March 9, 2018

HSSCU Member Prize Draw update

Member prize draw leafletIn response to the reporting in this mornings press regarding the Central Bank of Ireland’s thematic Car Draw inspection, HSSCU would like to clarify some points around our draw:

Does HSSCU operate a prize draw? Yes, HSSCU operates a prize draw. It costs €2.75 per month to enter and all members over 18 are entitled to join.

Does the draw operate on a break even basis? Yes. Our prize draw operates on the basis that the draw is self funding.

Does the credit union make a profit from the prize draw? No. On occasion we have to circulate members of the draw with updated terms and conditions of the draw, the cost of postage would be applied to the draw fund, and some printing costs relating to publicising Christmas Winners, all other funds accumulated for the prize draw are given back to the members of the draw by way of prizes.

Does HSSCU accumulate funds in the draw? Yes. However, all funds in the prize draw are given out as prizes throughout the year. 2017 seen HSSCU give away 800 prizes of €500 at Christmas instead of the usual 500, this was done to distribute funds remaining in the 2017 prize fund pot.

Can Staff and Directors enter the draw? Yes. However, the draw is operated, using our IT system, by staff who are not members of the draw.

Has an officer of the credit union won a prize in the draw? During the period under review in the Central Bank report, one staff member of HSSCU won a prize of €500 in our Christmas draw. During this period, HSSCU gave away over 1800 prizes.

Has a staff member ever won a prize? Yes. Staff members have won small prizes throughout the history of the draw, any such winners are published in the normal way with their work location on the notice.

Is there an audit trail for the draw? Yes. Our IT system holds a record of all of the draw winners. This is reviewed by both our Internal and External Auditors.

How are prize winners notified? The main prize winner is contacted by phone and all other prizes are notified to winners by post.

How are winners published? All prize winners are posted on our website and our social media accounts.

How are prizes paid out? All prizes are lodged to a members account.