Mr. Brian Kavanagh:

We have a policy for the racecourses which covers fraud. That is normally fraud on the part of an employee rather than on the part of a third party. The tote did not have that insurance and it is apparently not something that insurance companies offer to gambling companies. We are investigating that further.

An important point is that this was a company licensed by a State body to carry out this service. We received tax clearance certificates monthly from this company to state that it was tax compliant but when the liquidation happened, there was a tax liability to the Revenue Commissioners of €670,000. It was an unfortunate event from our point of view. We have built up controls and we are looking to see if insurance can be provided against this type of activity. Ms Eade knows more detail than I do. The type of insurance which is available to address fraud is normally for fraud against an organisation by an individual, specifically an employee.