Baker Lake (Sep 06/04) - While Nunavut Tunngavik Inc. and Atuqtuarvik Corp. work out the details on setting up a Nunavut-based financial institution, communities say they aren't interested unless they can see a presence.

After the Bank of Montreal announced the closing of its Iqaluit branch this November, the idea of a territorial financial institution has been a hot topic -- especially in Iqaluit.

A meeting was held in Iqaluit, Aug. 5, to discuss the possibilities with another scheduled for Sept. 11.

NTI's research has been going on for the last year and two of the ideas being considered are a credit union and a trust company.

Atuqtuarvik Corp. is considering these options as well as the possibility of opening a Nunavut-based bank. A full report is expected to be delivered at NTI's general meeting in Baker Lake ,Sept. 14-16.