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Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: Okay. Draft unaudited accounts were delivered on 23 March.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: When were the audited accounts submitted?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: There was quite a substantial delay on that. The unaudited accounts were furnished to the Department. Is that correct?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: I ask the departmental officials when or if those unaudited accounts were laid before the Oireachtas.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: What did the Department do between receiving the unaudited accounts in March 2021 and receiving the audited accounts in May 2022? Did the Department take any measures or have any direct consultations with HRI in respect of that?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: On the rationale that has been provided, does the Office of the Attorney General have concerns over what were failures to adhere to the relevant circulars? Is the Comptroller and Auditor General satisfied that there will not be repeats of issues in the future?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: Before I move on to the Curragh, I wish to address a different subject. Could the Comptroller and Auditor General state whether his role in auditing the IHRB is the same as that for HRI?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: I want to move on to the Curragh Racecourse. Ms Eade might explain briefly the current breakdown of shareholding for the racecourse.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: So that would be 34%?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: Could Ms Eade explain to me the difference between the Turf Club and the IHRB?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: Is the Turf Club part of the IHRB or is it completely separate?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: The Turf Club owns 33% of the Curragh Racecourse. How much money did it have to put towards that to get the 33% shareholding?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: It provided the land and essentially-----

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: It held on to its voting share.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: Ms Eade has touched on this. It provided the land, the racecourse.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: Who owns the racecourse, the land?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: So, the Department of Defence owns the land. The Turf Club has a lease, and that allowed it to get a 33% vote. That is a fairly good deal for it, I would have thought.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: In terms of the breakdown, it appears that somehow a very strong effort was made to ensure the ownership and voting structures meant the Curragh Racecourse would essentially not be accountable to the Comptroller and Auditor General, for example. The Department of Agriculture, Food and the Marine was part of all this and funded a lot of it through various means, so I wish to ask its...

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: The 2016 Act.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 33 - Tourism, Culture, Arts, Gaeltacht, Sport and Media
Horse Racing Ireland: Financial Statements 2020
(22 Sep 2022)

Matt Carthy: I am talking specifically about Curragh Racecourse. Since the Department approved substantial capital expenditure on the racecourse, is there a reason that the Department, when engaging with all the parties, did not put in place a system whereby the racecourse would be a body that could be audited by the Comptroller and Auditor General?

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