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One third of prizes raffled in Credit Union draws won by staff members

One third of prizes raffled in Credit Union draws won by staff members

A damning report into Credit Union prize draws is being likened to an episode of Father Ted.

The Central Bank has found almost one third of cars and other prize draws raffled by branches were won by directors or staff members.

The remaining prizes were won among the 446,000 members who entered the draws.

The report stated that directors, management and staff members were allowed to enter the draws - which had no independent oversight.

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The review was launched following the two million euro financial scandal surrounding the now bust Rush Credit Union.

Personal Finance Editor for the Irish Independent, Charlie Weston, says it's an own goal for the sector:

"The good Credit Unions who do a very thorough and professional job will be impacted by this, so it's very unfortunate."

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