One of the banks that is in a holding pattern for that correspondent connection is Heritage Bank. And they've also got Citrus Products of Belize Limited
doing the same as that company waits for 5 million dollars in bridge financing to pay off farmers. The debts to the farmers have been mounting, and CPBL
is well past due with payments. The Prime Minister explained yesterday that Heritage Bank has approved the loan, but the Central Bank has not.
Rt. Hon. Dean Barrow, Prime Minister
"The meeting is now is set for tomorrow as I understand it where it is absolutely certain that the board will have a forum and I think that the
additional documentation that is required from Heritage by the Central Bank would have certainly be forth coming by the time the board meets tomorrow.
I therefore hope and believe that the Central Bank will be able to approve the balance of the amount in terms of what CPBL originally applied for but
which already has seen 3 and a half million dollars given over to CPBL."
"According to CPBL if they get the balance, that will see them all the way through to the time when the flows, when there are payments for their export
start coming in at which time they can both continue to pay the farmers and being to take care of the repayment of however much Heritage final analysis
would have advanced them. Ultimately this government will not stand by and see CPBL unable to obtain that short term money. So if we absolutely have
to, we will again advance at least a portion of the difference that CPBL now wishes. I hope that the Central Bank will approve the application and
there will be no need to come to government; but it's a matter for Central Bank board, we don't interfere with the Central Bank board. I am able to
express confidence that they will approve the application and that will take care of the problem."
The Central Bank had to get involved because CPBL's assets – which would secure the loan - are already mortgaged.
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