S.I. No. 219/2009 - Horse and Greyhound Racing Fund Regulations 2009

S.I. No. 219 of 2009

HORSE AND GREYHOUND RACING FUND REGULATIONS 2009

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 19th June, 2009.

I, MARTIN CULLEN, Minister for Arts, Sport and Tourism, in exercise of the powers conferred on me by section 12(5) of the Horse and Greyhound Racing Act 2001 (No. 20 of 2001) and the Horse and Greyhound Racing (Transfer of Departmental Administration and Ministerial Functions) Order 2002 ( S.I. No. 297 of 2002 ) (as adapted by the Tourism, Sport and Recreation (Alteration of Name of Department and Title of Minister) Order 2002 ( S.I. No. 309 of 2002 )), with the consent of the Minister for Finance, hereby make the following regulations with respect to which, pursuant to section 12(13) of that Act, a draft has been laid before each House of the Oireachtas and a resolution approving of the draft has been passed by each such House:

1. These Regulations may be cited as the Horse and Greyhound Racing Fund Regulations 2009.

2. The amount of €613,907,713 is specified for the purposes of section 12(5) of the Horse and Greyhound Racing Act 2001 (No. 20 of 2001).

The Minister for Finance consents to the foregoing Regulations.

9 April 2009.

BRIAN LENIHAN.

Minister for Finance.

GIVEN under my Official Seal,

9 April 2009

MARTIN CULLEN.

Minister for Arts Sport and Tourism.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

Government support for the horse and greyhound racing industries is provided through the Horse and Greyhound Racing Fund, which was established under Section 12 of the Horse and Greyhound Racing Act, 2001 .

This Regulation is required to give effect to the Government decision to provide €68.128 million to the horse and greyhound racing industries for 2009. This provision will be included in the Vote of the Minister for Arts, Sport and Tourism in the Revised Estimates Volume.

In order for the Minister for Arts, Sport and Tourism to provide this funding an increase to the aggregate limit on the Horse and Greyhound Racing Fund (by €63,907,713), pursuant to the provisions of Section 12(5) of the Horse and Greyhound Racing Act 2001 , is required. The amount of the increase required is €63,907,713 because at the start of 2009 only €4,220,287 remained in the Horse and Greyhound Racing Fund, and therefore in order to pay out the allocated amount of €68.128 million, the aggregate limit on the Fund must be increased by €63,907,713. At present the aggregate limit on the Fund is €550 million, of which only €4,220,287 remains. Therefore the aggregate limit must now be increased by €63,907,713 to €613,907,713.