Seanad debates
Thursday, 27 March 2003
Central Bank and Financial Services Authority of Ireland Bill 2002: Second Stage.
I did not win the argument, but I suggest that later events proved me right. The regulator found that her hands were tied because she did not have the power to do what soon transpired to be the obvious and necessary things required. The less than satisfactory situation that exists in the telecommunications sector today – with high costs, etc. – is due to the curtailment of the regulator's power in the past five years. It would have been better if we had done things differently and encouraged more competition, rather than merely ensuring that there was a balance between those already operating in the sector.
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