Mr. Brian Kavanagh:

It has to be looked at in the context of the funding being linked with the tax generated on betting tax. In 2019, when the fund going to horse racing was €67.2 million, the betting tax and betting levy generated was €95 million. There was a significant surplus there.

In most other racing countries that Ireland competes with, the funding of the industry is based on a statutory mechanism. In the UK, it is a levy on betting which goes directly to the British levy board and funds the industry over there. In countries like France, it is state monopoly of tote betting and the funding model works that way. Ireland is unusual in having a statutory mechanism to fund its industry.

As I said, the funding that comes from betting tax, which we believe is too low and should be increased, but that is probably a policy matter, more than covers the funding that goes into the Horse and Greyhound Racing Fund, in particular to horse racing. That, as we said earlier, stimulates the economic activity that this industry generates.

This is a sector in which Ireland has qualities which other countries cannot match and it cannot operate without a proper funding basis. As I said, it is, to the extent that the Chairman asks the question-----