Finance committee  I would like to thank you especially for this question. This is an extremely important issue that has not received enough attention. There are historical reasons explaining why cooperatives fall under Agriculture and Agri-Food Canada's mandate. There are very large co-ops in Canada's agricultural sector.

Finance committee  Well, we pretty much agree with what Governor Carney says. We believe—and it's actually a fact—and we are glad that Canada is in a really good economic position. However, for the mid-term, we think the government should pursue the objective to have a balanced budget. That is one of the major points that he has to reach.

Finance committee  Thank you for the question. This is a very wide question. I'll try to focus on maybe one or two aspects. We just have to realize that cooperatives are basically people taking care of their own, because there is the shared capital, and typically the other companies are not addressing the issues or not providing the services.

Finance committee  Well, for example, as you know, there are the banks, and the banks are really centralized organizations. They have a head office, and all the major decisions are made at head office. They have branches, and the branches basically execute the orders, the directives, from head office.

Finance committee  —in financial institutions. We've talked about money laundering. It's very hard for us to address all those issues with every individual financial institution or every individual co-op, so we've asked the government to let us be able to answer to or to comply with the rules from a group level.

Finance committee  I will just add one point. There is an issue regarding housing co-ops, which is more regarding CMHC and the program. I don't want to get into too many details, but they have an issue regarding refinancing with this specific program. This has been an issue. I know the government has been aware of it and there is still a lot of work, but the answer has not been given yet on that.

Finance committee  Thank you, Mr. Chair. Desjardins Group thanks the Standing Committee on Finance for the opportunity to meet with members of the committee during the 2012 pre-budget consultations. With current assets of 194 billion dollars, the Desjardins Group is the largest cooperative financial group in Canada.

Special Committee on Cooperatives committee  Let me add, first, that when we say financial services, it's the banking services that we have. Desjardins will operate in every province, but through the other types of services, life insurance, etc. For the banking-type services, of course, since it's provincial and you have your caisses populaires, you do those through your caisses.

Special Committee on Cooperatives committee  I probably wouldn't say we take fewer risks. I would say we are more prudent in the way we approach things. Of course, we will take some risks as we are a financial institution also, but we are members and service-oriented to the members. That's our first purpose. So profit comes, but it comes later.

Special Committee on Cooperatives committee  That's an excellent question. The credit unions or the caisses populaires don't have to have special treatment. It's more that the rule needs to be adapted or just thought of in a way that's fitting, for example, for a smaller credit union or a caisse populaire. I'll give you a clear example that comes up even for Desjardins right now.

Special Committee on Cooperatives committee  I'll just make a short comment, if I may. I don't believe that the credit union, and I can speak for Desjardins, is changing its mission. We're not changing our vision. Our vision is still to contribute to the economic growth of the members and the community to support the community.

Special Committee on Cooperatives committee  Yes, absolutely, but probably not in the way you were mentioning, like the Royal Bank of Canada. As I mentioned in the introduction, the Desjardins Group already has close to $200 billion in assets. It is quite a large financial institution and active throughout Canada through its caisses populaires or subsidiaries.

Special Committee on Cooperatives committee  Thank you for your question, Mr. Harris and your interest in the summit. As I mentioned in my presentation, the UN has declared 2012 the International Year of Cooperatives. So every country is invited to contribute and attend. In Canada, Desjardins Group is by far the biggest financial cooperative, with its nearly 6 million members.

Special Committee on Cooperatives committee  That is quite a large question for a group such as Desjardins. The caisses populaires are incorporated under the provincial, Quebec legislation and under the federation. As I mentioned before, there is the subsidiaries side, consisting basically of share capital companies owned by the group.

Special Committee on Cooperatives committee  The simple answer is that it stems from a close relationship between the cooperative sector and the government. The sector has a direct relationship and an ongoing dialogue with government officials, so that rules can be adapted swiftly in response to cooperatives' needs. As for Quebec, it has a long history of cooperative development.