Aboriginal bank excites Canada's First Nations leaders

Page 2

Canada's first Aboriginal bank will be up and running in less than 90 days, said Keith Martell, director of finance for the Federation of Saskatchewan Indian Nations. Martell was speaking to a gathering of business people at the CANDO conference held in Saskatoon in late October.

The bank will be located in Saskatoon and run independently. That was an important issue with the chief of Saskatchewan when negotiating for the bank, said FSIN chief Blaine Favel. While the bank will operate for the first decade with the assistance of the Toronto Dominion Bank, it will cut ties with the TD and will, eventually, run as a separate entity.

"Everything on the agreement (presented by the TD bank to the chiefs last May) was satisfactory. But one element wasn't," said Favel. "And that was the element of tokenism. The fact that we were not a separate bank. The fact that we were not masters of our own destiny."

Favel said the chiefs were concerned that if they pressed the issue of independence, the TD bank might simply close the books on the project.

"So we convinced them, and we impressed upon them, that if any Indian economic development venture is to be successful, be it a bank, be it a store, it had to be based upon the value of our own people controlling our own destiny--making decisions, making the good ones, thriving on it, like we've had with gaming, and making the bad ones, but dealing with the consequences and getting up and growing stronger," said the chief.

The bank will give Indian nations control over the millions of dollars filtering through their communities and make getting loans a little less difficult. But the bank is not only for Saskatchewan First Nations, as Favel points out.

"We have the support of many leaders across Canada for this venture. We have representation from the Assembly of Manitoba chiefs on our board of directors.

We have Grand Chief (Matthew) Coon Come of the Quebec Cree, who has agreed to sit on the board of directors and wants to do business with this bank."

Favel said he briefed Coon Come on the bank during a meeting in Ottawa and was asked by the chief how much it would cost to buy out the FSIN.

"I said, 'Sorry man, you can't do that...'"

Other supporters include chief Roy Whitney of southern Alberta's Tsuu T'ina first Nation. His community is heavily involved in the oil and gas industry.

Favel sees great opportunity for the expansion of this institution and has already made a presentation to the chiefs of British Columbia. He said the interest there was intense.

"We made presentations across Canada; the investment will be open to all First Nations across Canada. And, as a result of controlling our economic destiny (not doing it as a lark. We're doing it to make money, doing it to control our own institutions), I believe, ultimately, the bank will have a role in keeping the Assembly of first Nations as a vibrant political entity, because what the Assembly of First Nations can learn from the Federation of Saskatchewan Indian Nations is that our people work together when we have common causes that affect them directly."

If there is anything that will help Native nations, it will be this bank, said Favel.