Brendan Smith (Cavan-Monaghan, Fianna Fail)
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Statutory responsibility for prize money for horse racing tests with Horse Racing Ireland (HRI) in accordance with Section 8. (1) (a) (iv) of the Horse and Greyhound Racing Act, 2001.

I understand from HRI that prize money produces a significant multiplier effect. The Dukes Report "Analysis of the economic impact of the Irish Thoroughbred Industry", commissioned by ITBA, directed by Alan Dukes and published by the Irish Thoroughbred Breeders Association in Autumn 2009, showed that an investment of approximately €30m in prize money by HRI was the catalyst for an investment of €290m by owners in keeping horses in training and thereby creating employment and economic activity in rural Ireland. HRI have pointed out that this investment underpins the success of the Irish thoroughbred training and breeding industries. Irish trainers have won five of the last ten Epsom Derbys, five of the last ten Aintree Grand Nationals, three of the last ten runnings of the Prix de l'Arc de Triomphe, the most important flat race in the world, and seven of the last twelve runnings of the Champion Hurdle at Cheltenham.

In 2009, Irish horses filled three of the top four places in the year end World Rankings, including for the second year in a row, the World Champion Racehorse in Sea The Stars.

These successes bring great credit to our racing and breeding industries and to the country as a world leader in the sectors.