Dáil Éireann Debate, Wednesday - 1 December 2004
77 Mr. S. Ryan asked the Minister for Arts, Sport and Tourism the terms and conditions attached to the funding announced by him on 22 November 2004 for the horseracing industry; and if he will make a statement on the matter. [31422/04]
View answerHorse Racing Ireland, HRI, was established as the statutory body with responsibility for the horseracing industry under the Horse and Greyhound Racing Act 2001. The general functions of HRI, as outlined in the Irish Horseracing Industry Act 1994, as amended by the Horse and Greyhound Racing Act 2001, comprise the development and promotion of the Irish horseracing industry, including the development of authorised racecourses and the making of grants, loans and other disbursements to authorised racecourses.
HRI receives a guaranteed level of funding from the horse and greyhound racing fund which is based on accrued excise duty on off-course betting, subject to a minimum level based on the year 2000 level adjusted for inflation. Any shortfall in the amount generated by the excise duty is made up by direct Exchequer subvention. The Government has decided to increase the limits of the horse and greyhound racing fund to €550 million to continue the fund for a further four years to 2008. By the end of 2004, Horse Racing Ireland will have received €206.4 million from the fund.
As announced on 22 November 2004, the new racecourse capital development fund that HRI has put in place provides a matching funding scheme for Irish racecourses to substantially upgrade their facilities over the next five years. The total investment by racecourses and HRI combined will be almost €200 million over the period. HRI will provide up to €110 million of the money in grant aid and the racecourses will finance the balance from their own resources. The overall management of the programme, including ensuring compliance with the terms and conditions relating to the grant allocations, is a matter for Horse Racing Ireland.
