The Central Bank of Belize, through the Governor in his role as Registrar of Credit Unions, has approved the administrator of St. Francis Xavier Credit Union Ltd. to convene a special meeting on 14 June 2026 in Corozal Town, where members will elect a new Board of Directors and Supervisory and Credit Committees. The administrator will continue to run the credit union for three months after the meeting and work with the newly elected bodies to support an orderly transition and the institution’s continued stability and viability. The transition is intended to preserve measures introduced during the administration, including maintaining dividend payments while reducing non-performing loans, strengthening internal controls, improving compliance, finance and internal audit functions, lowering interest rates on home, consumer and cane loans, modernising the online banking platform, renovating the head office and expanding community outreach. The Registrar also noted that, under the Credit Unions Act and its 2023 amendment, it may carry out due diligence on elected or appointed individuals at SFXCU to assess their fitness and propriety.
Central Bank of Belize2026-06-02
Central Bank of Belize approves St Francis Xavier Credit Union special meeting for board elections and keeps administrator in place for three months
The Central Bank of Belize, through the Governor as Registrar of Credit Unions, has authorised the administrator of St. Francis Xavier Credit Union Ltd. to convene a special meeting on 14 June 2026 for members to elect a new Board of Directors and Supervisory and Credit Committees. The administrator will remain in place for three months to support an orderly transition. The Registrar aims to preserve reforms introduced during the administration, including reduced non-performing loans, strengthened controls and compliance, adjusted loan interest rates, and upgraded services and infrastructure, and may conduct fitness and propriety due diligence on elected or appointed individuals.