Professor Patrick Wall:

That is correct. Senator Landy asked why we have dropped to 12th in the showjumping rankings. The sport of showjumping has changed and our animals have not adapted accordingly. Traditionally, we used to sell the best and breed from the rest, which was a recipe for going downhill. As Deputy Penrose said, the emphasis has to be on developing the breeders. They have to focus on the performance of the dam. The psychology that a mare was not much good of a performer but will be a great mare to breed from is what has us where we are. We have to focus on dams that have performers in their pedigree, that have performed themselves or that are breeding performers. We can do that but it is a huge educational issue. Mr. McDonald highlighted that better. Younger horses are coming along so I anticipate we will move up from that 12th position.

Senator Landy made the point about investment in young people. Any investment in the young is an investment in the future.

In response to Senator Mary Ann O'Brien, I agree Bertram Allen is a star. It is amazing he is not a household name with the non-horsey population because what he has achieved is unbelievable.

We could field an Irish team with the Irish-based riders who are based on three different continents. We can definitely breed the riders so the whole challenge is to get the breeders to breed better horses. If we had all these top riders riding Irish horses, they would be a phenomenal advertisement for the country.

The point about the National Stud was raised in the discussions around the country. The National Stud is in Kildare and is focused purely on the thoroughbreds. It is nearly 800 acres and the idea that there would be one yard devoted to sport horses is not a bad idea, given it is owned by the taxpayers. Such a yard could focus on high genetic merit. There is much we could do with sport horses that we cannot do with the thoroughbreds, such as using artificial insemination and embryo transfer to make rapid genetic gain.

Deputy Creighton referred to Jumping in the City, which was an attempt to attract new audiences. We are in the entertainment business as well competing, and spectators, media coverage and sponsorship are inextricably linked. We complain if we do not get the coverage but, at many events, there are only participants. We got more than 3,500 people in Shelbourne Park to watch just 38 horses, which demonstrates the enthusiasm that exists. They were all Irish but if one thinks of the RDS and the number of international tourists, we can see the phenomenon we have. In addition, many new people came along. If we want to get new sponsors or new owners, we have to introduce them to the sport.

The tax incentives are a great idea and it would be great if we could progress that. With regard to the Army Equitation School, everyone loves to see the Army and they can relate to the Army as its members are here all the time and can go to the local shows. Unfortunately, the big money and the big competitions are abroad so, while the public know the Army people, they do not know our riders who are based abroad.

Deputy Penrose hit the nail on the head when he said that some of the strategy, which is a good strategy with good ideas, is almost like a wishlist. As the Deputy said, it is aspirational if we do not underpin it with the funding to implement it. We are not realising our full potential. We have the capacity to do far better with the sector on the breeding side, on the competition side and on the tourism side, but more seed capital is needed.

I will invite Mr. James Kennedy, our financial controller, to respond. We had some money in the innovation fund, only €100,000, to try to stimulate ideas but it was completely oversubscribed.