Mr. Brian Kavanagh:

Yes, prize money is our most significant expenditure. That acts as a stimulus to encourage people to have horses in training. The studies show that the total outlay on horses in training is of the order of €400 million to €450 million per year. That is really supporting rural economies. It is not just people indulging a hobby. On the other side of the equation, it is people being employed, such as farriers, vets, feed companies and trainers and their staff. The prize money, which is an internationally competitive issue in our business, serves as a stimulus to generate that economic activity.