Joan Burton (Dublin West, Labour)

Is the Taoiseach happy with how the various regulatory bodies are operating? Serious concerns arise in respect of a number of them. We touched on the fact that, since we established an energy regulator, most of the companies selling energy raised their prices last year to an extraordinarily high level. This year, having imposed huge increases mistakenly, many of which were unnecessary and drove inflation, the Commission for Energy Regulation is proposing to reduce some prices. However, the reductions will by no means be as great as the increases. The Irish inflation rate is now at the top end of the European scale and a key element in driving it has been the manner in which regulation has taken place in the energy sector. This is but one example.

There was recently an international credit crisis and credit crunch. An extensive system of financial regulation was established in Ireland but it was not enough to prevent a number of spectacular collapses in the International Financial Services Centre and among companies offering special investment vehicles. It turned out that these companies and their investment vehicles were not regulated. Can the review about which the Taoiseach is speaking be in any way meaningful if it does not take account of the effectiveness of regulation, particularly in respect of the prices regulators allow their respective industries or service providers to charge? Does the Taoiseach propose that the review should take account of this?

I do not want to address the issue of public transport but one should consider the role of the Commission for Taxi Regulation. I do not know when the Taoiseach was last in a taxi or whether he noted how dirty and expensive some of them were. Our taxi fares are among the highest in Europe. It costs between €8 and €10, at a minimum, to travel during the day between the canals in this city, a journey of less than three miles. Many taxi drivers offer a great service and a great running commentary on the whole political system. It is great fun——

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