Jim Walsh (Fianna Fail)

Perhaps with some exceptions, although I have not found them. The price clearly indicates that the weakness of sterling is not being passed on to the consumer in any way. This should be having a positive effect but it is not. I recently intended to cross to Britain, travelling from Dún Laoghaire to Holyhead but returning by a different route from Holyhead to Dublin with a different carrier. When I checked, I found the price for the return journey on the Irish Ferries website was approximately €205 when converted from sterling but when I tried to book it through the Irish site the price was €265, which is a significant difference. I decided I would book through sterling only to find I was blocked and could not get through. Eventually, I had to go through one of the agencies and I was able to accept the sterling rate.

I support Senator Kelly's views in this regard. It appears there is a strong case for the Competition Authority to be much more proactive and energised about ensuring we get the benefits of competition and that we are not disadvantaged by people taking currency fluctuation profits at the cost of the consumer. This probably merits a debate with regard to the effectiveness of the Competition Authority. I hope the relevant Oireachtas committee is talking to the Competition Authority about these matters because I would have serious concerns about the extent to which the authority is safeguarding us.

We have been speaking for some time about general competitiveness, which is an important issue for the economy. The current wage round will be imperative in building a platform so that we continue the growth rates we want in the interest of all. I have said before in the House that I believe a 12 to 18-month pay pause in the public sector would be highly desirable and, hopefully, the private sector would follow in a similar fashion.

Public finances are a major issue. There will be an increasing reduction in receipts and, therefore, we must trim expenditure. We set up the National Treasury Management Agency to control the Government debt and get the best value we could, and it has been very effective and successful. There is no reason we would not have similar bodies, including one to look after waste in the public service, which I would conservatively estimate is in the order of €4 billion. I have spoken to some people in the public service who say I am seriously underestimating it and that it is much in excess of that figure. There is also a need to promote productivity and rationalisation within the public service. This would mean those who are working would be rewarded, those who are performing moderately would be motivated to perform better and those who cannot be got to perform would be removed from the system altogether. If we tackled the issue on that basis, we will build the economic success we want to see.