Martin Mansergh (Fianna Fail)

We are talking about areas of activity that have benefited tremendously from the vision of 30 years ago which led to the building up of an industry.

Income tax is not the sole tax paid. Many indirect taxes are paid. While I have to declare an interest because I was nominated by the Irish Thorougbred Breeders Association, I have held my current view for some years. Senator McDowell may laugh but he should check what my constituency colleague, the late Deputy Michael Ferris, said on this subject in 1997. He defended strongly the tax relief on stallion fees. The Senator should study his remarks before speaking.

Securitisation is important. The State has been very supportive of the international financial services centre which has been a huge success. I am glad to see this acknowledged in the budget. We may have to look at the possibility of incentives for encouraging rail freight on foot of the strategic rail review. This is done in some other countries but is a task for another year.