crown Trust by the Ontario government.4 As we shall see, that provincial takeover represented “a dramatic turn” in the fortunes of CDIC and was the forerunner of numerous failures of other troubled financial institutions in the 1980s and 1990s. A few years after that first encounter with CDIC, one of the senior partners at Faskens, Ron Robertson, was asked to help reshape CDIC by his friend and colleague Ron McKinlay. Robertson in turn asked me and Donald Milner to assist him. Donald handled insolvency and restruc­ turing and I handled IT and other matters. Gradually over time, my role with CDIC broadened and so did my appreciation of the import­ ant place it holds in Canada’s financial safety net. I came to know and appreciate the difficult situation CDIC is in when it comes to detailed discussions of what it does. CDIC is part of a government that wisely favours openness and transparency, but it is also bound by an Act that requires its management to keep confidential all that it learns of the affairs of its members.5 In writing this book, dealing with this delicate balance was challenging. (23 June 2005), online: Bank of Canada http://www.bankofcanada.ca/2005/06/ fsr-june-2005. 3 Faskens is not now, nor was it ever, the name of this law firm. It began as Beatty & Chadwick in 1863 and became Fasken Martineau DuMoulin LLP in 2000. In between those years, it had many names, but it is commonly known as Faskens. See CI Kyer, Lawyers, Families and Businesses: The Shaping of a Bay Street Firm Faskens 1863–1963 (Toronto, ON: Osgoode Society and Irwin Law, 2013) at 255–56. 4 Seaway Trust Company v Ontario (1983), 143 DLR (3d) 252 (Ont HCJ) and Re Seaway Trust Co et al and The Queen in right of Ontario et al (1983), 41 OR (2d) 532 (CA). 5 This confidentiality requirement had always been implicit in CDIC’s mandate, but it was made express in 1986. See RSC 1985, c 18 (3rd Supp), s 68. { ix } CDIC—Next Best to World Class.indb 9 02/10/2017 3:08:11 PM From Next Best to World Class Although I had become a lawyer, I never entirely abandoned my historical pursuits.
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