One of the recurring claims made against Alberta independence is that the province would have to create an entirely new banking regulator and deposit-insurance system before Albertans’ savings could be protected.

Alberta already has both.

The province has its own Superintendent of Financial Institutions, a provincially regulated credit-union system, ATB Financial and the Credit Union Deposit Guarantee Corporation.

The provincial guarantee for Alberta credit unions is actually broader than the basic federal protection offered through the Canada Deposit Insurance Corporation.

The Credit Union Deposit Guarantee Corporation guarantees 100% of deposits held with Alberta credit unions, including accrued interest. There is no $100,000 ceiling.

By comparison, CDIC generally protects eligible deposits up to $100,000 in each insured category at each member institution. Separate categories mean customers can qualify for more than $100,000 in total protection, but limits still apply within each category.

ATB operates under a different arrangement. The repayment of money deposited with ATB, along with the interest owed, is guaranteed by the Alberta government.

Alberta also has decades of experience regulating financial institutions. The Office of the Alberta Superintendent of Financial Institutions supervises provincially regulated institutions, while the Credit Union Deposit Guarantee Corporation regulates Alberta credit unions and manages a dedicated deposit-guarantee fund.

Alberta already operates a major provincially owned financial institution, regulates credit unions and guarantees deposits through provincial institutions. It possesses legislation, regulators, staff and practical experience that could form the foundation of a broader system.

An independent Alberta would need to expand and adapt its financial regulatory framework, particularly for institutions now governed federally. It would not need to invent deposit protection from scratch.

For many Alberta depositors, provincial guarantees already provide protection exceeding the standard federal CDIC limit.

Alberta has been doing it for decades.