Social Finance in Quebec: A New Financial Architecture

The Association of Nonprofit and Social Economy Research Annual Conference SOCIAL FINANCE IN QUEBEC. A NEW FINANCIAL ARCHITECTURE BY MARGUERITE MENDELL CONCORDIA UNIVERSITY JUNE 2, 2010

Plan ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

1. Introduction Key historical moments in the evolution of social finance in Quebec ( cooperative , labour , community , hybrid, state, private ) 1900 1970’s 1980’s 1990’s 2000 + ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

2. Co-operative funds ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Co-operative funds… ,[object Object],[object Object],[object Object],[object Object],[object Object]

3. Workers funds ,[object Object],[object Object],[object Object],[object Object]

Workers funds… ,[object Object],[object Object],[object Object]

Workers funds… ,[object Object],[object Object],[object Object],[object Object]

4- Community based funds ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Community based funds… ,[object Object],[object Object],[object Object],[object Object]

5- State funds ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

6. Hybrid funds ,[object Object],[object Object],[object Object],[object Object],[object Object]

Hybrid funds… ,[object Object],[object Object],[object Object],[object Object],[object Object]

7. Private funds ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

8. Institutional and Financial Innovation “ Hybridity ” in social finance in Quebec

Institutional and Financial… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

9. Enabling Policy for Social Finance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

10. Conclusion Financial and Institutional Innovation : A Quebec Model ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Conclusion… Social Finance Architecture in Québec Fondaction - le Fonds de développement de la CSN pour la coopération et l’emploi (1996) - Assets of $666.7 M in 2009 Fonds de solidarité FTQ (1983) – Assets of $8.3 G in 2009 Capital régional et coopératif Desjardins (2001) - $539.7 M invested in 2009 Caisse d’économie solidaire Desjardins (1971) – Assets of $545.2 M in 2009 Réseau d’investissement social du Québec (1997) 13 M$ invested in 2009 Filaction – CSN (2000) – $5.7 M invested in 2008-2009 Réseau québécois du crédit communautaire (2000) – Assets of $3.2 M in 2009 Fiducie du Chantier de l’économie sociale (2006) - $ 53.8 M patient capital fund Development capital Solidarity finance SOLIDE (1991) – $73.8 M invested in 2009 Intermediaries , CDÉC, CLD, etc.

Conclusion… Socially Responsible Finance Development capital actors (Builders) Solidarity finance actors (Builders) New Financial Architecture Socially Responsible Finance

Social Finance in Quebec: A New Financial Architecture

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Social Finance in Quebec: A New Financial Architecture