Holy Redeemer Credit Union Limited sets record straight on BEL loan

By Zoila Palma:  Holy Redeemer Credit Union Limited (HRCU) is defending its financial relationship with Belize Electricity Limited (BEL), following comments made by Leader of the Opposition Tracy Taegar-Panton regarding the two institutions.

HRCU said it has been investing in BEL debentures since July 2003, generating more than $24.4 million in quarterly debenture interest over the years. “All investments in BEL debentures are included in our audited financials which are presented to member-owners at our Annual General Meetings (AGM),” the credit union stated.

HRCU said BEL approached the institution in October 2023 seeking additional investments in debentures, but the credit union opted instead to provide BEL with a loan facility to expand its loan portfolio.

The institution also pushed back against the release of information concerning its business dealings, citing Section 32 of the Credit Union Act. “Suffice to say is that absolutely no transaction conducted at HRCU is done unless it goes through the proper approval channels and follows established policies and procedures,” HRCU said.

HRCU emphasized that it is an autonomous, member-owned institution operating under the Credit Union Act, its By-Laws and Central Bank supervision. “We have an Internal Audit Department who works under the supervision of our Supervisory Committee, a Finance Department, a Compliance Department, and a Risk & Controls Unit, all who conduct their proper due diligence and at times enhanced due diligence,” the statement said.

HRCU added that its external auditors are Crowe Belize Limited, LLP, and its most recent Central Bank onsite inspection was conducted between August and October 2025.

HRCU also highlighted its wider investment portfolio, which includes BEL, Belize Water Services, the Belize Tourism Board, Belize Airport Concession Company, Treasury Notes and Hydro Belize Limited, as well as more than $119 million in commercial bank term deposits.

“Some of these investments benefit the entire nation of Belize and together with our loan interest income are what allows HRCU to operate successfully its offices in Belize City, Belmopan, and Independence Village,” the institution stated.

“We do value the trust and confidence that our loyal and faithful member-owners have placed in us, where they know that their monies are safe and secure at HRCU,” the credit union said.

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