The Irish League of Credit Unions has said that any credit unions running prize draws should do so only in line with Central Bank regulations.
It comes after a review of prize draws by the regulator found poor practices in some credit unions.
The Central Bank found that, of 128 credit unions reviewed, 59 (46%) operate a prize draw.
Prizes in these draws could include anything from a hamper or a voucher up to a car.
According to the report, 85% of these credit unions allow staff and directors to participate in draws.
It found that, in approximately 30% of credit unions who operate prize draws, a staff member or a director had won a prize between October 2014 and March 2017.
It also found that 17% of credit unions who operated prize draws never had the draw reviewed by internal or external audit.
The Central Bank recommended that the terms and conditions should clarify whether staff, board and volunteers can participate in the prize draw.
It also said boards should consider whether related parties should participate.
In a statement, the Irish League of Credit Unions said it noted the publication of the review.
It said it 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.
It noted that the report identifies a need for some credit unions to adopt a more thorough and robust approach to operating their draws.
The ILCU said the findings will inform the enhancement and strengthening of policies governing prize draws within credit unions.
