Monday 30 May 2016

The last withdrawal from Augustinian Piggy Bank

Published 02/01/2013 | 10:01

IT WAS part of the town for almost 40 years, but mid-November saw the very last withdrawal from the Augustinian Penny Bank.

The final payout was made as security risks, cost effectiveness, adherence to charity law and overall financial supervision and governance meant time had to be called on the savings scheme after 37 years.

The scheme, which has helped thousands of Boynesiders save throughout the year for Christmas, has been part and parcel of Drogheda life since the late Fr Jim Kiely started it, with the help of Martin Daly, in 1975.

In essence, it was an annual savings scheme with a set payout date, allowing members of the public to deposit funds on a regular basis throughout the year and receive their savings back in full towards the year end.

Thousands have used it and its success has been down to the dedication of the staff and volunteers who have promoted it all that time.

Fr Iggy O'Donovan described the Augustinian Penny Bank as 'a victim of its own success', and said it will be greatly missed by the order as well as all those who used it over the decades to save for the cost of Christmas.

Such was the popularity of the scheme, queues could often stretch the length of Shop Street on payout days.

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