Mr. Phil Meaney:

It is a year since the Irish Greyhound Board appeared before the committee. Since then, we have had a number of significant reviews of matters of concern to the committee and to the board. The Comptroller and Auditor General report into the Limerick project, the construction of the new greyhound stadium and Irish Greyhound Board, IGB, headquarters, was published last October. It is clear from the report that over the timeframe of the entire project, from its conception in 2000 to its delivery in 2010, there were issues of concern to the Comptroller and Auditor General.

The Comptroller and Auditor General found that the project, notwithstanding that there may have been a case for undertaking it, was not subject to appropriate capital appraisal, particularly at a time in 2008 when IGB profits from its activities were declining, the year before the decision to proceed with the project was taken. This is, rightly, of concern to the Committee of Public Accounts and also very much to the IGB, which has inherited the consequences of the decision to proceed. There is a double impact here. Apart from the management of the finances arising from the Limerick project, its profile has meant that it has absorbed massive amounts of staff time. It has damaged staff and organisational morale, affected our relationships with some stakeholders and to this day has badly affected the IGB's capacity to focus on the future. There is a major opportunity cost.

The IGB accepts the findings of the Comptroller and Auditor General report and has implemented its recommendations. Since we last met, the independent review of the greyhound industry and IGB commissioned by the Minister of State at the Department of Agriculture, Food and the Marine, Deputy Tom Hayes, has been carried out by economic consultancy Indecon. The IGB welcomed the commissioning of the report on an industry that was, and is, under pressure and on which commentary was generating a lot more heat than light. Indecon pointed out that the IGB faces many challenges in its efforts to restore financial stability and sustainability to the organisation. It was also prescriptive in its recommendations, to which the board has responded in great detail and in a time-lined fashion.

The board believes the Indecon report can make a very significant contribution to a re-energising and restructuring of the greyhound industry. The board hopes the publication of the report will be a defining moment and will facilitate closer working relationships with all stakeholders. Notwithstanding our current difficulties, the board shares the confidence of the consultants that with the implementation of the report's recommendations and the continued support of the Minister and Government, there is a positive future for the industry ahead. However, it will be hard-won, and the board and executive are under no illusions about that.