HRCU fires back at Panton over BEL loan questions, says proper approval channels were followed

By Breaking Belize News Staff (HP): Holy Redeemer Credit Union has responded to Opposition Leader Tracy Taegar Panton following her questions about its financial relationship with Belize Electricity Limited, saying no transaction is conducted at the credit union without going through established approval procedures.

In an official statement issued Tuesday, HRCU accused Panton of attempting to “malign” the institution after she publicly raised concerns about a reported BZ$40 million unsecured loan to BEL.

HRCU did not address the reported BZ$40 million figure or 5 percent interest rate directly in its statement. Instead, it provided details about its longstanding financial relationship with BEL.

According to HRCU, it has invested in BEL debentures since July 2003 and has earned $24,424,508.93 in quarterly debenture interest over the years.

The credit union said that in October 2023, BEL approached it seeking additional investment in debentures. HRCU said it instead decided to extend a loan facility to BEL as part of an effort to grow its loan portfolio.

“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,” the credit union stated.

HRCU also stressed that it is an autonomous, member owned institution operating under the Credit Union Act, its bylaws and Central Bank supervision.

The institution said it has an Internal Audit Department, Finance Department, Compliance Department and Risk and Controls Unit, along with a Supervisory Committee. Its external auditor is Crowe Belize Limited, LLP.

HRCU said its most recent onsite inspection by the Central Bank took place between August and October 2025.

The credit union also disclosed that it has substantial investments in BEL, Belize Water Services, the Belize Tourism Board, Belize Airport Concession Company, Treasury Notes and Hydro Belize Limited.

HRCU said those investments generate more than $15.3 million annually. It also reported holding more than $119 million in commercial bank term deposits.

The credit union maintained that its members’ funds remain safe and secure and said its investment and loan income allows it to return surplus funds to members through dividends and loan interest rebates

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