Toymaker Mattel has issued its fourth recall in six months, recalling more than 55,000 toys in Canada, the U.S., Britain and Ireland because of high levels of lead paint found in the products.

Mattel is recalling Fisher-Price brand Go Diego Go Animal Rescue Boats. About 5,500 of the toys were sold in Canada since June 2007.

The toy, an orange-and-yellow boat that squirts water, was manufactured in China and sold in the four countries between June and October. The surface paint on the logos of the boats contains lead in excess of permissible levels, the manufacturer says.

There have been no injuries reported.

Consumers are being advised to return the toys to Fisher-Price and they will be issued a free replacement.

This latest recall by the world's largest toymaker has led the European Union to undertake a two-month review of its own toy safety rules, due to be completed next month, reports Reuters.

"I will discuss proposals for specific actions with my colleagues in the Competitiveness Council (of EU states) on 22 November 2007," EU Consumer Commissioner Meglena Kuneva said in a statement.

Mattel has seen more than 21 million of its toy products made in China recalled in recent months, over excessive levels of lead paint, tiny magnets that could be swallowed or other potentially serious problems.

On Wednesday, Mattel Inc. chairman and chief executive Robert Eckert said his company has "significantly increased'' spot testing and other safety protocols after the recall of more than 20 million products made in China.

He said the company has a new "three-point check system'' meant to ensure that toys are not made with excessive levels of lead paint.

The system requires all paint to be tested before the manufacturing process begins and it applies to every vendor, contractor, subcontractor and paint storage facility. Mattel also banned contractors from outsourcing work to other locations, he said.

He described the controls as "evolutionary, not revolutionary.''