The policy agreement for Government provides for the strengthening of the competition law by giving the Competition Authority powers of enforcement and by enabling the courts to impose stiff fines on those found to be engaging in unfair competition.Providing for fines by the court meets the concern I expressed in the July 1994 newspaper article in relation to the Competition Authority having real teeth when is comes to enforcement.
The policy agreement also provides for the reconsideration of proposals contained in the Competition Bill, 1994 in relation to mergers and take-overs, in discussion with the social partners. As I indicated in July 1994, I am concerned at the 1994 proposals that permit take-overs of small and medium sized enterprises regardless of the circumstances.
I have started the consultation process with the social partners on the issue of mergers and take-overs. On completion of those consultations, final decisions will be taken by Government.