Noel Harrington (Cork South West, Fine Gael) | Oireachtas source

Deputy Andrew Doyle is not in the Chamber as he is chairing a committee meeting. I thank the Minister for his response.

The review of the markets and financial instruments directive is a very complex area. Speculation on food and other commodity derivative markets has significant repercussions not just for producers in Ireland and the European Union but also global consumers. The effect of excessive speculation is contributing to huge price inflation for food, particularly in developing countries. It is not just affecting people’s pockets but is almost a matter of life and death in developing countries. I accept other issues, such as the consolidation of banking in the European Union, will take up much of the agenda at the forthcoming ECOFIN meeting.

However, regulation and supervision under MiFID should be European wide and it should not be left to member states to supervise or regulate their own markets. Over the counter trading must be included in the regulation and not exempted or watered down, and there should be genuine reporting of trading on these markets. We are aware of the algorithms and the processes by which traders and markets operate and the speed with which they operate. There should be a matched response in reporting to the Central Bank to assess these issues. It is a hugely important issue and I urge that the position be taken against the lobbying by the financial industry, particularly in the UK.

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