Seanad debates

Thursday, 27 March 2003

Central Bank and Financial Services Authority of Ireland Bill 2002: Second Stage.

 

I will provide an example from the telecommunications sector which may be relevant. When the legislation to establish the Office of the Director of Telecommunications Regulation came before the House, I argued that the role envisaged for the regulator was not active enough to ensure that customers' interests drove the activities of the office. The role as set out in the legislation was essentially one of maintaining a balance between those who wanted to compete in the telecommunications sector. I argued that it should involve actively encouraging competition rather than letting it develop of its own accord. I suggested that perhaps we should not have a regulator but that the State should regulate, drive competition and encourage outside interests to enter the sector because this would be to the benefit of customers.

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