BIM confirms 57 fishing vessels are looking to exit the Irish fishing industry through the Brexit Voluntary Permanent Cessation Scheme

BIM confirms 57 fishing vessels are looking to exit the Irish fishing industry through the Brexit Voluntary Permanent Cessation Scheme

 Bord Iascaigh Mhara has confirmed that 57 fishing vessels are looking to exit the Irish fishing industry through the Brexit Voluntary Permanent Cessation Scheme which was proposed under the Seafood Sector Task Force Report published in October 2021.

BIM confirmed yesterday that 43 applications has been received with 14 more applications in preparation.

Out of the 43 applications received, eleven are polyvalent vessels less than 18 metres in length, 31 are polyvalent vessels greater than 18 metres, and one beam trawlers greater than 24 metres in length.

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Out of the 14 applications in preparation four  are polyvalent vessels less than 18 metres and the other 10 polyvalent vessels greater than 18 metres in length.

The Scheme which was opened in September was due to close on 24 October 2022 but has now been extended to Friday 18 November 2022.

The aim of the new scheme, that opened for applications last week, is to help restore balance between fishing fleet capacity and available quotas following quota reductions arising from the Brexit Trade and Cooperation Agreement (TCA) between the EU and the UK.

BIM has also announced a change to the crew compensation agreement within the scheme. This agreement which was previously required to be submitted with an application, can now be submitted prior to first scheme payment subject to an applicant being approved for decommissioning and having received a letter of offer.

The scheme will support vessels in the polyvalent and beam trawl segments to permanently cease all fishing activity, increasing the quota available for remaining vessels, and thereby ensuring the sustainable profitability of the Irish fishing fleet.

The target of the voluntary scheme, as recommended by the Task Force, is to remove up to 60 vessels of 8,000 GT and 21,000 KW at a cost of €60million.  The aid amount will be calculated on the basis of the capacity of the scrapped vessel along with a catch sum payment. The catch sum payment is based on the dependence of the vessel on quotas that were reduced under the TCA Agreement.

The total aid amount for any applicant will not exceed €12,000 per GT and part of the aid should be passed to crew members. To incentivise participation in the scheme, vessel owners and crew members will also benefit from specific tax treatment as set out in the Finance (Covid-19 and Miscellaneous Provisions) Act

Licence holders of fishing vessels registered on the Irish sea-fishing boat register in the polyvalent or beam trawl segments and holding a valid sea-fishing boat license issued by the Licensing Authority for Sea-Fishing boats are being invited to apply.

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57 Irish fishing vessels sign-up for decommissioning scheme

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