BHK Credit Union annual meeting

The annual general meeting of BHK Credit Union took place on Monday January 29 last in Saint. Oliver Plunkett National School.

Chairman Joe Flanagan welcomed those present to the meeting and presented the Directors Report for the year ended September 30 2017. Some highlights of the report include:

· Membership increased by 212 during the year.

· Lending increased by 4%. Low loan demand, loan default and very low returns on investments are the principle risks and challenges facing the Credit Union. Also increased pressure to maintain a Regulatory Reserve of 10% of assets has led to a decision by the Board of Directors to cap shares at €25,000.

Despite the challenges, BHK returned a healthy surplus for the year and the Board proposed a 0.1% dividend on shares and a 7.5% loan interest rebate, which was approved.

New services including Online Banking and an Electronic Fund Transfer facility which allows the transfer of funds to a designated bank account and the payment of utility and other bills are proving popular with members.

A number of successful marketing initiatives were launched throughout the year which included:

· Loan Sale throughout May, June and July (rate 6.99 p.a.)

· Educational Loan – ongoing (rate 5.5% p.a.)

The Board of Directors of BHK Credit Union Ltd is continually considering how best to safeguard the future interest of the members. With restructuring of credit unions becoming commonplace in recent years BHK Credit Union has been actively discussing the possibility of a merger with like-minded Credit Unions. A special resolution was approved unanimously by the members to allow any merger to proceed by Board Resolution.

Tribute was paid to Paddy O’Connell and Betty Maguire who passed away in 2017. Paddy served on the Board Supervisory Committee from 1988 to 2002 and Betty served on the Board of the Directors from 1995 to 2007 and also acted as teller at the Kilkerley Collection Centre for many years. They both made valuable contributions to the development of BHK Credit Union.

Director Brendan Howard delivered a comprehensive report on the Financial Statements for the year ended September 30 2017. Interest on members loans had decreased slightly from 2016 and investment income had reduced significantly, largely due to the low investment rates currently available.

Eight outgoing Directors and one Board Oversight Committee member were re-elected.

Ten lucky members took home cash prizes in the free members draw. Total prize money €1,000.

The Chairman thanked the members for their attendance and continued support to BHK Credit Union.

Scoutden

The scout den on the seafront is in need of remedial work, and the local sea troop is actively seeking funds.

They are renewing an application to the Louth Leader Partnership to help defray the cost of repairing the roof of the building. The inside of the den is also in a poor state, and the building is without heating.

GolfSocietyplans forseason

The Bayview golf society reviewed their silver jubilee year, and looked forward by making plans for the new season ahead at their annual general meeting during the last week.

David Kelly will lead the society in the coming year, with Ciaran Traynor installed as vice-captain. Tommy Lennon was returned as honorary secretary, and Declan Rafferty continues as honorary treasurer.

The out-going committee was re-elected en-bloc, including Brendan Sharkey, Larry Tuite, Brian Ward, Richard, Ed and Mickey Smyth, Noel Reid, Dave Freeman, Barry O’Hanrahan, Gerry Daly, Donal Lynch David Kelly and Ciaran Traynor.

The meeting was very well attended with 26 of the current 36 members present. New and old members are very welcome to join.

An extra outing has been arranged this year, with a total of eight for the members to enjoy, with the first taking place in Dundalk on April 21, with a tee off at 2.30pm.

Dundalk will also be the venue for Captain David Kelly’s prize which is fixed for July 28.

The playing schedule also includes two visits to Ballymascanlon, and other courses on the programme are Greenore, Ardee and Mannan Castle, with a final outing possibly to Carton House on which a final decision will be made.

Gers lotto

There were two winners of the match three prize of €200 which they share. But the jackpot was not claimed in the Geraldines lottery and rises to €17, 600 this week.

The joint prize-winners were: --Una Mackin Dunmahon and Niamh Thornton Old Golf Links Road.

The numbers drawn were: 3, 7, 18 and 25.

Fashionshow

The Parents Committee are planning to stage a fashion show to raise funds for Saint Oliver Plunkett School.

The date has been arranged for Friday, April 20, and the venue is Dundalk Golf club, where the body held very successful similar events in recent years.

More details will be announced as the date approaches.

Churchand graveyardworks

Close on €500,000 was spent on the parish’s two churches and the building of the new columburial wall in Saint Fursey’s cemetery during the financial year to the end of March.

The financial statement for the preceding 12 months, reveals that a total of €487,243 was expended on the renovations to Saint Oliver Plunkett Church and the first phase of remedial works to Saint Fursey’s Church, plus the construction of the columburial wall. The wall stores cinerary urns.

Some €90,599 was raised in the financial year to fund the renovations to Saint Oliver Plunkett Church.