Support for withdrawal of vessels urged

A SENIOR AIB official has urged support for a €42 million Government scheme for the decommissioning of whitefish vessels.

Art Kavanagh, manager of AIB's branch in Killybegs and chair of the bank's marine and fishing steering group, said participants in other sectors hit by regulatory and social change, such as rural pubs, would be "delighted to be offered a similar opportunity to exit".

At the Irish SkipperExpo in Galway at the weekend, Mr Kavanagh also said he hoped that there would be "some modification" of the national quota management system which would allow vessels continuing in the industry to gain a more equitable share-out of available fish stocks. Mr Kavanagh said the State's new decommissioning initiative, which aims to remove about 75 vessels over 18 metres in length from the whitefish fleet, "will never find favour with everyone". However, it would allow those wishing to quit "to do so with dignity". Bord Iascaigh Mhara is hosting the first in a series of information seminars in Dublin airport's Radisson Hotel today with tax experts KPMG.

Under terms provided for in the new Finance Act, the scheme qualifies for capital gains exemption for proceeds up to €750,000 with marginal relief applying above that level. These terms are far more favourable than the €25 million compensation scheme agreed for holders of salmon driftnet licences, who are now subject to a ban on catching wild salmon.