According to a Central Bank report out this afternoon, 30% of prize draws for cars at Irish credit unions were won by either staff or directors. Unprecedented. pic.twitter.com/79arRcDHK8
— Owen Conlon (@ConlonOwen) March 8, 2018
A survey by the Central Bank of 276 credit unions found that the draws were often performed by staff who were eligible to enter without independent supervision.
It found that in 30 per cent of these institutions, prizes were won by either staff or directors over a two-and-a-half-year period to March 2017.
The entry price for such competitions is usually around €100, but some members were entered without their consent and the money deducted from their accounts.
The Central Bank report said: “Draws were conducted by staff, who were eligible to enter the draw, with no independent oversight.
The bank said the practice of individual credit unions operating draws and allowing staff to enter “poses a reputational risk” to the institutions.
It added: “The survey results showed that the majority of credit unions allowed staff and directors to enter the prize draws.