The Mount Carmel Credit Union was once one of the strongest financial institutions in Belize; but its fall from glory has landed the operations under the administration of the Belize Credit Union League. Today, members of the Credit Union are worried about their savings as a decision has been taken to halt the withdrawals. Manager of the Mount Carmel Credit Union Virginia Vasquez told Love News this afternoon that the decision was taken to, in her words, calibrate the operations of the institution to ensure that the members’ savings are secure and that the credit Union can have a legitimate chance at returning to its former glory.

Virginia Vasquez – Manager, Mount Carmel Credit Union
“That management team has put in place a strategy so at this time we are re-strategizing to make sure that the membership interest is maintained and that very soon programs that would be to their benefit will come in place as soon as July. We have asked members to be very patient, obviously they have been doing something correct for this credit union to maintain its doors open for 52 years. We are preparing for the 2010-2011 audit, financial audit, which would then value the shares and then we would be able to respond. We have communicated with the membership, we held a meeting with them on April 2nd in which all this information was given, so people who are calling in are obviously people who did not attend that meeting.”

Patrick Jones - Reporter
So basically from now until the audit is complete, people cannot get any money from the Credit Union?

Virginia Vasquez – Manager, Mount Carmel Credit Union
“Yes, the committee has temporarily decided to hold on to it at this time until we can make an informed decision as to how to proceed with it. Everything remains positive for them. We do want to maintain the Credit Union alive. At this time also what we are doing is we are trying to isolate the operational costs so that when members deposit their money we are not using their monies, their share monies to finance operations.”

Vasquez says she looks forward to the day when the Mount Carmel Credit Union is strong enough to return to local management and the members can choose their own board to administrate their own affairs. When she spoke with us by phone this afternoon, Vasquez was unable to say what the current financial state of the Credit Union is as the audit of the current fiscal period is just about to be conducted.