Credit union boss wins car in prize draw held by his own credit union

A CHIEF executive of one of Dublin’s biggest credit union groups has refused to comment on a car he won in a prize draw within his own credit union.

Seán Staunton, chief executive of Progressive Credit Union in north county Dublin, is listed as the winner of an Opel Corsa in a prize draw in July 2014, the Irish Mail on Sunday can reveal.

Following a lengthy investigation by this newspaper, which subsequently prompted a review of credit unions’ activities nationwide by the Central Bank, Progressive Credit Union has confirmed that its officers won prizes in the past, but they have not been

‘All members are invited to attend’

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.

‘All car draw winners are posted on our website, our social media accounts and in branch,’ it said in a statement.

‘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.

They are held in the public area of one of our branches, or at our AGM. Our IT providers facilitate the draw and a member of the public is asked to start the electronic draw.’

Progressive continues to hold a monthly draw to win a brand new Opel Corsa. Mr Staunton, 42, who resides in Malahide, failed to answer queries by phone and email.

When later approached in person by the MoS, Mr Staunton refused to respond to any queries about winning the car.

The Castlebar native now drives an Opel Insignia.

He was appointed in 2009 as chief executive of Progressive Credit Union, which has branches in Balbriggan, Baldoyle, Donabate, Glasnevin, Rush, Skerries and Swords and counts more than 46,000 members across north Dublin.

Member savings now amount to €142.5m.

Progressive Credit Union reported total assets of €163.9m in its 2017 financial accounts, and reserves of €21.7m.

Over the financial year 4,582 members joined the credit union – a 180% growth on its previous financial year.

The lengthy probe by this newspaper found more than half a dozen management figures at credit unions throughout the country have won their own membership draw.

Shortly after the MoS probe, the Central Bank conducted a review into how prize draws were conducted in credit unions nationwide.

It revealed the questionable practices of some credit unions, where some staff, including directors, won cash prizes – as well as cars – after entering draws they themselves oversaw. Of the 276 credit unions nationwide, the Central Bank found that 128, or 46%, operate a prize draw, and a litany of poor practices were documented.

Some 30% of directors won prizes, along with 31% of staff – with the number of cars won overall valued at €1.7m.

Some 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 all credit unions some €39.1m was paid out in prizes.

The Irish League of Credit Unions has warned that any credit unions running prize draws should do so only strictly in line with current Central Bank regulations.

‘Credit unions paid out €39.1m in prizes’