Martin Cullen (Waterford, Fianna Fail)
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The Horse and Greyhound Racing Fund was established under the Horse and Greyhound Racing Act, 2001 for the purpose of giving support to both the horse and greyhound racing industries. €69.719 million has been allocated to the Fund for 2009. In accordance with the Horse and Greyhound Racing Act 2001, 80% and 20% of the moneys paid into the Fund each year are distributed between Horse Racing Ireland (HRI) and Bord na gCon respectively.

Since 2001, income from the Fund has been used by both bodies towards increasing prize money levels, meeting administration costs alongside a programme of capital investment, which has underpinned a growth in both sectors. Since the establishment of the Fund a major period of development of both industries has resulted. The funding has allowed Ireland to develop into a world centre of excellence for horseracing and greyhound racing.

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 the industries. Horse breeding is a significant net contributor to the Irish economy and has 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 Irish greyhound industry is also regarded as one of the most vibrant and successful in the world.

In 2004, the Government put in place regulations to increase the limit of the Horse and Greyhound Racing Fund from €254m to €550m to continue the Fund for a further four years to 2008. A review of the Horse and Greyhound Racing Fund is currently underway and is expected to be completed shortly. Any increase of the Fund limit will require the approval of the Government and the Oireachtas as the level of the Fund is increased by Regulations made by the Minister, with the consent of the Minister for Finance.