Both Fianna Fáil and Fine Gael have promised a beef industry regulator to oversee the beef trade.

Fianna Fáil leader Michéal Martin said last weekend that his party would appoint a regulator to “shine a light” on the industry and provide “absolute transparency” about how it works.

The party said farmers had lost confidence in the current system and the competition authority. It says its proposed independent national food ombudsman would have the power to issue penalties when rules are broken.

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Real power

On Tuesday, Minister for Agriculture Michael Creed promised Fine Gael would also deliver a regulator for the beef sector with “real power and teeth”.

Speaking to the Irish Farmers Journal, Minister Creed said: “The allegations that are levied at the door of the industry regularly are that there is collusion and price fixing, that farmers aren’t getting a fair price. Let’s give a dedicated authority the powers to investigate those and the sanction to apply where they uncover people breaking the law.”

He outlined plans to bolt on the legislation needed for a beef regulator to current legislation on unfair trading practices.

Beef prices

The moves come as Irish beef prices lag behind UK prices by as much as €140/hd for a typical 360kg steer carcase.

In contrast, the latest Bord Bia price tracking information shows the differential between Irish and EU prices tightening.

The latest composite Irish prime cattle price has increased by 17c/kg over the last month, while in the same timeframe the EU export benchmark price has eased 2c/kg to €3.56/kg.

The increase in Irish price comes as factories struggle to source required supplies.

IFA livestock chair Angus Woods said: “Cattle prices are continuing to rise, with €3.65/kg very common and a base of €3.70/kg for both steers and heifers paid in places. Factories need to release the handbrake they have on holding back the price.”