Mr. Brian Kavanagh:

The figures I gave were for 2012, 2013 and the forecast for 2014. The last published set of accounts were for 2012 and our 2013 accounts have been audited by the Comptroller and Auditor General. In fairness, the Tote took a significant cost from the system in those years. There were redundancy schemes and costs associated with that in the years referred to by the Deputy. The Tote's cost base has decreased from €8 million in 2007 to €4.8 million in 2012, equating to a €3.2 million reduction in costs. Regrettably, some of that comes from fewer Tote staff at race meetings because Tote is struggling in a competitive betting environment. The three most recent sets of figures I can provide indicate the Tote is on an upward trajectory in terms of profit. There is still more to get and with our five-year financial projections as we examine them with Tote management, they believe the Tote can generate €3 million to €4 million per year for racing. The idea that the Tote would be the panacea for all of racing's financial ills would work in a Tote monopoly. The French position is fantastic as the only place to have a bet in France is at the Tote.