By: Omar Silva, NP Staff Writer

Belize City, Sunday: 12th March 2023

The Saint Francis Xavier Credit Union in Corozal, Belize, has undergone significant changes with the recent appointment of an administrator and the removal of the General Manager and board of directors. The Registrar of Credit Unions in Belize, Kareem Michael, has stated that the appointment of an administrator will not impact members' savings at Saint Francis credit union, and that all services will continue as normal.

The primary objective of the administrator is to restore safe and sound operations and support the long-term success of the credit union. Michael has taken the decision to name an Administrator to protect the savings of members and avoid any eventuality of failure of the credit union.

Members of Saint Francis Xavier Credit Union, which is the second-largest credit union in Belize with over thirty thousand registered members, may have concerns about the reasons for the removal of the General Manager and board of directors and the state of affairs of the credit union that led to the appointment of an administrator. They may also be worried about the impact of the changes on the day-to-day operations of the credit union, the long-term financial stability of the credit union, and the safety of their savings.

To address these concerns, Michael has reassured members that the credit union remains in sound financial standing and that the primary objective of the administration is to protect the savings of members and support the long-term success of the credit union. He has also stated that the administrator now has the power to re-delegate functions to officers and other employees if he so chooses.

Michael has emphasized the importance of transparency and communication with members, and the administrator will need to provide regular updates on the state of affairs and any changes that may affect their interests. This will help to build trust and confidence among members and ensure that the credit union can continue to serve its members effectively.

In conclusion, while the recent changes at the Saint Francis Xavier Credit Union may cause concern among members, it is reassuring that the Registrar of Credit Unions is taking steps to protect their savings and support the long-term success of the credit union. It will be important for the administrator to communicate transparently with members and provide regular updates to address any concerns they may have.