Support for economic developmentSupport for economic development is essential for Saint-Pierre and Miquelon. The Société de Développement et de Promotion de l'Archipel (SODEPAR) is the economic and territorial development agency of the archipelago. This organization based in Saint-Pierre also has a satellite office in Paris, which focuses on representing the archipelago’s interests in France and Europe. This organization deals with multiple issues such as oil and gas, and labour exchanges. In addition, the SODEPAR networks with other organizations such as the Réseau de Développement Économique et de l'Employabilité (RDÉE) Canada [National Francophone Economic Development Network], the Chambre de Commerce France Canada Atlantique (CCFCA), the Schooner Regional Development Corporation, the Atlantic Canada Opportunities Agency (ACOA), among others. SODEPAR organizes meetings for entrepreneurs of the archipelago with their counterparts from other countries, receives questions from foreign entrepreneurs and welcomes foreign delegations. It can also accompany local entrepreneurs outside of the archipelago, if required. This was the case in 2008, when entrepreneurs of the archipelago attended the 3rd International Symposium on the Oil and Gas Resources of Western Newfoundland. In 2009, a business centre is under development in Saint-Pierre. It would serve as the main entry point for foreign entrepreneurs interested in exploring business opportunities or settling in Saint-Pierre and Miquelon. Over the course of the same year, many priority areas were formally assigned to the agency, via decisions of the territorial council:
The banking sectorSaint-Pierre and Miquelon had two banking institutions: Banque des Îles Saint-Pierre et Miquelon (BDI), majority-owned by the Financière Océor, and Crédit Saint-Pierrais (CSP), 50% owned by two local shareholders and 50% by the Financière Océor. In 2009, BDI and CSP merged and became the Banque Saint-Pierre et Miquelon, thus reinforcing the structure of the banking sector. There is also the Caisse d'épargne Île-de-France Paris, offering the same services as a bank, and the Coopérative immobilière des Îles Saint-Pierre et Miquelon (CISPM) offering housing credit. In total, there are five banks and seven other ATMs in the archipelago, all accepting international bank cards. In Europe, the reference rate is called EURIBOR, which is the "Euro Interbank Offered Rate." It is the rate at which interbank term deposits are being offered by one major bank to another. This rate is affected by, among other things, the policy of the European Central Bank (ECB).
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