Thank you, Mr. Speaker. Once again I would like to speak to Members about the establishment of a First Nations trust company. The need for First Nations to get involved and provide financial services to aboriginal governments and their citizens has been clearly identified. The Peace Hills Trust in southern Canada demonstrates that such an institution is possible and can be successful even in recessionary times. Federal government transfer monies provide a guaranteed source of depositors. Land claims money requires financial administration. It is only reasonable that an aboriginal institution be established to manage the investment of such monies. Development corporations which follow the settlement of land claims also require an institution for the management of their monies. An aboriginal financial institution can serve private aboriginal businesses that, at present, have difficulties with conventional banking systems.
Mr. Speaker, it is clear that an aboriginal financial institution will benefit the indigenous population. However, I should point out that it will also benefit the economy of the Northwest Territories as a whole. Such a financial institution will keep monies in the Northwest Territories and will prevent leakage to the south. A number of options for First Nations to deliver a finance service to First Nations government and their citizens were considered. A federal incorporated trust company would be the best choice. Initial development work to create a First Nations trust company in the Northwest Territories has begun. Contacts have been made to discuss a joint venture. Discussions have taken place with Indian and Northern Affairs, the territorial government and various legal businesses and accounting personnel.
The initiative to establish a federal institution has been divided into three phases. Phase one will involve identifying and organizing shareholders. In phase two we will undertake detailed planning. In phase three...