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Apr 26, 2001

H.R.C.U. posts best year ever

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When their reservation of the Belize City Centre was abruptly cancelled to make way for the installation of a refurbished basketball court, the leaders of the Holy Redeemer Credit Union had to make a last minute scramble to the less spacious confines of the S.J.C. gym. And while the new venue suffered from poor acoustics, lack of seating and remote location, the thousands of members who flocked to the Landivar campus received some of the best news in the credit union’s fifty-seven year history. In short, while Wall Street may have nosedived, the H.R.C.U. enjoyed record success. Assets for the year ended March thirty-first increased nineteen point one percent to over one hundred and forty-three million dollars. Member’s savings increased over twenty-one percent to one hundred and eight million, while loans rose almost sixteen percent to one hundred and fourteen point five million. The result was net income of eleven point two-three million dollars, which will be distributed to the over thirty-two thousand members in the form of six percent dividends on savings and a ten percent rebate on loan interest to those borrowers who repaid on scheduled. H.R.C.U. President Karl H. Menzies also reported that the popular financial institution has invested one point five million dollars in the newly privatised water company and will be purchasing debentures from B.E.L. As icing on the cake, work will begin shortly on a massive new addition to H.R.C.U.’s premises on Hyde’s Lane.

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