Brian Stanley (Laois, Sinn Fein) | Oireachtas source

I move amendment No. 2:

In page 7, to delete lines 30 to 41 and substitute the following:" 'major sanction' means a direction to a specified body that the specified body pay a sum, as specified in the direction, but not exceeding 12 per cent of the turnover of the specified body, to the Commission by way of a financial penalty for improper conduct, by the specified body, specified in the direction;".

I will outline this as clearly as I can. The difficulty with the working of the Bill is that for smaller companies, namely, medium-sized companies, it may impose a disproportionate burden. The Bill proposes the imposition of a maximum of €50,000 and 10% pro rataon the turnover of a body, but we propose as more effective a figure of 12% to reflect the turnover, profit margin or scale of a company. To take the example of Britain, the Office of Gas and Electricity Markets, Ofgem, has the power to apply substantial fines on retail gas and electricity gas suppliers. To reflect more what is happening or is likely to happen, we propose this amendment as we believe it is fairer, a more proportionate way of doing things and that it will be more effective. It is in that spirit we offer this amendment for consideration in the round of matters.