The Irish Horse Racing Authority announced an increase of $3,346,266 in total purses for 2002, bringing the total prize money up for grabs on the Emerald Isle to $41,783,107.

The initiative will benefit both flat and National Hunt racing in Ireland, according to Brian Kavanagh, the incoming chief executive of horse racing Ireland.

"These prize-money increases represent a significant boost for the entire industry," Kavanagh said.

Several new black-type races will be introduced with the additional money and other pattern events will be upgraded. Additionally, starting January 1, the base value of all races will be rounded up to the nearest 500 Euro, which currently equates to approximately 90 cents per dollar.