Back in October we reported the 25% hike in public transport fares. An increase sanctioned by the Transport Regulator.
This week it looks likely that Irish consumers will be hit with a hike in energy prices. (One wonders if this is in any way connected to the €369 million supposed pension deficit at the ESB…)
But in any case it got us thinking about the utter pointlessness of Regulatory bodies in this country.
In 2008 the Financial Regulator presided over the biggest economic cataclysm Ireland has ever experienced. Talk about fiddling while Rome burned.
Since 2007 energy prices in Ireland have increased 23% and are now the fifth highest in Europe. This latest increase should see us knocking Sweden off the top spot. Has the Regulator ever refused to grant an increase to Bord Gais and the ESB? Not to our knowledge.
And this latest price hike comes on the back of falling oil prices globally so it’s hard to see how it can be justified.
Surely the Regulator is supposed to serve the interests of the Irish people and protect us from reckless profiteering but the opposite seems to be the case.
The Regulator invariably aligns itself with industry. One imagines it is staffed by former public servants or employees from the sector they purport to objectively oversee.
And we’d like to know what it costs the country to maintain multiple, ultimately ineffectual Regulatory bodies. Who regulates the Regulators?