Mr. Brendan Gleeson:

I do not want to comment on the university situation, but I think if a body gets most of its funds from the public sector, it is a bit of a circular argument. I absolutely accept that. We have asked HRI to look at the legal situation around this and to consider what can be done about it from a legal perspective. We are also going to review our governance arrangements. I know the Chairman is very concerned about this. We have to have a look at it. We do not want to impede the independence of the IHRB because it is specifically established to independently make and apply the rules of racing. Our intrusion into its affairs has to be limited but in the context of those broader issues, such as the pension and pay arrangements, maybe that is something we should look at. We have not done so in the past.