Lawrence L Schembri: Economic reconciliation - supporting a return to Indigenous prosperity

Remarks by Mr Lawrence L Schembri, Deputy Governor of the Bank of Canada, to the National Aboriginal Capital Corporations Association, Gatineau, Quebec, 5 May 2022.

The views expressed in this speech are those of the speaker and not the view of the BIS.

I would like to begin by acknowledging that the land on which we gather is the unceded, traditional territory of the Algonquin Anishinaabe. I would also like to recognize that today is the National Day of Awareness and Action for Missing and Murdered Indigenous Women, Girls and Gender Diverse People.

It is an immense honour and privilege for me to have the opportunity to speak with you today.

I greatly admire the National Aboriginal Capital Corporations Association and your dedication to supporting Indigenous prosperity and improving living standards for First Nations, Métis and Inuit across Canada. The successful expansion of your lending to the Indigenous economy is a source of inspiration to many, me included. In fact, over the past three decades, you have issued 46,000 loans worth a total of $2.8 billion.

These numbers are impressive, and these loans have made a huge contribution to the prosperity of the Indigenous economy.