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Mar 10, 2023

Registrar: What Happens to Member-Owners & Their Interests?

Saint Francis Xavier Credit Union is the second largest credit union in Belize, with over thirty thousand registered members. With an administrator taking over the day-to-day operation of the credit union, what happens to the member owners and their interests?


Kareem Michael

Kareem Michael, Registrar of Credit Unions

“The appointment of an administrator to Saint Francis Xavier Credit Union will not impact members’ savings at Saint Francis or any other credit union. Your funds are safe. The credit union remains in sound financial standing, all services will continue as normal and members are encouraged to continue to pay their loans. The primary objective of this administration is to restore safe and sound operations and to support the long term success of Saint Francis. I have taken this action as registrar to protect members’ savings and to avoid failure of the credit union.”

So going forward, General Manager Rafael Dominguez Senior has been relieved of his duties and so is the board of directors. According to Registrar Kareem Michael, the administrator now has the power to re-delegate functions to officers and other employees, if he so chooses.

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