Michael Creed (Cork North West, Fine Gael) | Oireachtas source

The Deputy will be aware that there is a betting tax now and that it is contributing significantly in this area. The question as to whether it can do more is one that could usefully have been asked in the debate we have just had on the Finance Bill. It is a new development and it is raising significant funds.

I re-emphasise the point that there is an accountability structure in place and that a set of audited accounts is provided on an annual basis. There is an investment that is being made in racing infrastructure. I have met the people in rural Ireland to whom the Deputy has referred and I acknowledge that they would like a better slice of the cake. That is a legitimate point but it is not a reason to decimate the industry by pulling the public funding it gets. There is a case for looking at the foundations of the industry in terms of its reach and the small farmers who have a number of mares and the crisis in terms of the cost of running point-to-point races. It is the conveyor belt at the lower level on which the industry is built. It is a legitimate point and one I urge the Deputy to make to the appropriate authorities. It is a concern I have myself. However, it is not a basis on which to dismantle HRI in a fit of pique over a single issue which could have been handled better. The board, however, is entirely satisfied that the outcome achieved, albeit in a manner that was not entirely satisfactory in terms of sequences, is one of which it entirely approves.

See this speech in context