John O'Donoghue (Kerry South, Fianna Fail)

The redevelopment of the Curragh racecourse is part of an overall programme through which €280 million will be invested in racecourse development throughout the country by the end of 2007 under Horse Racing Ireland's, HRI, capital development fund for Irish racecourses. Under this fund, HRI, which is the statutory body responsible for the horseracing industry, will provide up to €140 million in grant aid with racecourses financing the balance from their own resources. HRI has approved grant aid of €35.6 million towards the redevelopment of the Curragh racecourse.

HRI receives a guaranteed level of funding each year from the horse and greyhound racing fund, which is based on accrued excise duty on off-course betting, subject to a minimum level based on the year 2000 level adjusted for inflation. Any shortfall in the amount generated by the excise duty is made up by direct Exchequer subvention. Since 2001, HRI has received over €317 million from the horse and greyhound racing fund and will receive a further €58 million from the fund in 2007. The new national development plan, covering the period 2007-13, includes €70 million in capital provision for the horse and greyhound racing industries which will enable HRI and Bord na gCon to undertake the further development of a network of facilities for both industries. In addition, both industries also receive a significant level of current funding under the provisions of the fund which enables the industries to meet borrowing commitments.

The redevelopment of the Curragh racecourse, which is the flagship project for Kildare, will involve the movement of the existing road, construction of a new grandstand and facilities and the relocation of the Stand House Hotel to overlook the racecourse. This will result in a world-class facility and further enhance Ireland's reputation as a world leader in the field of horse racing. Work has now commenced on the road and this is scheduled to be completed by the end of May 2007. The full redevelopment is scheduled for completion in 2009.

The redevelopment of the racecourse has received the support of His Highness, the Aga Khan, who in 2003 purchased the Stand House Hotel adjacent to the racecourse and donated it to the Turf Club on behalf of Irish racing. I acknowledge his generosity and the role played by the then senior steward of the Turf Club, Ray Rooney. The redevelopment has also received the support of three leading owners who are sponsoring the construction cost of the road and it was in this context that I recently urged those who benefit most from the industry to also support the redevelopment of the Curragh racecourse, which is the home of flat racing in Ireland. I acknowledge the role played by all involved with the Curragh racecourse, including the current senior steward, Pierce Molony, and thank them for their continuing effort and commitment.

See this speech in context