Belize Bank Fully Supported by G.O.B. and Central Bank Through Derisking Hiccup

Dean Barrow

Now for policy matters, the Bank of America has withdrawn as corresponding bank to the Belize Bank. The PM explained that there has been nothing awry and that the government is in full support of the bank. Furthermore, the Central Bank will be assisting with wire transfer so there is no need to panic.

Prime Minister Dean Barrow

“Bank of America said that there is a matrix of reasons, of factors, that resulted in their taking the decision they did but none of those factors had to do or has to do with any kind of wrong action, any kind of irregular activity or practice on the part of the Belize Bank.  It’s fundamental that I make that crystal clear.  There’s no question of any kind of blame.  There is no question of any kind of wrongdoing on the part of the Belize Bank. The Government of Belize fully supports the Belize Bank, it is the largest bank by market share in this country.  It services a number of sectors of the economy and we are determined that we will hold hands with the Belize Bank to help to see them through this temporary and I believe in the larger scheme of things, minor setback.  How do we do that?  First of all, credit card transactions which the bulk of Belize Bank clients certainly do engage in, those are in no difficulty.  Mr. Giuseppe is here, together with Felipo Alario and at the end of my presentation you’ll have a chance to ask him some questions.  No difficulty at all with credit card settlements.  Those transactions continue as normal, it is just with the wire transfers.  And the Central Bank is in a position and this has been accepted, this is one of the things I sought from Bank of America, one of the things I obtained, the Central Bank is able to do these wire transfers on behalf of any and every Belize Bank client.  Nobody needs to feel that he or she has to stop doing business with the Belize Bank, absolutely not the case, no need for that and I am here to underline that fact.”