Mahsi, Mr. Speaker. Mr. Speaker, I have a question for the Minister of Economic Development and Tourism. In previous sessions, and in particular last October, I asked questions about the funding request to establish a credit union in the Northwest Territories. I believe the Minister responded at that time to the effect that we are moving as quickly as we can to get the application forward, we are responding as quickly as we can and we are trying to move quickly on it, hopefully by the end of October. Mr. Speaker, it is now February 1995 and there's still a need to establish financial institutions in our smaller communities. My question is what is the current status in the development of a credit union in the Northwest Territories?
Question 87-12(7): Status Of Development Of Credit Union
In the Legislative Assembly on February 17th, 1995. See this topic in context.
Question 87-12(7): Status Of Development Of Credit Union
Item 6: Oral Questions
Page 154
Fred Koe Inuvik
Question 87-12(7): Status Of Development Of Credit Union
Item 6: Oral Questions
Page 154
The Speaker Samuel Gargan
Minister of Economic Development and Tourism, Mr. Todd.
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Item 6: Oral Questions
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John Todd Keewatin Central
Thank you, Mr. Speaker. I had indicated at the time that we would be looking at the possibility of trying
to provide $1 million under EDA over a period of time for the ACL's request for a credit union. We're still working on that at this time. The management committee is also looking at it. Unfortunately, over the last several months there has been a tremendous rush on the economic development agreement, and at this time we haven't been able to come to an agreement with EDA, on whether or not the $1 million is available.
However, we are also working parallel with Industry, Science and Technology in an effort to try and seek funding in that area. If we were to be successful in finding that $1 million through Industry, Science and Technology which would be outside of the EDA then we may be able to move much more quickly on this issue than we have. Thank you.
Return To Question 87-12(7): Status Of Development Of Credit Union
Question 87-12(7): Status Of Development Of Credit Union
Item 6: Oral Questions
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The Speaker Samuel Gargan
Thank you, Mr. Todd. Mr. Koe, supplementary.
Supplementary To Question 87-12(7): Status Of Development Of Credit Union
Question 87-12(7): Status Of Development Of Credit Union
Item 6: Oral Questions
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Fred Koe Inuvik
Mahsi, Mr. Speaker. The request was made early last fall, probably much before October when the questions were asked. I would assume at that time there would have been a considerable amount of free balance in the EDA pot. The Minister now just mentioned that maybe that money is not available. How does EDA priorize applications?
Is it upon date of receipt and there is a commitment made, or do they have to wait until formal approval is given by the committee before that money is set aside? I'm just curious as to how available monies are allocated or committed from EDA funds.
Supplementary To Question 87-12(7): Status Of Development Of Credit Union
Question 87-12(7): Status Of Development Of Credit Union
Item 6: Oral Questions
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The Speaker Samuel Gargan
Mr. Todd.
Further Return To Question 87-12(7): Status Of Development Of Credit Union
Question 87-12(7): Status Of Development Of Credit Union
Item 6: Oral Questions
February 16th, 1995
Page 155
John Todd Keewatin Central
Well, the availability of funding and the allocation of money is determined through a management committee. The management committee determines if it is an appropriate funding request, if it meets the criteria set in the different sections of the EDA. It is my understanding that the management committee did find this application for $1 million was eligible but, at the time, there was insufficient money available for that particular criteria. As I said, we are currently working with Industry, Science and Technology in an earnest and genuine effort to try to find the dollars for ACL to partially fund the credit union.
I think it is important to point out that there are others who will have to come into the equation with respect to the development of credit unions, and that would include the federal government. There would also have to be some significant legislative change in this House, along with some guarantees on the deposits. So, it is not just a simple case of trying to find $1 million. It is a little more complicated than that. But we are currently trying to find this money for them. Thank you.
Further Return To Question 87-12(7): Status Of Development Of Credit Union
Question 87-12(7): Status Of Development Of Credit Union
Item 6: Oral Questions
Page 155
The Speaker Samuel Gargan
Thank you. Supplementary, Mr. Koe.
Supplementary To Question 87-12(7): Status Of Development Of Credit Union
Question 87-12(7): Status Of Development Of Credit Union
Item 6: Oral Questions
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Fred Koe Inuvik
Thank you, Mr. Speaker. Can the Minister indicate what funds or what contributions the Government of the Northwest Territories has given to Arctic Co-ops Limited to help develop this application and proposal for development of credit unions?
Supplementary To Question 87-12(7): Status Of Development Of Credit Union
Question 87-12(7): Status Of Development Of Credit Union
Item 6: Oral Questions
Page 155
The Speaker Samuel Gargan
Mr. Todd.
Further Return To Question 87-12(7): Status Of Development Of Credit Union
Question 87-12(7): Status Of Development Of Credit Union
Item 6: Oral Questions
Page 155
John Todd Keewatin Central
Thank you, Mr. Speaker. I stand to be corrected, but I don't think we've given them any direct contributions through grants to develop their application. This is a long-outstanding issue which Mr. Lyall, the president of ACL, has been lobbying very hard for over the last two or three years but I don't believe there was any contribution from the department. Thank you.
Further Return To Question 87-12(7): Status Of Development Of Credit Union
Question 87-12(7): Status Of Development Of Credit Union
Item 6: Oral Questions
Page 155
The Speaker Samuel Gargan
Thank you. Final supplementary, Mr. Koe.
Supplementary To Question 87-12(7): Status Of Development Of Credit Union
Question 87-12(7): Status Of Development Of Credit Union
Item 6: Oral Questions
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Fred Koe Inuvik
Mahsi, Mr. Speaker. May I ask the Minister if he is still committed to the development of credit unions in the Northwest Territories?
Supplementary To Question 87-12(7): Status Of Development Of Credit Union
Question 87-12(7): Status Of Development Of Credit Union
Item 6: Oral Questions
Page 155
The Speaker Samuel Gargan
Mr. Todd.
Further Return To Question 87-12(7): Status Of Development Of Credit Union
Question 87-12(7): Status Of Development Of Credit Union
Item 6: Oral Questions
Page 155
John Todd Keewatin Central
Thank you, Mr. Speaker. I wouldn't dare not be. Yes, we are committed to assisting the development of credit unions in the Northwest Territories. Thank you.
Further Return To Question 87-12(7): Status Of Development Of Credit Union
Question 87-12(7): Status Of Development Of Credit Union
Item 6: Oral Questions
Page 155
The Speaker Samuel Gargan
Thank you. Item 6, oral questions. Mr. Dent.