Éamon Ó Cuív (Galway West, Fianna Fail) | Oireachtas source

The dominant factor in determining the market price for saw log is supply. In times of tight supply, prices go up. If, for example, the major supplier of logs was to withdraw from the market in the morning, the price would go through the ceiling. I do not go along with European ideas on competition law. The EU believes competition is the solution to all ills. My personal belief is that the root of the financial crisis in Europe was an over-reliance on competition in the banking sector. The belief was the sector would self-regulate and that competition would ensure none of the players in dominant positions would make foolish decisions.

It is onlypost-factumthat people distrusted their ability to look after their own money. I do not agree with the general idea that unbridled competition by very powerful players should not be regulated in Europe. What has caused the greatest damage to people is the dogma of competition. I will park that matter for discussion on another day.

If what I propose were to be amended to read " to encourage and facilitate the development of a competitive timber industry and the creation of jobs in rural Ireland" and second, "to promote and facilitate the provision of a sufficient supply of sawlog to meet the requirement of the timber industry", would the Minister of State accept that proposed wording?