We're here for part 4, division 3, subdivisions B and C. Perhaps I'll start with subdivision B, give an overview of each type of amendment, and then pause for questions.
All of subdivision B relates to amendments to the Canada Deposit Insurance Corporation Act, or CDIC Act. There are three different types of amendments and they're covered under clauses 157 to 166. The first type of amendment relates to technical amendments, the second relates to set-off; and the third relates to CDIC's borrowing authority.
The government is proposing technical amendments to the CDIC Act to clarify ambiguous language and to ensure that the statute remains clear and reflects its underlying policy intent. There are a few different amendments under this section.
Clause 163 would clarify the provision of the calculation of insured deposits by limiting it to a calculation methodology approved for use for that premium year.
Clauses 157, 162 and 164 would repeal outdated references to the deposit insurance fund and accumulated net earnings, as these references reflect outdated accounting practices.
Clauses 165 and 166 would repeal amendments not in force relating to the minimum annual premium payable by CDIC member institutions.
Finally, clauses 159 to 160 would clarify rules for extended deposit insurance coverage following the amalgamation of two or more CDIC members, or the establishment of a federal credit union.
Also under subdivision B are changes related to set-off, and that would be clause number 161. The proposed amendments to the CDIC Act seek to specify that the liquidator of a CDIC member institution may not apply the law of set-off or compensation to a claim related to insured deposits. This amendment would protect the CDIC by ensuring that it can claim the full payment of insured deposits made to depositors.
Last, under subdivision B, in clause 158, the proposed amendment to the CDIC Act seeks to exempt borrowing by the CDIC under section 60.2 of the Financial Administration Act in the calculation of its borrowing limit. This amendment would support the government's ability to loan money to the CDIC in a timely manner to promote financial stability and efficiency.