OFFICIALS from the Irish Horseracing Regulatory Board [IHRB] will appear before the Public Accounts Committee [PAC] on Thursday when it is likely they will be quizzed on why €350,000 was transferred from the Jockeys Emergency Fund [JEF] to the IHRB’s account in January 2022 before being paid back three months later.

It’s a year since IHRB chief executive Darragh O’Loughlin first told the PAC that he had been informed of a matter of “grave concern” in the 2022 accounts but he could not provide further details at the time as a report was being prepared by independent consultants.

That report has yet to be published but this week the IHRB accounts for 2022 were lodged with the Oireachtas and the notes attached to the financial statements appear to reveal the nature of the issue.

The report says that in January 2022 a transfer of €350,000 was made from the Jockeys Emergency Fund to the IHRB. This was subsequently returned to the JEF in April 2022.

While it is noted that this “correction of error” does not affect the reported financial performance of the company, the report states that the transfers are the subject of an external independent review.

The Jockeys Emergency Fund provides assistance to riders who suffer permanent total paralysis as a result of injuries sustained in a race run under the rules of racing, or at a point-to-point.

The fund is made up of contributions from owners via a prize money levy, voluntary donations, investment income and a portion of annual qualified riders licence fees.

When O’Loughlin first broke news of his concerns last year, he added that the IHRB’s financial controller Donal O’Shea had taken voluntary leave without prejudice while the matter was investigated.

Although Denis Egan had retired as IHRB chief executive before the apparent inappropriate transfer of monies between the IHRB and JEF, there has been speculation that the transfer could have been connected to Egan’s early retirement package.

Egan received a golden handshake of €385,000 when he retired, a sum which was 58% above the IHRB’s retirement package guidelines.

However, the IHRB says the extra payment came from the Turf Club and Irish National Hunt Steeplechase Committee, and not public funds.