CITRUS GROWERS AND WORKERS CREDIT UNION FACE CASH FLOW PROBLEMS

September 12, 2007

A meeting was held yesterday to discuss the cash flow problems faced by the Citrus Growers and Workers Credit Union.Love News spoke with Leopoldo Romero of the Belize Credit Union League.  

Leopoldo Romero of the Belize Credit Union League:

“The Citrus Growers and Workers Credit Union in Dangriga,has been experiencing cash flow problems and so they have been meeting with the different authorities.The Central Bank of Belize,the Belize Credit Union League is trying to put in place a plan to recover monies and keep the credit union open and its operation normal.Because I work for the Belize Credit Union League,in the support field,I am also the Manager of the Toledo Teachers’ Credit Union but I want to clarify that the Toledo Teachers’ Credit Union is in good standing,it is functioning well and there is no problem related to the Toledo Teachers’ Credit Union.This is a problem at the Citrus Growers Workers Credit Union in Dangriga and we’re trying to solve it as soon as possible.” 

Romero gave us an update of some of the areas discussed during the meeting. 

Leopoldo Romero of the Belize Credit Union League:

“After the meeting yesterday a plan was put in place.The Credit Union should have a new manager by the end of the week and a recovery plan including the recovery of loans and other funds that are due to the credit union and are being sorted out at this point.The credit union will continue to open and provide the service to members.I must point out that at this time,the credit union can only schedule withdrawals of funds but will continue to pay the salaries and pensions of members whose monies come to the credit union.” 

Ava Diaz,Love FM:

“When you say schedule withdrawal of funds,what do you mean?” 

Leopoldo Romero of the Belize Credit Union League:

“For example,if members have $1,000 and they want to withdraw $1,000 the funds are not readily available for that amount.So we will schedule a $200 withdrawal and a $300 withdrawal and so on so that as many people can get some of their money and at this point the problem is the cash flow.This should run for a period of a month or so because getting behind the loans and recovering the loans and so forth is going to take some time and so the credit union will continue in this base for at least another month so that we can become fully operational and deal with the members as normal.” 

Romero also told us a special general meeting will be held shortly. 

Leopoldo Romero of the Belize Credit Union League:

“The Citrus Growers and Workers Credit Union want to inform its members that we will hold a special general meeting on September 25^th at 5 pm at the Parish Hall here in Dangriga to discuss the present position of the credit union and the plans to move forward.We will continue to inform the public through the media about the meeting and we want to invite all of them to come out and get the information from the people in charge to ensure that the credit union continues to serve them,the members.” 

There are about three thousand 500 members in the Citrus Growers and Workers Credit Union.

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