Oireachtas Joint and Select Committees

Wednesday, 24 April 2013

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance

Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage

8:30 pm

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael) | Oireachtas source

I will have a look at this again between now and Report Stage and will take all the views expressed here into account. The reason for having three complaints as the test for publication is that to publish with a lesser number of complaints might have a disproportionate impact on small brokers in a competitive situation in small towns. We could literally put somebody out of business if information was published on the back of one complaint. The financial ombudsman will have to make a judgment that what he or she is doing is in the public interest within the town. In small towns and communities, rumours alone can put people out of business. Three complaints seems reasonable but we will examine the issue again and discuss it further. I am not making a commitment to change, but it is worth examining the points made by Deputy Doherty. I will consult again with the financial ombudsman and we can have further discussion on the matter on Report Stage.

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