Newstalk
Newstalk

10.54 9 Mar 2018


Share this article


A report into credit union prize draws is being likened to an episode of 'Fr Ted'.

The Central Bank has found almost one-third of prizes raffled by branches that operate prize draws - which is around 46% of credit unions - were won by directors or staff members between October 2014 and March 2017.

The bank asked some 300 credit unions how they run their prize draws, and it followed up with on-site inspections in 34 branches.

The inspection and survey revealed very poor documentation in a number of credit unions.

An issue was also raised about whether or not auditors - internal and external - are actually reviewing how credit unions operate the draws.

The review was launched following the €2m financial scandal surrounding the now-bust Rush Credit Union.

Allegations were also made that some members of Rush Credit Union were entered into car draws without their permission or knowledge.

Personal finance editor for the Irish Independent, Charlie Weston, says it is an own goal for the sector.

"These car draws, and draws for cash sometimes, they generate a lot of revenue for credit unions.

"But there's an issue around whether that money is being returned to shareholders - the Central Bank is suggesting that money should be returned to the members of credit unions, who are shareholders".

"It does resemble an episode from Fr Ted where he ran a car raffle and he manipulated it so that he won the car.

"The good credit unions who do a very thorough and professional job in running a prize draw will be impacted by this, so it's very unfortunate.

"It really does seem to be a ridiculous own goal that the credit union's to have scored".


Share this article


Read more about

News

Most Popular

Live: Title

Now playing

00:00:00 / 00:00:00
Added to queue
Removed from queue

On Air

Share

Share


Up next

Episode title
Show
Duration

You currently have no podcasts in your queue.

Go to podcasts

On Air

ON THE RECORD

ON THE RECORD

11:00-13:00

Share

Up next

OFF THE BALL

OFF THE BALL

13:00-18:00

Share

TECH TALK

TECH TALK

18:00-19:00

Share

TALKING HISTORY

TALKING HISTORY

19:00-20:00

Share

TALKING BOOKS

TALKING BOOKS

20:00-21:00

Share

UNDER THE COVERS

UNDER THE COVERS

21:00-22:00

Share

THE TOM DUNNE SHOW

THE TOM DUNNE SHOW

22:00-00:00

Share

BEST OF NEWSTALK

BEST OF NEWSTALK

00:00-06:00

Share

BREAKFAST BRIEFING

BREAKFAST BRIEFING

06:00-06:30

Share

BEST OF BREAKFAST BUSINESS

BEST OF BREAKFAST BUSINESS

06:30-07:00

Share

NEWSTALK BREAKFAST

NEWSTALK BREAKFAST

07:00-09:00

Share

BEST OF THE PAT KENNY SHOW

BEST OF THE PAT KENNY SHOW

09:00-12:00

Share

LUNCHTIME LIVE

LUNCHTIME LIVE

12:00-14:00

Share

00:00:00 / 00:00:00

Share on