The RTÉ Credit Union has rejected suggestions that it could be in difficulty and stressed that it is financially stable after informing its members earlier today that its Member Prize Draw was being suspended.
It has confirmed that the draw was postponed after issues were detected in relation to records of members' consent to be included in it.
In this morning's communication to its 4,630 members, the Board of Directors said it was currently engaged in a review of its policies and procedures, including those relating to the Members Prize Draw.
"The board of directors has decided to suspend the draw with immediate effect for the duration of the review," it stated.
"Contributions from Shares to the Members' Prize Draw will not be processed until the draw resumes."
Following a number of queries, the RTÉ Credit Union confirmed this evening that following an internal audit review, a question arose regarding whether it had the appropriate consent of members to be included in the prize draw.
"We are currently reviewing this issue and, in keeping with best practice, the Board of Directors have taken the decision to suspend the draw while the review is being carried out," it said.
It indicated that the board intends to recommence the draw "as soon as all aspects of the review are complete."
It said today's move had no bearing on the day-to-day operations of the RTÉ Credit Union, which is adequately capitalised at €13 million, with reserves at 15.6% of assets, and assets of €86 million.
"We are a financially strong and stable credit union", the statement continued, noting that savings continue to be guaranteed by the Government Deposit Guarantee Scheme up to €100,000.
An update to members from RTÉ Credit Union Chair Denis Foley this evening noted there had understandably been requests for further information as to why the draw had been suspended.
Mr Foley said that for some time, the Board of Directors had been engaged in a root and branch review of all policies and procedures to ensure they were up to date and fully compliant with regulations.
He confirmed that an internal auditor's review had identified gaps in records of members' consent to deduct the participation fee in the draw.
"We cannot continue with the draw until those gaps in our records have been corrected", it said.
"Please let me reassure you: there is no question of any impropriety, and all prizes have been fairly awarded to randomly selected winners.
"The draw will resume as soon as possible," the update concluded.
