Olivia Mitchell (Dublin South, Fine Gael)

I thank the Minister for his brief reply.

I raised this issue owing to my ongoing concern at the proportion of the sports budget allocated to Horse Racing Ireland which is more than that allocated to all other sports combined. That is not to suggest Horse Racing Ireland does not need or deserve that funding. The sporting and tourism aspects of the industry make it worth supporting. However, it should be able to support itself. The Minister will have to make a decision on the issue soon as the fund expires this year and legislation will be required to put in place continued support for the industry.

The former Minister for Finance, Charlie McCreevy, reduced the tax on off-course betting which in turn funded the sport. He continued to reduce that tax on the basis that the industry needed this help to compete with the on-line bettering sector. The reality is that Paddy Power and others are making huge profits. This would indicate that Charlie McCreevy moved far too soon on this and that huge profits are being made in this area. I read recently that Horse Racing Ireland's dividend to shareholders increased sevenfold last year.

The industry relies heavily on horse racing and the State should be able to capture some of this money. I ask that the Minister agree as quickly as possible with Horse Racing Ireland how the industry is to be funded. Clearly, sport is suffering as a result. I learned through a freedom of information request that the previous Minister believed at least €5 million was needed to support the Olympics, yet not one single penny was allocated this year to the Olympic team. This matter also requires urgent attention.

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