The Minister for Finance, Mr McCreevy, has strongly refuted claims that the new Irish Financial Services Regulatory Authority (IFSRA) would be "toothless" on consumer regulation.

Addressing an audience of bankers at the annual lunch of industry body Financial Services Ireland, Mr McCreevy said an improved focus on consumer interest was "of paramount concern" to the new authority.

The Minister continued by implicitly defending the recent appointment of internal Central Bank candidate Ms Mary O'Dea as consumer director designate at IFSRA. He said Ms O'Dea had "already begun a programme of work to develop a renewed focus on consumer issues", referring to a number of meetings between Ms O'Dea and consumer representatives, including the Consumers' Association.

The Consumers' Association has been outspoken in its criticism of what it views as Central Bank dominance at IFSRA.

Mr McCreevy rejected such concerns as unfounded yesterday. "I am confident that the new authority has now embarked on a course of action which will deliver real and meaningful results in terms of improved consumer protection," he said.