Noonan cautious on implications of FF finance proposal

Minister for Finance Michael Noonan has said he accepts the principle of an FF Bill to name financial institutions that have treated their customers unfairly.

He was speaking during a private member’s debate introduced by FF finance spokesman Michael McGrath on his Central Bank and Financial Services Authority of Ireland (Amendment) Bill. Mr McGrath said the ombudsman should have the powers to “name and shame” institutions that breached fair treatment requirements.

The Minister said that while the Government “fully supports the policy objective . . . the provisions on ‘naming’, if not carefully crafted, could have negative implications for both consumers and financial service providers”.