042 9321766
B.H.K. Credit Union Annual Schools Quiz 4th February 2011
B.H.K. Credit Union held its Annual Primary Schools Quiz in St. Oliver Plunkett N.S. on Friday 4th February 2010 at 8 pm. Following on from the success of last year, the quiz involved 8 teams from the 4 Primary Schools located within the Blackrock, Haggardstown, Kilkerley and Knockbridge areas. Each team consisted of four pupils.
Cash prizes and plaques were up for grabs. Two competitions were held on the night, Competition A was held for teams aged under 11, while competition B is for participants aged under 13.
Following a very close competition, Haggardstown School emerged as winners of both Competition A and B and progressed to the next stage of the competition hosted by Chapter 5.
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pictured with quizmaster Frank McQuaid and Joe Flanagan, Director |
pictured with quizmaster Frank McQuaid and Joe Flanagan, Director |
Poster Competition 2010
5th and 6th class pupils from the local national schools were once again invited to take part in the local level of the Credit Union Poster Competition. This year´s theme was "Local, Trusted, Serving you"
| Blackrock school | Haggardstown school | Kilkerley school | Knockbridge school | |
| First | Jane Connolly | Chloe Sharkey | Jack Lynch | Grainne Murphy |
| Second | Ben Mooney | Isobel Jones | Shannon Griffin Callan | Matthew Devin |
| Third | Holly Kresa | James Campbell | Emmet Kirk | Niamh Byrne |
JANE CONNOLLY
Blackrock School
A.G.M. 2010
The Annual General Meeting of B.H.K. Credit Union Limited took place on 30th November 2010 in St. Oliver Plunkett N.S. at 8 pm
Chairman's Address, AGM 2010
The Chairman, Michael Corrigan delivered the following report:
Dear Member,
This November we review a year during which Credit Union members and Irish people at large, have faced great uncertainty and turmoil in terms of employment security, family income and capacity to meet financial commitments.
The challenges which BHK Credit Union faced into for 2010 were well flagged a year ago when it was deemed prudent to make unprecedented provision for possible bad debts with the consequent decision of the Board not to recommend a rebate of interest. That decision proved wise, as the past year has seen many borrowers struggle to keep repayments up-to-date.
As the accompanying accounts show and, as the Treasurer's and Credit Committee reports explain, the level of borrowing has shown a marked decrease in the past year. There are two explanations for this trend. Firstly, many members have a very sensible reluctance to commit themselves to borrowing when future income may be uncertain. Secondly, all loan applications must be subject to close scrutiny by the Credit Committee to ensure that borrowers do not overstretch their ability to repay and that their borrowing is prudent in their circumstances. There is also, unfortunately, the fact that some members are in the difficult situation of having Credit Card and other commitments which did not seem a great burden three years ago.
As interest paid on loans constitutes the main element of Credit Union income, it follows that any reduction in borrowing activity, coupled with overdue repayments, will have an adverse effect on the end-of-year surplus.
The end-of-year examination of accounts for 2010 by our Treasurer, Manager and Auditor have indicated a healthy surplus but once again the issue of provision for bad and doubtful debts has arisen, with prudence (and regulatory imperatives) dictating that we make provision this year for €90,000 bringing the total provision for bad debts to €715,000. Having made this provision, the Board has decided to set aside the remaining surplus for future distribution and not to recommend a dividend payment this year. This will be a disappointment to many members but the positive aspect of good provision is that we have a safe, strong and confident Credit Union going into the future. It also makes it more likely that we will be in a dividend-paying position in 2011 and thereafter, though economic circumstances outside our control may dictate otherwise.
Throughout the year Staff and Credit Control Committee engaged continually with borrowers who found difficulty keeping to their loan repayment schedule. Every effort was made to accommodate borrowers circumstances. At the end of the day the Board has responsibility to the membership at large, regulatory directives must be adhered to and loans must be repaid, in fairness to other members. While most borrowers have responded positively to the Credit Control Committee´s efforts, the Board has, unfortunately, had to take legal action in an attempt to recover a small number of loans.
The Future. Difficult circumstances can often stimulate fresh ideas and approaches. Indeed they may require fresh approaches if institutions are to survive. Addressing the National Supervisors Forum recently, the Registrar of Credit Unions, James O'Brien stated: "These are difficult times. The financial and economic environment has changed beyond recognition in a short space of years. In this context Credit Unions must sit up and take notice of what is happening around them." Again, speaking to The Credit Union Managers' Association in September, the Registrar warned : “···it is becoming more clear that the high dividend-driven business model of many Credit Unions is no longer sustainable. The level of dividend paid can no longer be seen as the sole performance indicator.” These comments encourage us to ask if the services which our members found useful in 2000 are adequate for the needs of 2011? What other appropriate performance indicators could there be? BHK is well placed to address these issues in the coming year. Your Board of Directors will be revitalised by the election of three new members (to replace three retiring members) and hopefully their wisdom and enthusiasm will complement the experience and huge contribution already being made by the existing Board members.
In the upside-down financial world of today the Credit Union presents the most stable, transparent and sustainable financial model for ordinary people. We encourage BHK members to “work” their Credit Union. Save regularly, borrow prudently repay on time and let staff and directors (your representatives) know your needs. BHK is YOUR Credit Union. There are no faceless bond holders or institutional investors.
To participate fully in the workings of your Credit Union it is important, if you can at all, that you attend the AGM in St. Oliver Plunkett School, Blackrock on Tues. 30th. Nov. at 8.00pm. Attendance will afford you the opportunity to hear the presentation of accounts, to ask questions and to meet Directors and fellow members.
Appreciation: As outgoing Chairman I would like to express my thanks to Mary Keenan, Manager, and to her staff, Deirdre, Melanie, Mairead and Yvonne for their loyalty, efficiency and courtesy at all times. Thanks to all my colleagues on the board of directors who worked exceptionally as a team throughout the year, with special thanks to the Treasurer, to the Secretary and to members who took on additional duties on various sub-committees. On behalf of the Board I would like to thank our Auditors, Liam McGailey and Gillian Collier not just for their work on the end-of year accounts but also for their valuable advice to Pat and Mary when called for throughout the year. Finally, may I wish you and all our members well in the year ahead.
Michael Corrigan Chairman, Board of Directors.