The Central Bank of Belize has taken over the second-largest Credit Union in the Country, the St Francis Xavier Credit Union - which is based in the north.

This rare and almost unprecedented move to stabilize the credit union and ensure its survival was announced late this afternoon in a press conference held at the Central Bank - the very first press conference held by the Bank's senior leadership literally in decades.

And that shows how important and big a move this is - after all, St. Francis - which has 30,000 members is the most powerful lending and savings entity in the north. But, according to its regular, which is the Central Bank, SFXCU's board and management was not acting in its member's best interests - so they swooped in.

The administrator is career banker Martin Marshalleck assisted by several individuals also appointed by the Governor of the Central Bank as well as employees of the Central bank.

Channel 7