The consumers and market authority ACM said on Thursday it saved consumers some €1.2bn last year through its interventions.

In particular, prices for energy and telecommunication services would have been higher without the ACM, the organisation says in its 2014 annual report.

The impact of its work ‘to stimulate people to switch health insurance company’ is also included in the total, the ACM said.

By contrast, the ACM only raised €8m through fining firms for breaking competition and cartel rules. ‘Levying fines is not an end in itself,’ the organisation said. ‘Our job is to ensure markets work and to solve consumer problems and prevent further damage.’

The ACM says it will focus more attention on the role of health insurers in the coming period to determine if they have too much power or act as a cartel.