The Competition Authority said that it had received 47 merger notifications during the year. On the enforcement front the Authorioty said it had decided to initiate legal proceedings in five new cases during 2003. It settled two of these cases and parts of two earlier cases during the year.
In its annual report for 2003, the first full year of the Authority's operation under new legislation (the Competition Act 2002), it said that over the next 12 months it will look closely at the insurance sector, banking services and key professions including doctors. It said serious reform in any of these areas will bring real benefits to consumers.
Speaking at the launch of report chairperson John Fingleton said: 'Vigorous competition drives growth in the economy, innovation in business and value for consumers. The Authority had a busy time in 2003 and during the year we dealt with firms across almost all sectors of the economy, large and small, domestic and multinational.'
'A comprehensive approach to competition policy would add substantially to the international competitiveness of the Irish economy,' Fingleton added.
From September, international practitioner Edward Henneberry will be heading the Authority's merger work.
