Michael Ahern (Cork East, Fianna Fail)

Deputy Hogan also referred to the Central Bank and the Competition Authority. These matters are of concern but do not concern this Bill. The Deputy also referred to the IFSC and the financial services sector. This underpins a number of provisions in this Bill. We must ensure the IFSC is controlled and maintains its reputation.

Changes sought by Deputy Hogan to ensure the benefits of competition are passed on to the consumer will be considered in the context of the consumer competition legislation, as opposed to this amendment which deals mainly with company law matters. Deputy Hogan mentioned that prices had risen by approximately 10% in the last year or so. Interestingly, another spokesperson from Deputy Hogan's party claimed during the summer recess that, based on a survey carried out by Fine Gael, the price controls which had come into operation had no benefits for consumers. When this survey was examined, it was revealed that none of the items covered ever came under the price control order so I hope the figure of 10% is not based on a similar survey.

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