“THERE are different types of breeders in this country,” says Kieran Kennedy of Coolballyshan Stud. “There is the older generation, who always wanted to breed a nice horse they could sell for either jumping or eventing. Their mares might not be of the highest quality, but they kept the industry going and bred a lot of nice horses.

“Then there’s the younger generation who import semen and spend a lot of money to get a foal on the ground, and there are some people who make money like that but the majority of them are losing money. There are some wealthy people who do that and don’t need to make money out of it, but it’s not a commercially successful enterprise for them, even though they do contribute to the industry.