Belize City, April 22, 2008 - With the close of the credit union financial year on March 31, 2008, credit unions throughout Belize are now gearing up for their important Annual General Meetings where they must present to their member-owners reports on activities held during the year.

“This is truly remarkable”, informed Miss Jane, “when you consider that ordinary people can achieve such extraordinary results when they pool their meager savings together and lend to each other in times of need”.

In his report to member-owners, HRCU President Karl Menzies touched on the overall highlights of the financial standings of credit union. He said that HRCU continued to build on the solid foundation that early credit union pioneers like Henry Charles “Eagles” Usher started.

  Mr. Menzies & Miss Jane at AGM

Positive rates of growth were experienced throughout the entire Balance Sheet but for Mr. Menzies the most important increases were the increase in the HRCU’s investments which totaled $79.7 million and the increase in its Reserves which totaled an impressive $74.3 million. As a result of all the business conducted during the financial year 2007/2008, HRCU was able to pay a dividend rate of 7.5% and return to member-owners whose loans accounts were in good standing an interest rebate of 10%. This interest rebate no doubt makes HRCU’s interest rate on loans one of the most attractive and affordable in Belize.

  Credit union members & shareholders attend business meeting

Other important reports were delivered by Ms Marion Marsden who informed fellow member-owners about the Credit Committee’s activities and by Rene Blanco who said that the credit union operations were well taken care of by Miss Jane and her competent staff. Vice President, Fred Smith, also delivered the important Burial Scheme Report informing that HRCU was there to assist its deceased member’s beneficiaries at a time when they needed assistance most.

A recent BELIZE TIMES research uncovered that in 1998 when the PUP government was elected to rescue Belize from the 93-98 era of UDP economic hardship, HRCU had assets of $92.8 million. During the 10-year economic boom under the able stewardship of Prime Minister Said Musa, HRCU grew by almost $200 million dollars.

Further research showed that this, and even better, was the growth trend experienced by almost every credit union in Belize with the exception of Mount Carmel in Benque Viejo. We all know which UDP politician was responsible for the almost collapse of Mount Carmel and which ‘foul’ mouth UDP acting as the then Registrar of Credit Unions did not uncover or expose the sins of that UDP politician or maybe he was turning a blind eye, since as the saying goes “birds of a feather…”

Credit Unions will continue to play an important role in Belize’s economic development. We only hope that this present UDP Government, already showing signs of weakness and incompetence, does not stifle nor retard the growth of the Belize Credit Union Movement which flourished under the Said Musa’s two –term PUP Government of 1998 to 2008.