THE BELIZE TIMES 152

COMUNICADO DE PRENSA

1 GABOUREL LANE. BELIZE CITY, BELIZE T: +501 223 6194 E: inquires@centralbank.org.bz

PARA PUBLICACIÓN INMEDIATA

Appointment of an Administrator to St. Francis Xavier Credit Union Limited

Belize City, 10 March 2023: The Governor of the Central Bank of Belize (Central Bank), in his capacity as Registrar of Credit Unions (Registrar), advises that pursuant to section 61(1) of the Credit Unions Act, 2011, Chapter 314 of the Laws of Belize, an Administrator has been appointed to St. Francis Xavier Credit Union Limited (SFXCU). The Administrator is Mr. Martin Marshalleck and he will be assisted by his team along with a team from the Central Bank appointed by the Registrar

The Registrar has concluded that the appointment of an Administrator is required to protect the equities and interests of the members of the credit union. The Administrator shall:

We believe, moreover, that we have a right to expect some understanding of our situation from the countries of Latin America, who cannot in conscience ignore the interests of a whole people whose only patrimony is being unjustly claimed by a larger and better-endowed neighbour. We cannot believe that with their traditions the Latin American nations can willfully agree to penalize for the indefinite future a Caribbean country whose people have made their unmistakable call for freedom. We share the Americas as our homeland; we are common members of the Caribbean Development Bank with other Latin American States: we note that some of our Latin American brothers are members of the non-aligned movement; we see a future of increasing cooperation between the Caribbean and other Latin American countries. All of this gives us hope for receiving sympathetic understanding of our cause from the countries of the Americas.

Nombramiento de un Administrador en St. Francis Xavier Credit Union

Belize City, 10 de marzo de 2023: El Gobernador de Central Bank of Belize (Central Bank), en su capacidad de Registrador de Uniones de Crédito (Registrador), informa que de conformidad con la sección 61(1) de la Ley de Uniones de Crédito (Credit Unions Act) de 2011, Capítulo 314 de las Leyes de Belize, se ha nombrado un administrador en Saint Francis Xavier Credit Union El Administrador es el Sr. Martin Marshalleck y será asistido por su equipo junto con un equipo de Central Bank.

El Registrador ha concluido que se requiere el nombramiento de un Administrador para para proteger las acciones y los intereses de los miembros de la unión de crédito.

El Administrador deberá:

• ser responsable ante el Registrador por la administración de la unión de crédito,

• be responsible to the Registrar for the conduct of the business of the credit union,

Belize And The New Economic Order

• carry out all orders and directions of the Registrar with respect to the credit union,

• llevar a cabo todas las órdenes e instrucciones del Registrador con respecto a la unión de crédito,

• have the powers and may perform all or any of the duties of the officers of the credit union, and

An independent Belize can contribute much to advance the new economic order in Middle America. Our membership in the Caribbean Community, a dynamic and fast growing international community, which is developing close links with Mexico, Venezuela, Colombia and Central America, enables us to have a special relationship with the rest of the Western Hemisphere.

• take all steps and do all things necessary to protect the equities of the members and the rights of creditors of the credit union, and shall maintain, so far as is practicable, the services of the credit union to its members.

• tener los poderes y poder realizar todas o algunas de las funciones de los funcionarios de la unión de crédito, y

• tomar todas las medidas y hacer todo lo necesario para proteger el patrimonio de los miembros y los derechos de los acreedores de la unión de crédito, y mantendrá, en la medida de lo posible, los servicios de la unión de crédito para sus miembros.

The Registrar has taken this measure after considering critical deficiencies in governance and risk management practices, as well as material weaknesses in internal controls that could destabilize the credit union. The primary objective is to restore safe and sound operations and support the long-term success of the credit union.

Members of SFXCU are assured that their funds are safe, and the credit union is in sound financial standing. The Registrar assures the members that SFXCU remains open, and all services continue as normal.

We also believe that it is in the best interests of Central America, including Guatemala, for Belize to become an independent nation with its territory intact. An independent Belize could cooperate with Guatemala for the joint development of certain regions in both countries, and could provide a useful link between the Caribbean Community and a Central American Community. Our political history and the smooth functioning of our democratic institutions can only give confidence in our potential contribution to peace and stability in the area.

By contrast, a non-independent Belize, whether a Belize forced to remain a colony because of fear for its survival or a Belize occupied by another Power, would be a thorn in the side of Guatemala. Our people would be resentful and antagonistic, and could only be suppressed by overwhelming force. Surely this is not a prospect favoured by Central America nor by any other State in the world.

El Registrador ha tomado esta medida después de considerar las deficiencias críticas en las prácticas de gestión de riesgo y gobierno, así como las debilidades materiales en los controles internos que podrían desestabilizar la unión de crédito. El objetivo principal es restaurar operaciones seguras y sólidas y apoyar el éxito a largo plazo de la unión de crédito.

Se asegura a los miembros de Saint Francis Xavier Credit Union que sus ahorros están seguros y que la unión de crédito se mantiene sólido financieramente El Registrador asegura a los miembros de Saint Francis Xavier Credit Union que la unión de crédito permanece abierta y que todos los servicios continúan con normalidad.

- FIN –