The Consumers' Association of Ireland has called on the Central Bank to divulge the circumstances where a banking licence would be withdrawn. Ms Caroline Gill, chief executive of the association, said yesterday that she was looking for information "on the basic principles of supervision".

She questioned the message that was going out when "one institution can admit serious fraud and yet have no sanctions taken against it". She said that the Central Bank could state that it "discourages applications for banking licences unless it is fully satisfied as to the status of the applicant".

"If it can tell us that, the corollary is that it must also be able to tell us when, and at what stage, they consider that licence should be withdrawn," she stated. Ms Gill also renewed her call for the consumer to be represented on the board of the Central Bank, saying it would be a confidence-building measure in the financial arena.

"In the UK, the Bank of England has consumer representation at board level. Inter alia, they are involved in reviewing the banks' financial management and reviewing the banks' internal financial controls. There is no reason why the British consumer should be better protected that his Irish counterpart," she stated.