Statement from Irish League of Credit Unions in relation to publication of Central Bank report:
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.