As you may have seen in the news recently, the Governor of the Central Bank of Belize has come under attack in an unusual ad campaign. Many of those ads focus on his role as Registrar of Credit Unions and his management of the sector.
Today, the Central Bank issued a statement addressing what it describes as misinformation contained in two paid advertisements, particularly regarding the appointment of Marlowe Neal as liquidator for nineteen credit unions and administrator of St. Francis Xavier Credit Union.
The Central Bank clarified that claims suggesting nineteen credit unions were "closed" are inaccurate. According to the Bank, the institutions placed under liquidation in November 2024 were already defunct, with fifteen non-operational for more than twenty years. Some of those credit unions had previously been under liquidation, with earlier liquidators appointed.
The Bank says the decision to formally liquidate the entities was taken to settle outstanding claims transparently and protect the rights of members and creditors.
Addressing St. Francis Xavier Credit Union, the Central Bank explained that the institution was placed under statutory administration in March 2023 due to serious deficiencies threatening its viability. Neal assumed the role in September 2023 after the previous administrator stepped down, and the Bank says he has since worked with management to stabilize and rehabilitate the credit union.
The Central Bank reaffirmed its commitment to safeguarding members' interests and maintaining the stability and soundness of Belize's credit union sector, rejecting suggestions of misconduct or mismanagement.
