NoRegretsCoyote
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Prize draws are self funded.prize draws
Prize draws are self funded.
The Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 lists ‘Regular draws’ as item 13 of Schedule 2, stating that:
(a) the credit union may carry out regular draws for which members are eligible to enter on payment of a regular subscription,
(b) condition to be fulfilled— such draws must be conducted on a break-even basis.
The draws themselves are on a break-even basis but the marketing has a cost.
Navan Credit Union (for example) spent €210k last year on promotions, advertising, donations and sponsorship.
Presumably some of their staff costs of €2.5m are related to administration of promotions too.
I'm not a CU member so I don't really care. It just seems odd to be capping deposits when spending so much on ancillary stuff.
You do realise they have to advertise their products and services? I wouldn’t necessarily call marketing ‘ancillary’.
It's a lot to spend if you're the monopoly provider of credit union services in the area.
Ah yea, I suppose they have no competition from the banks or moneylenders.
That's why I specifically said "credit union services".
I'm not a CU member, but if I was I'd prefer no cap on deposits than the chance to win a new car or whatever.
What are “credit union services”? Your point is clearly wrong
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