asked the Minister for Agriculture and Fisheries if he will give full details of the new £5 million credit scheme for the fishing industry announced in Paris on 21st July, 1967 following negotiations between Bord Iascaigh Mhara and the Credit Navale of Paris; the interest repayment rates which will have to be paid by fishermen; and if he will make a general statement on the matter.
Ceisteanna—Questions. Oral Answers. - Fishing Industry Credit Scheme.
48.
I am informed by An Bord Iascaigh Mhara that they are still in negotiation with certain other countries with a view to reaching agreement with them on the provision of credit facilities on no less favourable terms than were successfully negotiated in France in connection with the purchase of fishing vessels abroad by Irish fishermen. I am not, therefore, free to disclose any details of the arrangements agreed with the French interests which have not already been announced by the Board, as to do so would prejudice the successful completion of the other negotiations still in progress.
The interest rate payable under this arrangement by fishermen on loans for fishing vessels built in France will be at the negotiated rate but where the vessels do not exceed 90 ft. in length the provisions of the Board's Marine Credit Plan will apply under which the fishermen will receive a subsidy to reduce the interest rate in effect to 4 per cent. This is a matter between the Board and the fishermen and has no bearing on the French credit terms.
I assume the purchase of these vessels will not result in any of our own shipbuilding yards which build shipping vessels being left unoccupied?
I should certainly hope to ensure that.