Jim Walsh (Fianna Fail)

With regard to the likely increase in interest rates of 0.25% or 0.50% this afternoon, given the robustness of our economy we probably should have had interest rate increases a number of years ago to curb inflation and cost increases. However, this issue is governed by the ECB, over which we do not have influence.

There are areas, such as those mentioned by Senator Morrissey, where we should but do not have influence. The report of the Competition Authority on the difficulties it is having with the IMO to some extent signals a failure on the part of the authority, given that it is quite late coming to this issue. Anybody who deals with the medical or legal profession will be aware of the excessive charges, indeed substantial overcharging, involved. As a consequence, these professionals are earning between €0.5 million and €1 million per year just for providing their personal time. It is the risk-takers in our economy who should be gaining that type of remuneration.

There are regulators in various sectors of the economy, such as telecommunications and electricity generation, who deal with these matters in the best interests of consumers by regulating the industries and particularly by influencing the prices they charge for their services. It is time we established regulators for the medical and legal professions. Successive Governments have been reluctant to do this. These professionals are in a privileged position and should not be free to charge what they like. Will the Leader arrange an early debate on the establishment of regulators to bring some semblance of reality, in the interests of the consumer, to both of these professions?