John O'Donoghue (Kerry South, Fianna Fail)

It is also true to say we have an international reputation for horse-breeding of which we could not have dreamed even ten years ago. We are now recognised as one of the top three breeding nations in the world. Irish horses have excelled at various events across the globe to the extent that the Irish horse is now looked upon as one of the best anywhere in the world. The truth is, however, that as this is an island nation, it is becoming more difficult to attract good mares to the country. If there are incentives, one succeeds in building the industry. There are incentives for stallions, but the impression should not be given in this House, nor should anyone seek to create it, that this fund creates a tax-free status for anybody. That is incorrect, untrue, false and misleading. The facts are that the fund is about placing off-course excise duties in the horse and greyhound racing fund and supplementing it where necessary. However, all of the indicators are that 85% of the fund over the next four years will come from off-course excise betting duties.

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