Central Bank appoints a liquidator for Choice Bank

The problems of the bank started months ago when it started experiencing a liquidity crisis and was forced to suspend all withdrawals from deposit accounts.  By May, the central bank had instituted preventative measure to ensure that the bank was meeting the obligations of depositors and customers. In her statement, Grant said that a liquidator had been named and that the strength of the dollar remains at two Belize to one U.S.

Joy Grant, Governor, Central Bank of Belize

Joy Grant

“The Central Bank immediately put Choice Bank on enhanced monitoring and issued preventative measures to protect and safeguard the assets of customers and depositors.  Choice Bank failed to provide the Central Bank with a plan deemed satisfactory that indicated their ability or willingness to resolve this situation.  Earlier this week, the Central Bank’s team of examiners conducted an unannounced, special examination at Choice Bank offices to acquire information that had not been initially forthcoming.  The Central Bank has concluded that the actions taken by the ownership and management of Choice Bank were insufficient to properly rectify the situation and appeared detrimental to its customers and depositors.  With the revocation of Choice Bank’s license, the Central Bank has appointed a liquidator, Mr. Henry James Hazel, who will be supported by a team from the Central Bank.”