Phil Hogan (Carlow-Kilkenny, Fine Gael)

I envisage a massive surge in political support for this group of amendments, particularly the later one proposing lower case "t." The people of Kilkenny will rise up in adulation.

I will make a general point on the substance of the amendments. Some of the interpretation and adjudication will be carried out by IAASA, others by the Financial Regulator. The Minister of State will be aware that I am seriously concerned about the number of regulators in the country. Genuine confusion is creeping in over the number of obligations on businesses and consumers alike and over which regulator is responsible for which sector. The State, inadvertently or otherwise, is allowing empire-building by regulatory bodies in addition to their regulatory functions. In the budget, the Minister for Finance announced a number of measures to reduce the regulatory burden on small business, which I welcome. Some 8,000 businesses of 250,000 in the sector will benefit, which is a welcome start, as I said during the course of the debate on the Financial Resolutions.

This Bill provides for two bodies to adjudicate on transparency and financial control over shares, debentures and investments, which is a perfect example of the objective criticism I have had of the regulatory regime in recent years. The time has come for synergy among regulators and, indeed, the Competition Authority. Various professional studies have been carried out by the Competition Authority recently. One such study into the Commission for Energy Regulation proposed a review of the structure of electricity and gas prices, rather than the substance of whether an increase in energy prices was appropriate. Within days, the Commission for Energy Regulation decided to have a second look at the file and, instead of a massive increase of 34%, imposed an increase of 23%, for which we were supposed to be grateful. The same regulator stated it could only set prices on an annual basis, which would have meant no further review until September 2007. Regulators ended up with egg on their face after that decision and the time is appropriate for the Minister to review the role of the regulators, particularly those which affect the competitiveness of the country and the disposable income of households. They should be forced to work with greater synergy, rather than having separate legal, financial and accountancy departments to make their decisions.

At a time when the Minister of State is discussing the consolidation of company law, there is significant scope for the consolidation of these matters. On Committee Stage, I tabled a number of amendments to this effect, but they were ruled out of order on the basis that they would incur a charge on the Exchequer. I tabled them on the basis that they would save the Exchequer money. Fewer people need to be involved in the regulation of taxis, aviation, energy or telecommunications whereas the Financial Regulator and the IAASA have been mentioned in this context.

I hope that the Minister of State understands the context in which I am speaking and that when we address these issues, we should bring a number of the regulators before the committee to determine what they are doing daily and how it impacts on business and the disposable income of ordinary householders.

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