Mr. Brendan Gleeson:

We accept the proposition that spending money on prize money is a good thing. When I look at this, I look at how the industry is doing. By and large, its contribution to the economy is increasing. Its contribution to employment creation is increasing. Those things, therefore, look right.

This is a sector in which many of these people do not have to be in Ireland. They could be in France, the UK or anywhere. What attracts them to Ireland is the combination of the culture here, the reputation we have for producing top quality bloodstock, the reputation we have for training facilities and having the best trainers in the world, and the State infrastructure for supporting the sector. The critical question from a public investment point of view is whether all of this would happen without public investment. I do not believe it would in the same way.