SFXCU Members Want the Central Bank’s Administrator Out!

SFXCU Members Want the Central Bank’s Administrator Out!

In a show of solidarity and determination, members of the Saint Francis Xavier Credit Union (SFXCU) gathered at the Corozal Town Central Park this morning to protest the decision made by the Central Bank of Belize to appoint a special administrator. The members were accompanied by the Credit Union’s general manager in an effort to gain attention from the Central Bank and express their discontentment at the decision. Reporter Giovanna Moguel travelled up north today and files this report. 

Giovanna Moguel for Love News: Members of the Saint Francis Xavier Credit Union in Corozal Town took to the streets to protest the decision made by the Central Bank of Belize to appoint an administrator to oversee the credit union’s operations. The peaceful protest was held at the Corozal Town Central Park this morning, and dozens of the members were out there with placards and signs demanding that the administrator be removed. General Manager, Rafael Dominguez explains their plight and why they felt the need to hold this demonstration. 

Rafael Dominguez, General Manager, SFXCU: “The members feel that the Central Bank has violated, had breached in taking the rights of the members because I believe that if this would have happened the Central Bank should have called a meeting with the membership to inform the membership of what they have and have the membership.”

Giovanna Moguel for Love News:  The move by the Central Bank of Belize to appoint an administrator to oversee the credit union’s operations comes after the recent infighting and mismanagement of funds that have plagued the institution. The current management of the credit union has expressed its dissatisfaction with the involvement of the Central Bank, stating that they have been able to reach the markets that were met. 

Rafael Dominguez, General Manager, SFXCU: “The members feel that the Central Bank had violated, had breached in taking the rights of the members because I believe that if this would have happened the Central Bank should have called a meeting with the membership to inform the membership of what they have and have the membership have a play in this.”

Giovanna Moguel for Love News:  This protestor in particular was adamant about hearing from the appointed administrator, Martin Marshalleck.

Protestor, SFXCU Member: “Go and interview Mr.Marshalleck. We want to see him give the face. We want to see him give the face. Go interview Mr.Marshalleck !”

Giovanna Moguel for Love News:  However, many of the credit union members, like Ruth Rodriguez, believe that the Central Bank’s involvement is necessary since it involves the people’s money.  She has been a member of SFXCU for over forty years and expressed dissatisfaction with the way their money is being managed.

Ruth Rodriguez, Member, SFXCU: “We as members we are not aware of what’s going on there. But what we know that our dividends ever year is very low, 3% and I mean that is not right okay ? Well according to the last meeting they wanted to make Mr.Dominguez stay as manager and whatnot but me as a member I don’t agree with him with an $11,000 a month. I mean the credit union is for the poor people, it’s not for the rich people okay ? And those people are working hard especially cañeros in their cane fields they really work hard Sunday to Sunday and those people with a very low salary. So I don’t agree in that.”

Giovanna Moguel for Love News: Rodriguez stated that the members’ voices need to be heard, and the Central Bank needs to engage with the credit union’s board and members to find a solution that benefits all parties involved. She further added that the credit union has been serving the community for many years, and the members’ interests need to be protected.

Ruth Rodriguez, Member, SFXCU: “We need really the truth. That’s what we want and that is why our country stands like this. Because we the people we don’t fight for our rights. We are just going to get Mr.Dominguez’s version and we are going out but deep down what is in there ? Aren’t we supposed to know ? So that is my problem.”

Giovanna Moguel for Love News:  Other credit union members who attended the protest expressed similar views and called on the Central Bank to reconsider its decision and work with the credit union’s board to find a solution that benefits the institution and its members. In the meantime, the credit union members have vowed to continue their peaceful protests until their voices are heard, and a satisfactory resolution is reached.  Giovanna Moguel for Love News.

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