Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

I thank the Senators for a worthwhile debate and wish to quickly respond to points raised.

I do not believe in sectoral regulators of competition because it is a bad precedent to create and exposes one to what Senator Barrett talked about. Clearly, certain monopolies have them because the wider public interest must be served. In the competition sector, generally, the right approach is the one we are taking and we are merging consumer and competition together which will make things better. Whether it is an unfair term in a consumer contract or a barrier to entry, there is one authority with strong powers that will protect consumers.

Obviously competition is never done. If there are concerns about cartels anywhere in the economy the Competition Authority has ample powers that it is not afraid to use to pursue them. To take up the point made by Senator Hayden, we have beefed up its capacity for enforcement with additional staff.

We can have a debate on trade agreements on another day. Clearly, all trade agreements are give and take. There are opportunities and problems in any trade agreement and that applies not least to the food sector. Trade agreements generally favour small open trading economies like Ireland's and that means opportunities.

Senator Barrett is always concerned about regulatory capture. It is a genuine concern and I hope that we have struck the right balance in the legislation. I thank Senators Mullins and Hayden for their support. This legislation is not the last word on competition or consumer protection because we will be back next year, God willing, with a Bill on consumer protection, in which I am sure Senator Quinn will have an interest. We recognise that the sector is an evolving area.