Denis Naughten (Roscommon-South Leitrim, Independent) | Oireachtas source

Deputy Harrington has raised the kernel of the issue. Price volatility on the world markets has an impact on food inflation. Farmers who have to purchase protein supplements to feed animals can outline the impact of price speculation on their day-to-day livelihoods. This issue is not only about speculators on the commodities markets gambling with the lives of people in the developing world; it is also threatening the livelihoods of livestock farmers in Ireland. An additional 159 million have become hungry because of food spikes in both 2008 and 2011 and food speculation on the derivatives markets was a factor in this regard. Will the Minister clarify that the Government's position is to force position limits across the sector on an individual rather than a market management situation, which it is feared could be the approach taken? Can he ensure the loopholes are not allowed to water down this directive to make sure speculators can get around market speculation through the use of individual limits rather than limits across the sector as a whole?

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