Mr. Brian Kavanagh:

I understand that the matter is being investigated by the Garda National Economic Crime Bureau and the Office of the Director of Corporate Enforcement. That may limit what we are able to say. I hope that the note explains the sequence of events which led to this unfortunate situation. To clarify, of the amount lost, 45% was money collected in the previous four days which could never have been lodged in the bank because it was collected on a Thursday night, Friday or Saturday. It was Sunday so the lodgement would have been on Monday but that was the day the company went into liquidation. I have set out the basis on which the service was to be provided. It involved the delivery to the racecourse of cash floats for the tote and for racecourses in the case of Horse Racing Ireland-owned racecourses and the collection of the day's takings both for the tote and racecourse, plus the floats at the end of the day.