asked the Minister for Fisheries and Forestry if the Government are aware that Bord Iascaigh Mhara appear to be currently pursuing a policy of requiring boat owners to allocate 25 per cent of gross earnings for loan repayment purposes; if it is possible for boat owners to contribute 25 per cent of gross earnings and at the same time keep their vessels and crews operational, especially when one considers that fuel costs alone can be as high as 70 per cent of gross earnings.
Written Answers. - BIM Loan Repayments.
422.
There are ten vessels out of 427 where the 25 per cent of gross earnings scheme is in operation. All of the cases where this arrangement is in existence relate to borrowers whose accounts were such that the normal course of action for BIM would have been to terminate the loan agreement. In order to avoid this and to give the borrowers an opportunity of operating their accounts in a manner acceptable to the board, this 25 per cent arrangement was mutually agreed.