Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

The point of this legislation is to regulate abuses that arise in the sector. This is not to police prices or profit margins. This has arisen from a concern that people in a strong position can apply unfair rules in the way they deal with particular suppliers that are in a more vulnerable position. We are seeking to deal with that.

As I stated earlier, the Deputies are raising issues of what appropriate financial disclosures should apply. We cannot have financial disclosure obligations for one sector and not another. The financial disclosure obligations are set out in law and I have described them. Enterprises are obliged to meet their obligations under company and tax law. Those regulated under this provision will be obliged to meet their obligations in respect of unfair practices and fair contract terms. That is the limit of what this legislation does.

As I have stated already, if we start to introduce various alternative financial disclosure requirements from those that apply elsewhere in the European Union we would raise real issues in respect of how companies see themselves treated in different countries. We are in a competitive environment and we should comply with the level playing field provided by EU provisions in this area. They are fair and reasonable and they apply throughout the European Union. This Bill is trying to deal with what are potential abuses in the way in which smaller suppliers could be treated in respect of their practices.

Obviously there is a wider issue relating to people wishing to know how prices compare here and there, and that is a perfectly legitimate interest. On Second Stage we discussed several surveys conducted by the National Consumer Agency and individual players who examine prices hither and yon. It is perfectly valid to show people where value is and is not to be found. That is a legitimate way to improve information in the marketplace. However, requiring the publication of returns or profit margins in a particular sector is not what this Bill is about.