Yes, indeed. Previously, there were two co-operative networks in Canada, one francophone and one anglophone. They had existed for goodness knows how long for historical reasons. Basically, francophones made up about 45% of the co-operatives, 60% of the assets, 60% of the jobs and 50% of the revenue. So it really was split down the middle.
We asked ourselves why we would not come together, why we would not give ourselves a stronger voice to make the co-operative model known, both here in the House and with the public. We also realized that it would allow us to exchange better business practices. Some models existed among francophone co-operatives but not in the anglophone ones, and vice versa. So we decided to co-operate and to see how we could provide each other with more mutual support. It is very important to point out that anglophone co-operatives are now helping francophones outside Quebec and vice versa. This is the true co-operative spirit, for the good of Canadian society.
Our revenue is $50 billion, with $370 billion in assets that belong to Canadians. It is important to stress that this is not private money; it is money from ordinary men and women in the street. All of us around this table, for example, hold co-operatives.
Our growth rate in terms of both assets and jobs has been higher than for private enterprise in recent years. Our survival rate is double that of private enterprise. That means that, five or ten years after a business has been set up, it is twice as likely to continue if it has been set up as a co-operative. The engine is real.
It is also important to know that, during the recovery, it has been shown, in Canada and elsewhere in the world, that co-operative financial institutions have been more stable than private financial institutions. The explanation is that the goal of a co-operative is for the business to be sustainable, to exist in the long term. Profit is not the most important thing; the priority is rather to keep jobs and services in the community.