Central Bank Closes 19 Defunct Credit Unions

The Central Bank of Belize has initiated the winding-up of 19 defunct credit unions, including prominent ones like Mount Carmel Credit Union, the Police and Civil Service Credit Unions in Belize City, and the Citrus Growers and Workers Credit Union in Dangriga. This process, which started in April 2017 under former Governor Joy Grant, is being finalised by current Governor Kareem Michael. Marlowe Neal has been appointed as the liquidator.

Elizabeth Ayuso, business development officer for the Belize Credit Union League, explained, “Unfortunately, the liquidation of the credit unions falls outside of the league’s direct mandate.” She said that these liquidations mostly concern credit unions that ceased operations years ago, with Mount Carmel being the most recent, closing in 2016.

The Belize Credit Union League is not commenting on the specific liquidations, as these are statutory actions by the Central Bank. “The league cannot comment on the specific details,” Ayuso stated. Currently, Belize has eight active credit unions, with several new ones emerging in recent years.