Mr. Pat Creed:

I will take that question. I am keen to go back and cover several points. I will cover that particular point at the end, if that is okay. I am a new board member. This board has been in operation for 16 months. In the past 16 months we have had to resolve the three high court cases. They have been resolved. We have resolved the defined benefit scheme. We reduced the balance sheet liability by €5 million in 2016. We have introduced several statutory instruments relating to regulation of drugs and remedies. We have purchased a new laboratory machine in Limerick. Considerable work has been done in the 16 months, despite what others might say. The bank debt is the big thing we need to resolve. The bank debt will be resolved in the coming months. It will reduce the debt substantially. I do not want to go any further than that.

It is important to say that the State got into trouble. The first thing the State had to do was to sort out its finances. One cannot build a house on a poor surface. Many businesses throughout the country go into trouble. Had they not attained financial stability, they would not be trading today. The IGB is no different. It has an overhanging debt that it cannot repay. It is generating circa €3 million per annum on the basis of earnings before interest, taxes, depreciation and amortisation. We cannot build a future business if we do not have a stable business to build from. At the end of this process, it will be a stable business. It will be able to reinvest in some of the capital issues necessary. We will be able to refurbish our national stadium in Shelbourne Park. More important, we will be able to give money back to breeders, owners and trainers. That is not a bad achievement for 16 months given the legacy debt that we inherited in December 2015.