Suspended SFXCU Board Says Things Not Better Under Registrar

Contrary to reports, suspended SFXCU General Manager, Rafael Dominquez, asserts that the institution was not in any financial trouble under his leadership. He contends that the credit union was in a much better financial position under his leadership, even though huge red flags were raised over the familial ties he had at the time with other members of the managerial staff. Here is what Dominquez had to say.

 

Rafael Dominguez, Suspended General Manager, SFXCU

“At no time has there been any danger in the financial credit union. As a matter of fact, the figures are there to show that in 2023 the credit union kept growing. Nevertheless I need to point out that while checking on the figures as of December of 2023, recalling that we were suspended in March 2023 and then the Central Bank administrator came in place, the figures of December 2023 which is being stated on the Central Bank website showing that St. Francis Xavier Credit Union overall capital and liabilities has reduced from one hundred and seventeen million dollars ending March to some closer to one hundred and fifteen million dollars at ending of December. The loan portfolio has decreased as well from ninety million to eighty-seven million. So, we can see that something is triggering financial business of the credit union which is a concern for us that while we thought that well if the Central Bank is taking over things would be better but that is not the case.”