DUBLIN, Ireland–A CEO of a credit union here is under scrutiny after it was discovered he won the car his credit union was awarding as part of a prize draws.
As CUToday.info reported, prize draws are a common practice of Ireland’s credit unions and have been receiving negative attention following an investigation that found in approximately 30% of drawings for prizes, the winners are CU employees and directors.
The review, released by the Central Bank, which regulates credit unions in Ireland, said it reviewed prize draws at credit unions between October 2014 and March 2017, found poor practices relating to prize draws across a raft of credit unions, according to The Irish Times.
Now it has been discovered that Seán Staunton, chief executive of Progressive Credit Union in north county Dublin, won an Opel Corsa in a prize draw in July 2014, according to Extra.ie. The publication said its investigation found Progressive Credit Union confirmed its officers won prizes in the past, but they have not been allowed to enter the draw since November 2016.
“A spokesperson for the credit union said that the details of those who won prizes were published ‘in the normal way,’ and Mr Staunton’s win remains listed online,” Extra.ie reported.
The credit union provided a statement to Extra.ie that said, “All car draw winners are posted on our website, our social media accounts and in branch. We advertise where and when our car draws are going to take place and all members are invited to attend through social media and in branch advertising.”
Progressive Credit Union reported it continues to hold a monthly draw to win a brand-new Opel Corsa.
Extra.ie reported that after a “lengthy probe by this website found more than half a dozen management figures at credit unions throughout the country have won their own membership draw.”
Extra.ie noted the Central Bank report found 85% of credit unions allowed staff and directors to participate in draws, and 17% had never had the draw reviewed by an internal or external audit.
Across Ireland, participating credit unions paid out €39.1 million in prizes.