The Broadcasting Authority of Ireland is to ask the Government to introduce a law setting up a register of financial interests for radio and television presenters.

A new code on fairness and objectivity in news for broadcasters published today failed to include a register of interests because of data protection concerns and the lack of a legal basis, the authority said. But the authority wants to see the register set up.

"We probably would have preferred if we had the legal capacity to do it but I'm satisfied with the fact that we have identified it as a desirable objective," said Bob Collins, chairman of the authority.

The new code also precludes radio and televisions presenters from expressing their own personal opinion in a current affairs debate. “A significant mistake shall be acknowledged and rectified as speedily as possible, in an appropriate and proportionate manner,” the code says.

It says broadcasters should have “appropriate policies and procedures” for dealing with contributions made via Twitter or other social media. The authority said it would hold workshops with broadcasters over the coming months on this issue and would draw up guidance notes outlining more detail on the use of social media.

The code was drawn up as a result of a requirement under the 2009 Broadcasting Act. A draft code was published in February 2012 and 79 submissions from interested groups, including political parties and broadcasters, made submissions before the final code was drawn up.

Recent information on salaries of RTÉ presenters, some of whom are paid up to half a million euros, has prompted widespread debate.