PAC to examine Bord Na gCon Financial Statements

Committee Chairman Seán Fleming said: “Bord na gCon is a commercial semi-state body, which is responsible for the control and development of the greyhound industry in Ireland. Looking at the key figures in the period 2010 to 2015, the deteriorating trend has been reversed in 2015 resulting in an operating surplus of nearly €0.5m compared to a deficit of in excess of €1m in 2014. The Committee will want to determine if this is a once off result given that there was a €2.8m increase in the 2015 allocation from the Horse & Greyhound Racing Fund and will be keen to discuss the implications of the sell-off of the Harold’s Cross stadium on its financial position. We will also want to know what measures has the Board taken in terms of increasing turnover and containing costs to ensure future sustainability.

“The pension deficit of over €8m and borrowings of €22.6m continue to be major threats to the financial sustainability of the Board in the years ahead. Funding proposals were approved by the Pensions Authority in September 2016 which are intended to address the pension liability over the next eight years and there has been a reduction in the term loan by proceeds from sale of former head office in Limerick, while since June 2016 the Board has a five year contract for the supply of greyhound racing content from their Mullingar, Youghal and Tralee stadia. We will be keen for Bord Na gCon to outline the details of the new pension funding proposals, the projected level of the pensions deficit at the end of the eight year period, the value of the new five year contract for the supply greyhound racing content and the main elements of the Boards Assets disposals strategy.”

This meeting will take place in Committee room 1 at 9am on Thursday, 4 May 2017.

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