The Competition Authority is publishing its annual report today, under the headline Fire is needed. The title of the publication refers to the fact that competition in markets is the force, or the fire, that must be harnessed to accelerate the recovery of the economy and, with it, prosperity.
pp. 6 and 20Highlights 2011
Page 8 The dominance of banks over businesses has diminished…
…but companies emerge from the restructuring too heavily indebted
Page 10 Banks are not good owners of businesses…
Interventions in bank takeovers of companies have been successful.
Page 12 Increased concentration in the financial market…
Optimisation is important, but it must not be at the expense of customers.
Page 14 Significant barriers to entry in the grocery market…
…From a recent report on price development and competition in
grocery market
Page 16 Removal of barriers to competition, faster recovery…
…Discussing public competition barriers and the application of competition law to companies.
Page 18 The application of the Competition Authority's new powers…
New market research introduced.
Page 19Budget savings come at a high price for the public and businesses.
Quotes:
Around a third of executives at larger Icelandic companies, which have been sold or have undergone restructuring, believe that the company cannot sustain its current debt burden, or that its ability to do so is uncertain.„„The Competition Authority is expected to launch specific administrative proceedings to assess whether certain terms offered by suppliers in the food market are lawful.”
„It is indicative of the state of competition that the Competition Authority had to intervene in over 60% of all mergers that came before it in 2011.”
- „Since 2008, funding for the regulator has decreased by 81% in real terms, while the number of cases has increased by 801%.”
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