Paul Gavan (Sinn Fein) | Oireachtas source

It is always good to see the Minister of State, particularly after a fine win against Laois at the weekend. This is comprehensive and complex legislation which transposes an EU directive, while also making additional changes to benefit the national competition authorities, namely, the CCPC and ComReg. The CCPC is the primary enforcement body for competition law in this State. It has the power to play an enormous role in tackling white-collar crime if it is given the correct powers and is resourced properly. The CCPC investigates suspected anti-competitive practices and tries to bring these damaging practices to an end but can only do so when it is properly resourced.

This legislation has arisen due to the European Union's ECN+ directive, which aims to ensure that national competition authorities have guarantees of independence, sufficient resources and appropriate powers of enforcement, including the ability to issue fines. The inability of Irish national competition authorities such as the CCPC to impose administrative fines was identified by the European Commission as a concern and part of the divergence in national powers that led to uneven enforcement of EU competition rules. As a result, the State has been compelled by the European ECN+ directive to implement legislative changes to ensure the CCPC has the appropriate tools and resources to enforce EU competition law in a manner consistent with other EU member states.

It is unfortunate that the European Union has had to compel the Irish Government to act in the interests of Irish consumers, especially when we see that the casino capitalism that caused the banking crash still exists in the protected and gilded world of high finance. The ever unfolding events and allegations of malpractice in respect of high finance, insurance, public procurement and building development, to name but a few, serve as a reinforcement that this Government does not see white-collar crime in the same way that it sees blue-collar and other crime.

At pre-legislative scrutiny of the Bill, the CCPC stated that international estimates from the OECD suggest the rate of overcharge in public procurement is between 20% and 30%. The chairperson of the CCPC stated: "Considering annual State spending of approximately €16 billion on goods and services, if even 1% of it was subject to price-fixing or bid rigging, a surcharge of 20% or 30% would be a substantial sum of money." What is even more infuriating is that in 2007, the accounting firm RSM Robson Rhodes estimated Ireland was losing €2.5 billion a year from economic crime. If that figure is applied to the past 15 years, it amounts to a potential loss of more than €37 billion to the Irish economy.

The economic and social costs of corruption and white-collar crime far outweigh other forms of crime. Despite corporate and economic crime bringing the State to its knees just a decade ago, the area has consistently received far less funding, resources and political attention from successive Governments. The same goes for media coverage of white-collar crime, where it is painted as almost not a crime at all. While this legislation is a good start, along with the Companies (Corporate Enforcement Authority) Act 2021 which established a stand-alone Corporate Enforcement Authority, resources and funding must follow.

Sinn Féin is happy to support this Bill and will propose a couple of small amendments on Committee Stage.