Caisse Desjardins banks on closer ties with Crees
By Claire MacKinnon

The Federation des Caisses Desjardins pledges increased service for the Cree throughout Eeyou Istchee.

Through increased consultation with band councils, the federation wants to create programs and services that will contribute to the economic development of the Cree Nation, said Caisse spokesman Yves Poirier. “I am ready to listen to the needs of the Chiefs and other Cree business and society leaders,” he said.

One of the main programs shows primary school students how to save money. Proven successful elsewhere in Quebec, a small “caisse scolaire” is set up at the school. Students are encouraged to open a savings account, one that has no service charges and a higher interest rate than regular accounts.

The program teaches young students how to save and manage their money, independently from their parents, said Poirier. “Even putting aside 25 cents per month can help a child learn how to save.”

Poirier, who is Senior Manager, First Nations at Desjardins, is part of a team of experts established to provide financial services and support for First Nations groups across Quebec through its network of Caisses and corporate financial centres. The specialists are there to help businesses, band councils and individuals get loans, a high demand for the Cree Nation.

Poirier sees a link between the function of the caisse scolaire and a person’s ability to get credit. “It can be more difficult to get credit, if a person has never had savings in their life,” he said.

Caisse Desjardins also plans to consult with individual band councils in order to set up retirement savings plans. Together, the Caisse and band councils could establish collective savings for communities, such as stock exchange term deposits, said Poirier, “which could have a higher return than short-term deposits.”

With branches in Mistissini and Waswanipi since the early 1980s, the Federation des Caisses Desjardins has already made its presence known in the region. A cooperative, Desjardins involves its clients directly in its administration. When individuals open an account they immediately become members in the cooperative. Members elect the board of directors at each branch, and the board, in turn, determines policy and appoints a general manager. Both the Mistissini and Waswanipi board of directors and employees are 100 per cent Cree, with the exception of general managers.