HRCU Rejects Tracy Taegar-Panton’s Claims Over BEL Business Relationship

The Holy Redeemer Credit Union (HRCU) has rejected statements made by Leader of the Opposition Tracy Taegar-Panton regarding its business relationship with Belize Electricity Limited.  In a strongly worded release, HRCU accused Taegar-Panton of attempting to malign the institution through information she published on Facebook.  The credit union explained that its financial relationship with BEL is not new. It has invested in BEL debentures since July 2003, earning more than twenty-four million dollars in interest over the years.  A debenture is a form of long-term financing through which an institution lends money to a company and earns interest in return.  HRCU says all its investments in BEL debentures are included in its audited financial statements, which are presented to member-owners at its Annual General Meetings.  The credit union also confirmed that BEL approached it in October 2023 for an additional investment in debentures. HRCU says it instead chose to offer BEL a loan facility as part of an effort to expand its loan portfolio.  HRCU maintained that no transaction is conducted without passing through established approval procedures. It also cited Section Thirty-Two of the Credit Union Act, which restricts auditors, directors and officers from disclosing confidential information.  The institution says it is regulated under the Credit Union Act and supervised by the Central Bank of Belize. The union notes that the most recent onsite inspection by the Central Bank was conducted between August and October 2025.  For good measure, HRCU added that it has investments in BEL, Belize Water Services, the Belize Tourism Board, the Belize Airport Concession Company, Treasury Notes and Hydro Belize Limited. Those investments reportedly earn more than fifteen-point-three million dollars annually.  The credit union also holds more than one hundred and nineteen million dollars in commercial bank term deposits.