I propose to take Questions Nos. 552 and 556 together.
I am aware of the concerns being expressed that the benefits of recent movements in exchange rates between the Euro and Sterling are not being passed on to consumers. This issue has been receiving public comments in the last few weeks.
Yesterday I raised the matter at the Retail Consultation Forum to express the Government's concern at this issue and the need to pass on to consumers the benefit of the Euro's appreciation against Sterling. I was advised at that meeting that some of the differentials between prices quoted in Euro and Sterling may be attributed to such factors as the exchange rates at the time of the purchases by the retailers, the relative costs of doing business between the two jurisdictions and tax rates.
As I stated at the Forum, it is my view that retailers should explain to their customers and to the economies in which they operate why there are such price differentials between the two currency areas. I believe this will also address issues such as consumer confidence in the retail sector.
I wish to underline the Government's commitment to ensuring that the benefits of the stronger Euro are passed on to Irish consumers. Following yesterday's meeting of the Retail Consultation Forum, I am working with the sector to ensure an ongoing response by retailers in the period ahead with a view to securing satisfactory progress on the issue.