October 20, 2009
DID advisor and former Desjardins credit union director honoured in Lithuania
Lévis, October 20, 2009 – It is with great pleasure that Développement international Desjardins (DID) wishes to announce the distinguished honour recently bestowed on Regina Piecaitis, DID advisor and former director of the Montreal Lithuanian Credit Union - Litas. The Order for Merit to Lithuania, Knight's Cross was awarded to Regina Piecaitis for her significant contribution to setting up the Lithuanian financial cooperatives, the international recognition of Lithuania that followed this important development, and the development of the Lithuanian community in Montreal. The award was presented in person by the President of the Republic of Lithuania, Valdas Adamkus on Lithuanian Statehood Day.
It is important to mention that the network of Lithuanian financial cooperatives is the only Lithuanian-owned financial institution in that country, since all of the banks that operate there are owned by foreign interests. This makes the network extremely important as a means of leverage for the socio-economic development of Lithuania. "This distinguished honour is extremely significant for all the financial cooperatives in Lithuania. It represents national appreciation for our vast movement as a whole," points out Sigitas Bubnys, Director General of the Lithuanian Central Credit Union (LCKU) and longtime partner of DID.
Regina Piecaitis was director for the project to set up the Lithuanian cooperatives which was undertaken by DID from 1994 to 2000 and financed by the Canadian International Development Agency (CIDA) and the Soros Foundation. "The contributions Regina made had a major impact in Lithuania. Today, the financial institution that she helped to set up is a flagship of the Lithuanian economy. It is also a partner with which we have established and maintain an enduring friendship, a relationship that has proved mutually beneficial," affirms Anne Gaboury, President and CEO of DID. In recent years, Regina Piecaitis has also carried out numerous mandates for DID in Asia, Africa and Eastern Europe.
A network of cooperatives that has earned a place of honour
DID began setting up the network of Lithuanian cooperatives in 1994 to expand access to financial services to the entire population of Lithuania and improve the quality of financial products and services offered them. "We made a choice at the start to select local employees who were young and dynamic. Over the years they have accomplished incredible work and become first-rate managers who are respected not only in their own country, but internationally," explains Regina Piecaitis.
In 2002, the network set up the Lithuanian Central Credit Union (LCKU) in order to integrate operations of the cooperatives and facilitate pooling of resources. Today the LCKU also assumes the role of federation and provides significant support to the cooperatives. It oversees operational security, manages information and payment systems, and ensures internal supervision of the cooperatives in addition to the external supervision provided by the country's central bank. It is also thanks to the LCKU that the Lithuanian cooperatives now have access to a liquidity management fund and a stabilization fund which contribute to the financial health of the individual cooperatives and the network as a whole.
Today, the LCKU numbers 61 cooperatives throughout the country, reaching a clientele of nearly 100,000 members, and has assets of CAN $378 million. Although still young, it already has an excellent reputation and the advice of its managers is sought on a regular basis for questions related to development of the country's financial sector. From November 2 to 5, the LCKU will host the upcoming seminar of Proxfin, the international network for study and discussion, which brings together 25 community finance institutions located on four continents, and DID.
About DID
Développement international Desjardins (DID) is a component of the Desjardins Group and has been providing support for the creation, development and strengthening of financial institutions for nearly 40 years. DID is currently active in twenty countries in Africa, Latin America, the Caribbean and Europe. DID, which specializes in providing technical support and investment for community finance, draws on the rich and diverse experience acquired through collaboration with numerous partners, and on the over 100 years of experience of the Desjardins Group, the largest cooperative financial group in Canada. DID works in partnership with the Canadian International Development Agency, the Inter-American Development Bank, the World Bank and many other multilateral organizations.
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Source :
France Michaud
Communications Supervisor
Développement international Desjardins
Phone: (418) 835-2401, ext. 6026
communications@did.qc.ca
www.did.qc.ca
