Michael Creed (Cork North West, Fine Gael)
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Question 420: To ask the Minister for Agriculture, Fisheries and Food the role of his Department in the operation of the Irish National Stud; and if he will make a statement on the matter. [41350/09]

Brendan Smith (Cavan-Monaghan, Fianna Fail)
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The Irish National Stud Company Ltd. is a Commercial State Body established under the National Stud Act 1945. The primary aim of the Company is to help breeders by the provision of top class stallions, it also offers an equine training programme for young people who wish to enter the bloodstock industry. The Irish National Stud is home to the world famous Japanese Gardens, St. Fiachra's Garden, and to the Irish Horse Museum. Together these form a tourist attraction of national significance.

The lands of the National Stud were vested in the Irish National Stud Company Ltd. with effect from 1 October 2004. Issued Share Capital amounts to €13.7m. The ownership of all the issued share capital is vested in the Minister for Finance. I appoint the Directors of the Company after consulting with the Minister for Finance, in accordance with Section 7 of the National Stud Act, 1976. The broader role of my Department with regard to Irish National Stud Company Ltd. is set out in a number of pieces of legislation (National Stud Act 1945, National Stud Act 1976, National Stud (Amendment) Act 1993, National Stud (Amendment) Act 2000) and also in the Company's Memorandum and Articles of Association. My Department also oversees that the Irish National Stud Company Ltd. operates in compliance with the Code of Practice for the Governance of State Bodies and with general Government policy regarding to the operation of Commercial State Bodies.