 for the constniction of vessels less than 12 meters 

 long, including trawlers, the loan cannot exceed: 



□ 50 percent, in the case of a fisherman who is 

 less than 40 years old and who has never fully owned 

 another fishing vessel; 



a 

 term. 



20 percent, in other cases, with a 7-year 



 for the substantial transformation of vessels less 

 than 15 years of age and 12 meters or longer, the 

 loan cannot exceed: 



o 75 percent, in the case of a fisherman who is 

 less than 40 years old when the transformations are 

 on a newly-acquired vessel; 



□ 50 percent in other cases, with a 7-year term. 



 for the acquisition of second-hand vessels less than 

 15 years old, with a length greater or equal to 12 

 meters, the loan cannot exceed: 



□ 75 percent, in the case of a fisherman who is 

 less than 40 years old and who has never fully owned 

 another fishing vessel; 



□ 20 percent, in other cases, with a 10-year 

 term. 



 for the acquisition of second-hand vessels less than 

 12 meters long, excluding trawlers, the loan cannot 

 exceed: 



□ 30 percent, in all cases, with a 9-year term. 



 for basic fishing equipment, the loan cannot 

 exceed: 



Q 30 percent, in all cases, with a 3-year term. 



B. Aid program for commercial fishing : 



1. Subsidies: These subsidies apply to investment 

 exceeding the limits set for non-commercial fishing 

 and related to the building or the "substantial 

 transformation" of vessels and the acquisition of 

 equipment designed to improve the profitability of 

 these vessels, such as electronic, fishing, or fish- 

 processing equipment. 



Subsidy levels are set between 22 and 30 percent 

 of investment costs, depending on the length of the 

 vessel. 



2. Loans: Subsidized loans are intended for 

 equipment designed to build a new vessel or 

 transform a vessel. In the case of transformation, the 

 cost of the project must represent at least 20 percent 

 of the initial price of the vessel. The loans only 

 cover 60 percent of the investment. 



C. Aid program for investment on land : 



1. Subsidies: These subsidies are granted for 

 investments related to equipment for storage, fish- 

 processing, etc. They may not exceed 25 percent of 

 the investment and must fall within EC guidelines. 



2. Loans: Subsidized loans, with a 5 percent interest 

 rate and a 12-year term, are also extended for 

 "movable" and "immovable" equipment. These loans 

 may not exceed 85 percent of the total cost of the 

 investment for "priority" equipment related to 

 refrigeration, cold chambers, etc. For other 

 equipment, the loans may not exceed 30 percent of 

 the investment. 



Another recent initiative has been the 1988 

 decision of the Comite central des peches maritimes 

 (CCPM) to require permits for the construction or 

 activation of fishing vessels. Permits have become 

 necessary for any reworking or improvement of 

 vessels as well. The CCPM uses criteria based upon 

 the Multi-annual Guidance Program for its decisions 

 in individual cases. " 



Another area of government emphasis has been 

 in cooperative applied research for deep-sea 

 technology development. The Eureka Program, run 

 in conjunction with Spain and Iceland, has led to the 

 development of exploration devices which can locate 

 and count the maximum numbers of profitable species 

 while reducing the total amount of fuel used in their 

 capture through variable-speed propellers and anti- 

 barnacle paint." 



72 



