01THE HOUR
Thursday
Thursday 30 April 2015. Belize City. Reconstructed to the day.
Belize Bank lost its correspondent banking relationship with Bank of America on this day, a termination that had been scheduled months in advance and extended once from January. Wire transfers to or from the US ceased for the country's largest bank, and USD bank drafts would no longer clear.
The bank's doors stayed open. Deposits, withdrawals and loans continued at the counter. Credit card services carried on through a separate settlement network, and the Central Bank had confirmed seven days earlier that card services would not be affected.
02THE SEQUENCE
10 Apr 2015
At the Summit of the Americas in Panama City, Prime Minister Barrow said US de-risking was causing a crisis in the Eastern Caribbean. The financial and trade architecture, he said, could not survive the withdrawal of correspondent banking.
22 Apr 2015
Local news reported Belize Bank would lose its Bank of America correspondent relationship effective 30 April. Wire transfers and USD bank drafts would stop. The bank's CEO stated that typical clients who deposit, withdraw, borrow or pay on credit cards would notice nothing different.
23 Apr 2015
The Central Bank of Belize confirmed the loss of correspondent relationships for Belize Bank and Belize Bank International. It named four banks not affected: Scotiabank, Atlantic Bank, First Caribbean Bank and Heritage Bank. Credit card services, it stated, would continue.
30 Apr 2015
Termination took effect: Belize Bank and Belize Bank International lost their Bank of America correspondent relationship for full banking services in USD, CAD and GBP. The termination had originally been scheduled for 20 January 2015; Bank of America extended it to 30 April. The broader public learned of it in the last week of April, though the bank had known since at least early 2015.
25 Jul 2015
A bank's correspondent account with Bank of America closed.
5 Oct 2015
A further domestic bank lost its Bank of America relationship. It was the fourth termination in six months.
By end of 2015
Two domestic banks and two international banks were operating without full correspondent banking services. Non-resident deposits in the international banks fell 29.6 percent.
29 Feb 2016
Community Federal Savings Bank terminated its credit card settlement relationship with multiple Belizean banks. Credit card settlement, which had continued through this institution after the April correspondent termination, lost its clearing channel on this date.

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03THE HIDDEN DEPENDENCY
The correspondent banking relationship was the channel through which Belize Bank cleared international wire transfers in US dollars. When Bank of America terminated it, the bank retained deposits, withdrawals, loans and credit card services, each running on domestic networks or separate settlement channels. The pipe that connected the country's largest bank to dollar clearing abroad was a single bilateral account.
The Central Bank of Belize temporarily processed selected wire transfers for commercial banks that lost their correspondent banking relationships. By mid-2016, the Central Bank itself had lost three of its five correspondent relationships. The backup was subject to the same withdrawal as the commercial banks it was meant to support.
The pipe that connected the country's largest bank to dollar clearing abroad was a single bilateral account.
04WHAT STILL WORKED
CREDIT CARD SETTLEMENT
Belize Bank continued to offer credit card services after 30 April. Settlement ran through a separate US institution, Community Federal Savings Bank, on a network independent of the terminated correspondent account. The Central Bank confirmed on 23 April that card services would not be affected.
DOMESTIC DEPOSITS AND LOANS
Deposits, withdrawals and loans at Belize Bank continued without change. The bank's CEO stated typical clients would experience nothing different.
OTHER BANKS' WIRE SERVICES
Scotiabank, Atlantic Bank, First Caribbean Bank and Heritage Bank retained their correspondent relationships as of 30 April and could process international wire transfers.
05THE DOCUMENT
THE DOCUMENT
23 April 2015
The Central Bank of Belize issued a press release on 23 April confirming that Belize Bank and Belize Bank International were losing their correspondent banking relationships. It named four banks that were not affected: Scotiabank, Atlantic Bank, First Caribbean Bank and Heritage Bank. It stated that credit card services would continue.
The release drew a line between two categories of service. Belize Bank would make its foreign exchange reserves available to the Central Bank to ensure its customers' needs were served. Credit card issuance and merchant acquiring services would continue as usual.
06THE PATTERN LIBRARY
5 of 30 entries shown.
1When one retail withdrawal channel closes or fails, demand concentrates on whichever channel is left open, and the capacity of that channel sets what a depositor can obtain.
Observed: Northern Rock 2007, Cyprus 2013, India 2016, Greece 2015, United States 1933, Argentina 2001, Lebanon 2019, Worldpay 2026, TSB 2018, Afghanistan 2021, Nigeria 2023, Square 2023, United States 2025, Fiserv 2025, United States 2021.
4Domestic payment channels can continue while cross-border wire transfer routes fail. Where credit card settlement runs through a separate institution on an independent network, it may persist after the wire transfer channel closes. In some cases the central bank intermediates selected transfers through its own remaining correspondent accounts.
Observed: Iceland 2008, Germany 1931, Belize 2015.
18A payment abroad can be made conditional on prior approval by a committee working to a ceiling set for the whole country each day, so what a firm can pay turns on the capacity of the approval process rather than on the balance in its account.
Observed: Greece 2015.
19Scarce foreign exchange can be rationed through the commercial banks under published guidelines, with the central bank selling only the net requirement at a daily auction and checking compliance through reporting after the fact rather than approving each payment in advance.
Observed: Iceland 2008.
20A payment instrument issued by a bank in a country under strain can be valid and unusable at the same time, because the counterparty abroad requires a second bank to confirm it, so the trade stops at the confirmation rather than at the instrument.
Observed: Sri Lanka 2022.
CHANGED TODAY: Entry 4 gained Belize 2015 and was refined to cover cross-border credit card settlement continuing through a separate institution after the correspondent relationship for wire transfers was terminated, alongside the existing proposition about domestic channels and central bank intermediation.