Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

I thank the Deputy and I note that point. The Department of Finance is looking at the sterling-to-euro exchange rate from a macroeconomic point of view. The point the Deputy raises is very interesting and relates to the extent to which, if any, changes in sterling that should be to the advantage of an Irish consumer are actually being felt by the Irish consumer. I have already outlined some of the issues that arise, such as a lag in changes being felt, hedging - or when the stock was purchased - and other factors that might delay this type of change. Given the work the Deputy has done and the basket of goods she has looked at, I can see merit in developing the basket and some of the various price indicators, for example, other markets where UK goods might be exported and what the changes have been there.

I encourage the Deputy to sit down with the Minister for Jobs, Enterprise and Innovation to examine this issue. I am sure the Minister is across it, particularly as it warrants further attention. However, we must be sensitive to the timing involved and realise that it may take a bit more time. There are no controls on prices in Ireland in order to allow competition among businesses but it is also the case that if businesses or traders are suspected of coming together to agree the prices they will charge, they can be investigated by the CCPC and could potentially face legal sanction, including fines and imprisonment. If there suspicions or if the Deputy has any evidence to bring to light on this matter, I recommend that she does so. As already stated, to the extent that I or the Department become aware of them, any concerns regarding unwarranted price pressures arising from sterling's depreciation will be brought to the attention of the Minister, Deputy Mitchell O'Connor, and her Department, where responsibility for this issue lies.

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