So while that new administrator does, quote: "all things necessary to protect the equities of the members and the rights of creditors of the credit union,", member-owners of St. Francis Xavier are likely very concerned as to what now changes in terms of the day-to-day running of their Credit Union.
This evening Registrar Micheal - who will oversee the new administrator - detailed what those members-owners can expect during this period.
Kareem Michael, Governor, Central Bank
"The appointment of an administrator to St. Francis Xavier Credit Union will not impact members savings at St. Francis or any other credit union. Your funds are safe. The credit union remains in sound financial standing, all services will continue as normal and members are encouraged to continue to pay their loans."
