Holy Redeemer Credit Union defends BZ$40 million BEL loan

Holy Redeemer Credit Union (HRCU) has defended its financial relationship with Belize Electricity Limited (BEL) following scrutiny from Opposition Leader Tracy Taegar Panton regarding a reported BZ$40 million unsecured loan.

Panton has called for greater transparency, demanding disclosure on who approved the loan, how risks were assessed, and what safeguards are in place to protect member savings. According to BEL’s audited financial statements, the facility is an unsecured loan with a five percent annual interest rate, repayable over five years.

HRCU responded by stating that the transaction followed all established approval channels, policies, and procedures. The credit union noted that its relationship with BEL dates back to 2003 and has generated over $24.4 million in debenture interest. HRCU also cited Section 32 of the Credit Union Act, which restricts the disclosure of confidential information by directors and officers.

As Belize’s third-largest financial institution, HRCU emphasized that it is an autonomous, member-owned entity supervised by the Central Bank. The institution maintains that its oversight structure includes internal audits, compliance departments, and external auditors to ensure member funds remain secure.