National stud suffers further loss of €1.1m

THE controversial semi-state company, the Irish National Stud (INS), continued to lose money last year while at the same time increasing the level of business it was involved in with members of its Government-appointed boardroom.

The INS suffered a hit of €1.1 million in 2010, after devaluing its investments. This followed combined losses of €7m since the bloodstock business collapsed in 2008.

Simultaneously the money made by what the INS has described as “certain directors” — by way of joint ventures and through selling services to the company they run — increased.