They’ve fallen out of the headlines for months now, but the viability of Saint Francis Xavier Credit Union remains a question. Following a flare-up earlier this just before their testy annual general meeting, the regulatory body, the Central Bank of Belize has ramped up its surveillance. According to Governor Kareem Michael, the board of directors have been instructed to complete several actions within a reasonable timeframe. Here’s how he explained it.
To be placed on enhanced supervision suggests that the regulators see an issue or several issues that need urgent attention. If those challenges go unaddressed, it could impact the credit union’s future. Michael explained why this financial institution, one of the largest in the country, is being closely monitored and advised.
One estimate says that there are about 32,000 member-owners at the credit union.