Quebec defends the mandate granted to the Caisse de dépôt et displacement for the structuring transport network of the City of Quebec, even if the clients who invest billions of dollars in the nest egg of Quebecers are worried.
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Finance Minister Eric Girard tried to minimize the concerns of the fund’s depositors who are investing $400 billion in Quebecers’ nest egg.
They are concerned about the independence of the CDPQ since the government mandated it to analyze the best public transportation project for the Metropolitan Community of Quebec.
The uncertainty surrounding the $569 million contract with Alstom for the tram rolling stock also tickles depositors. CDPQ is the majority shareholder of Alstom.
“They are not worried, they are informing themselves,” pleaded the Minister of Finance. “We must understand that… what the fund is going to do is an independent evaluation which will make it possible to come up with a recommendation to the government. So, we have not yet reached the level of achievements.”
Courtesy photo, Quebec City
The minister responsible for the National Capital, Jonatan Julien, does not understand the concerns of the credit union’s customers.
“The CDPQ infra is mandated to analyze a file over a period of six months,” said the man who is an acquaintance of the CEO of the fund, Charles Emond. “It’s the right tool we’re using. For me, there is no issue regarding independence and investments.”
Improvisation
For his part, the mayor of Quebec Bruno Marchand affirmed “that we had no need to seek outside advice.”
Solidarity MP Etienne Grandmont also criticized the granting of this mandate to the CDPQ which, according to him, will only increase costs and delays.
Regarding the fears of depositors, the elected official from Taschereau believes that this demonstrates that the CAQ has been improvising on this issue for months.
“It’s a total mess. The investment funds which put the money into the fund have requested meetings to measure the level of risk (…) On the other hand, there are important links which must be highlighted. For the Minister of the National Capital to say that he has confidence because Charles Emond is a childhood friend, I find that a strange public statement,” he analyzed.
PQ leader Joël Arseneau questions the expertise of the CDPQ in terms of developing public transport infrastructure, “while its main mission is to grow” the savings of Quebecers.
“There, what is interesting is that CDPQ clients tell us: if you get involved in all the political orders of the government, there is a risk for the assets of Quebecers,” he noted .
The interim leader of the PLQ, Marc Tanguay, believes that it is a question of balance for the CDPQ. “The Fund is there to grow our assets. But, can the Caisse be a player in the development of structuring transport like the REM, as we liberals have done? We think so. But indeed, it is a question of balance,” he stressed.