H.R.C.U. Annual General Meeting 2023

On Saturday, Holy Redeemer Credit Union held its annual general meeting at the Belize City Civic Center. Thousands of member-owners of the credit union came out to the A.G.M. to learn more about what’s happening at the financial institution. For a second consecutive year the credit union shared out dividends of four percent and rebate of ten percent. Other member-owners walked away with a thousand dollars in cash prizes via their annual raffles. News Five’s Duane Moody reports.

Duane Moody, Reporting

Established seventy-nine years ago in May of 1944, Holy Redeemer Credit Union is one of the largest and strongest credit unions in Belize, with sixty-three thousand two hundred and forty-nine member-owners.

Marion Marsden

Marion Marsden, Chairperson, Credit Committee

“At the close of our financial year ending March thirty-first, 2023, seventeen thousand four hundred and fifty-eight loans were disbursed, which is an increase from fourteen thousand eight hundred and twenty-two loans disbursed last year. However, in dollar amounts, there were a significant decrease, totalling sixty-five million seven hundred and ninety-three thousand four hundred and ninety and seventy-two cents compared to last year which was eighty-five million, thirty-nine thousand one hundred and five forty-nine. This decrease in loan amounts was mainly due to payoffs by other financial institutions, members not using our loan services available to them with very affordable interest rates or perhaps because of the members’ financial instability brought on by the recent pandemic or even Hurricane Lisa.”

Save regularly, borrow wisely and repay promptly is the message that the credit union is sending to its member-owners. This year member-owners banked dividends of four percent and rebate of ten percent.

Oscar Riveroll

Oscar Riveroll, President, H.R.C.U.

“Your board is recommending a dividend of four percent and a rebate of ten percent with member-owners cooperation and the hard working efforts of HRCU directors, committee’s management and staff. We will continue to bring owners only the very best.”

President of the credit union Oscar Riveroll also shares some of the developments going forward for the institution.

Oscar Riveroll

“Last year we informed you that we were expanding our office building in Independence Village to better serve the people of the south and we were venturing into Belmopan to serve the people of the west and our capital city. I can proudly say today that the expansion project is well underway and should be completed before the end of this year, if all goes according to schedule. Our presence in Belmopan is about to come into fruition with the start of construction of our Fred Smith building where a state of the art credit union will be housed in the third floor, complete with the latest in technology.”

Clement Usher

Clement Usher, Chief Financial Officer, H.R.C.U.

“We are aiming to get the Belize American Credit Union up and running by the end of this year, if all goes according to schedule. This will be yet another major breakthrough for our member owners living in the diaspora, hence the reason for HRCU’s involvement. The other matter of importance to all of us is that we have recently been able to secure our correspondent banking relationship.”

Duane Moody for News Five.