Seanad debates

Wednesday, 22 June 2022

Competition (Amendment) Bill 2022: Committee and Remaining Stages

 

10:00 am

Photo of Robert TroyRobert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

I will make a few concluding remarks. I too would like to acknowledge Councillor Dolan in the Gallery.

At its heart, this Bill is about the need for fair and open competition for our businesses, economy and society. We know the vast majority of businesses do not engage in uncompetitive practices, but there are some which do. These practices drive out competition, drive up costs for ordinary citizens and undermine the dynamic nature of our economy. That is why I prioritised this Bill as soon as I took office and was determined to bring it before the Oireachtas. I sincerely thank the Senators for their overall support for the Bill to date and the time they have taken to engage in-depth with legislation that, by necessity, is long and legally complex.

While enacting the Competition (Amendment) Bill involves meeting our obligations as a member of the European Union, it is about much more than just that. It is about ensuring that Ireland's citizens are protected. This Government is committed to taking a tough stance on white-collar crime and ensuring our regulatory bodies have effective powers and are effectively resourced.

As I said, most businesses operate in a fair and honourable manner. We have an obligation to those businesses to deal effectively and efficiently with anti-competitive practices in order that law-abiding businesses can thrive. Competition benefits all consumers and drives innovation and efficiencies. These efficiencies can be passed onto consumers in the context of competitive pricing.

I thank Senators again for their positive reception of the Bill. It is important that our businesses have certainty and consumers can reap the benefits of a dynamic and competitive economy.

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