through investors. Generally speaking, the Canadian banking system is well regulated, in part by the Office of the Superintendent of Financial Institutions (Canada), which can in an extreme case close a financial institution. That and Canada's tight mortgage rules mean bank failures similar to the US are much less likely. Mexico In Mexico, the Instituto para la Protección al Ahorro Bancario (IPAB) is the deposit insurance set up by the country for account holders in Mexico. It insures up to 400,000 UDIs (Unidad de Inversión), the equivalent of $2,743,209.20 pesos for each account (as of July 2021). In 1981, the General Law of Credit Institutions and Auxiliary Organizations provided for the creation of a fund to protect credit obligations assumed by banks. United States The Federal Deposit Insurance Corporation (FDIC) is the deposit insurer for the United States. Prior to the Civil War and in the 1920s, there were various sub-national deposit insurance schemes. The United States was the second country (after Czechoslovakia) to institute national deposit insurance when it established the FDIC in the wake of the 1933 banking crisis that accompanied the Great Depression. Most credit unions in the United States are insured by the National Credit Union Administration (NCUA), a separate federally chartered agency, while others rely on private insurance arrangements. The FDIC and NCUA each insure up to $250,000 for each owner at an institution. Separately from these, the Securities Investor Protection Corporation provides limited asset protection, but not insurance, for the cash and securities of the customers of failed investment brokerages. In Massachusetts, the Depositors Insurance Fund (DIF) insures deposits in excess of the FDIC limits at state-chartered savings banks. European Union Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes requires all member states to have a deposit guarantee scheme for at least 90% of the deposited amount, up to at least 20,000 euros per person. On 7 October 2008, the Ecofin meeting of EU's ministers of finance agreed to increase the minimum amount to 50,000. Timelines and details on procedures for the implementation, which is likely to be a national matter for the member states, was not immediately available. The increased amount followed on Ireland's move, in September 2008, to increase its deposit insurance to an unlimited amount. Many other EU countries, starting with the United Kingdom, reacted by increasing their limits to discourage people