Ceisteanna—Questions Oral Answers - Financial Services Industry Association.

5.

asked the Minister for Industry, Trade, Commerce and Tourism the action, if any, he proposes to take to ensure that the recently formed Financial Services Industry Association does not become a cartel.

The information available to me suggests that the association referred to by the Deputy is intended to operate solely as a representative or lobbying body and it does not, therefore, call for any action on my part.

Will the Minister accept that this was set up to safeguard the interests of fairly forceful bodies and if they use it as a pressure group it is only a short distance from a cartel?

If there was any suggestion of the development of a cartel in an area to which the restrictive practice legislation applied I would be very anxious that powers should be used to prevent it.

Will the Minister agree that many of the members of this new body have substantial interests outside the country? Does that concern the Minister?

And many of them have interests that conflict with the interests of other members of the same group. It does not necessarily follow that they would act in a concerted fashion.