Ms Geraldine Larkin:

I beg your pardon. In fact, it was the first issue I took down. The cut in prize money was looked at in terms of the ongoing sustainability and viability of the industry. It was also looked at in terms of the dog pools we have now as opposed to what we had in 2012, as well as the opportunities for owners and trainers now as opposed to the situation in 2012 in terms of winning prizes. In addition, it was looked at against the cold reality of our current finances. While it was regrettable, it was very necessary. It is a saving that will generate €750,000 for us in a year. It is a priority for us to restore it. Against that, however, we have to be realistic - it can only be restored when the IGB is performing at a level whereby we can meet our other liabilities and commitments.

Deputy Deering raised the matter of media rights and whether or not we are behind the scenes. I would say that we are not behind the scenes. I am glad to say that media rights will be an issue for the IGB. We are currently at advanced stages of negotiations with a number of different onward providers in terms of selling on the IGB product. That product has been split into a number of different models, such that we maximise the value and content from our bread and butter products. Once we progress, part of the process will be the conclusion of media rights. We have already spoken to some of the private tracks about media rights.

Models are in place with our colleagues in HRI that clearly show a good example of what needs to be done. There is no point in reinventing the wheel because we are similar industries. There is a lot to be taken and learned from that. The media rights issue is very much on or agenda and one that is being progressed. I already mentioned what we are doing about breeding and ownership, and how we will deal with that.

The Deputy also raised the question of the pension deficit and how we are about to address that. We have submitted proposals to the Department giving a range of options as to how we might best address the pension issue. It is clearly a priority issue for us given the fact that it directly impacts on so many existing staff, as well as staff that are no longer with us. Those proposals are being considered by the Department. The additional allocation of funding that we got in budget 2015 will also be a significant contributor for the IGB in future.