I propose to take Questions Nos. 754 and 755 together.
The horse racing industry makes a valuable contribution to our economy. It is estimated that the thoroughbred industry has an annual economic impact of €1.84 billion with direct and indirect employment of 29,000 people.
The wide geographic distribution of this industry contributes to the achievement of more balanced regional economic growth and rural economic activity, providing a wide range of employment and income opportunities, from stable staff, trainers and jockeys to breeders.
The support provided by public funds through investment in this industry has enabled Ireland to develop a world class reputation for excellence in horseracing racing and breeding. Horse racing in other major racing jurisdictions is also funded by Government, directly or indirectly.
The Irish equine breeding and racing industry is extremely competitive at a global level. We are the third biggest producer of thoroughbred foals in the world and estimates place Ireland only behind the United States as the biggest seller of bloodstock by public auction globally.
Successive Governments have acknowledged the importance of this industry and have supported it through legislation and policy initiatives.
The horse racing industry receives financial support from the State through the Horse and Greyhound Racing Fund, under the Horse and Greyhound Racing Act, 2001. The Department makes payments from the Fund to Horse Racing Ireland (HRI), the commercial state body established under the Horse and Greyhound Racing Act, 2001, responsible for the overall administration, promotion and development of the horse racing industry.
In Budget 2023 an allocation of €70.4m million has been provided for HRI, subject to Oireachtas approval.
