Last night we told you about the battle for control of management of St. Francis Xavier Credit Union. Well today the Registrar of Credit Unions, who is also the Governor of the Central Bank Sydney Campbell spoke to 7NEWS and he says that the 20,000 plus members of the credit union are looking for stability and sanity.
Sydney Campbell, Governor - Central Bank
"I urge everyone concern to let us move forward, let us allow the rule of law to prevail so that people can understand that this institution is a vital institution, one that is governed by rules and procedures, and that we intend to abide by it. We would never want to get to that point. We are just saying that that is the ultimate position the Registrar can hold but it is one which I would never want to have to use."
Jules Vasquez,
Why does the Supervisory Committee continue to flout your authority?
Sydney Campbell,
"Well you must respect that in Belize and in all jurisdictions the rule of law prevails and you can appeal any decision that is made by any regulatory authority and as far as I understand it, they are being given legal advice. I have been properly advised by, I can tell you the Sol Gen, the advisor from the Ministry of Finance, that the steps that I have taken are within the law and that it is defensible and that I should proceed in order to restore back confidence by making the public first aware of the issue and the position of the Registrar so that we could restore confidence to people that there is a body there who are concerned about the well being and the welfare of the credit union and its members and we want to find a solution.
There is no serious internal management problem. What we have here is more a clash of personalities which we hope we can resolve. It is not a financial fundamental problem that is about to bring the credit union into a liquidity crisis or collapsing of its activity. It is the personalities involved that we are trying to find a solution."
The embattled board of directors headed by Luciola West term does not expire until the first quarter of next year.
