ILCU Statement in Response to Thematic Review of Prize Draws In Credit Unions
Posted on: 09 Mar 2018
The Irish League of Credit Unions (ILCU) notes the publication of the Central Bank of Ireland's Thematic Review of Prize Draws In Credit Unions.
It is fully acknowledged that credit unions running prize draws should do so only with appropriate systems and controls in place, and in line with all regulatory requirements.
The report identifies a need for some credit unions to adopt a more thorough and robust approach to operating their draws in line with guidance and regulations. The findings will inform the enhancement and strengthening of policies governing prize draws within credit unions.
Please note that this report examined prize draws, and not car draws specifically. One of the findings was that in 30% of credit unions running prize draws, credit union staff members/ volunteer won prizes over the period Oct 2014 to March 2017. Some media headlines and articles on this aspect of the report have been inaccurate. The ILCU has taken steps to have these inaccuracies addressed.