Mr. Derek Iceton:

With regard to the mare depreciation scheme, breeding horses is unlike any other type of farming activity. There is a tendency to have great peaks and troughs in income. The problem is that when there is a peak, one cannot average one’s income. Therefore, I would like to see an arrangement similar to that for farmers under 35 years of age, whereby they can reinvest profits immediately without paying the tax. This is not an issue for the bigger breeder, obviously, because he will always have plenty of animals breeding. If a smaller breeder has a bonanza year, it should be worth his while to invest the money earned in a better mare.

With regard to the other money, we would like some other facilities, such as all-weather paddocks and lunge rings. If one is to produce horses, one needs the facilities to do so. In a wet climate like ours, we need proper facilities. It would be helpful if we could have a scheme whereby younger breeders, in particular, could invest in their farms and install proper all-weather facilities, including lunging facilities, to allow them to produce the horses they need to produce.

Marketing is incredibly important. I instanced previously that we have a business here that is worth approximately €1.25 billion, yet our marketing budget is €1.5 million. A number of years ago, Dairygold relaunched Dairygold on the Irish market, in which it was already a market leader. Its budget for the relaunch was €1.25 million, yet we are trying to sell horses to the whole world with the tiny marketing budget that we have.

As I said in my presentation, the real markets for us are in the Far East, Middle East and North America. It takes money to break into them.