March 10, 2023
Belize City, 10 March 2023: The Governor of the Central Bank of Belize (Central Bank), in his capacity as Registrar of Credit Unions (Registrar), advises that pursuant to section 61(1) of the Credit Unions Act, 2011, Chapter 314 of the Laws of Belize, an Administrator has been appointed to St. Francis Xavier Credit Union Limited (SFXCU). The Administrator is Mr. Martin Marshalleck and he will be assisted by his team along with a team from the Central Bank appointed by the Registrar.
The Registrar has concluded that the appointment of an Administrator is required to protect the equities and interests of the members of the credit union. The Administrator shall:
- be responsible to the Registrar for the conduct of the business of the credit union,
- carry out all orders and directions of the Registrar with respect to the credit union,
- have the powers and may perform all or any of the duties of the officers of the credit union, and
- take all steps and do all things necessary to protect the equities of the members and the rights of creditors of the credit union, and shall maintain, so far as is practicable, the services of the credit union to its members.
The Registrar has taken this measure after considering critical deficiencies in governance and risk management practices, as well as material weaknesses in internal controls that could destabilize the credit union.
The primary objective is to restore safe and sound operations and support the long-term success of the credit union. Members of SFXCU are assured that their funds are safe, and the credit union is in sound financial standing. The Registrar assures the members that SFXCU remains open, and all services continue as normal.