Séamus Brennan (Dublin South, Fianna Fail)

Government support for the horse and greyhound racing industries is provided under the Horse and Greyhound Racing Fund, which was established under the Horse and Greyhound Racing Act 2001 for the purpose of further developing both racing industries. Under the provisions of the 2001 Act, the fund receives a guaranteed level of finance based on excise duty on off-course betting in the preceding year, subject to a minimum level based on the 2000 amount adjusted for inflation. Any shortfall in the amount generated by the excise duty is made up by direct Exchequer subvention.

In 2004, the Government agreed to increase the aggregate limit on the fund from €254 million to €550 million, to allow for continuation of the fund for a further four-year period to 2008. Since 2001, this fund has provided a guaranteed level of funding to Horse Racing Ireland, HRI, and Bord na gCon, which, by the end of 2007, will have amounted to over €375 million and almost €94 million respectively. In 2007, HRI has received more than €58 million and Bord na gCon has received over €14 million. Since the establishment of the fund, a major period of development of both the horse and greyhound racing industries has resulted.

This funding has allowed Ireland to develop into a world centre of excellence for horse racing. Horse Racing Ireland has undertaken a capital investment programme that has underpinned growth in the sector. In 2004, HRI launched a €250 million capital development fund for Irish racecourses, which is being spent over five years, to continue the substantial upgrading of racecourses. HRI will provide up to €150 million in grant aid and the racecourses will finance the balance from their own resources.

The fund has also contributed significantly to the almost €90 million that has been invested in the improved facilities now available at greyhound tracks around Ireland. The allocation of €70 million under the new national development plan for capital investment for the horse and greyhound racing industries will assist long-term planning, which will result in the further development of a network of modern well-managed facilities that will continue to be attractive to the public.

To date the fund has not only helped towards providing some top class racing venues and facilities, but it has also underpinned significant employment in both industries. The prize money it has facilitated has been an important boost for both horse and greyhound breeding, which are significant net contributors to the economy and have an important role to play in generating employment, particularly in the tourism and agri-economy sectors, making it a significant regional employer and an important contributor to rural communities.

The current round of the fund is due to expire at the end of 2008. A review of the Horse and Greyhound Racing Fund will be undertaken in the coming year and any extension of the fund will require the approval of the Government and the Oireachtas.

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