Central bank to liquidate 4 credit unions Print E-mail
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Thursday, 20 April 2017 00:00

The Central Bank of Belize which has responsibility for the supervision of credit unions has announced that it will be liquidating 4 of them. These credit unions are the Police Credit Union, the Mount Carmel Credit Union, the Civil Service Credit Union and the Citrus Growers and Workers Credit Union. In a notice which it sent out the Central Bank informs that the only credit union which was no longer in operation was the Citrus Growers and Workers Credit Union.

While the regulator moves to liquidate, for at least two of those which action is being taken on, the Police and Civil Service Credit unions the move was almost a foregone conclusion. There was hope for the Mount Carmel Credit Union, at least up until July of last year when it was officially announced that the Credit Union was in financial problems largely as a result of dishonesty within its management.

At the time there were concerns raised as to the fate of the deposits held in the credit union which remain unresolved. Hopefully with the liquidation that concern will be addressed.