Fisheries fund allocation agreed after overnight talks

Agreement on how a fisheries fund of approximately €6bn will be allocated among EU Member States was reached in Luxembourg today following two days of negotiations at the EU Agriculture and Fisheries Council.

The Fisheries Council worked through the night to come to a final compromise on the way in which funds will be spent to develop a competitive yet sustainable fishing industry.

The fund, which will be used to support the new Common Fisheries Policy, (CFP) can be used for fleet modernisation, safety equipment, aquaculture development, adding value through processing, in addition to investment in new fishing gear to more effectively target stocks and assist in the reduction of discards.

Minister for Agriculture, Food and the Marine, Mr. Simon Coveney said the fund will will provide significant funding to the seafood sector over the period 2014-2020, and enhance growth and jobs in this vital part of the economy.

"The Irish seafood industry is a hugely important part of the economy, providing employment for more than 10,000 people," he said.

"It is my job to drive a hard bargain on behalf of fishermen and their families but also to put a policy in place which will protect and build our fish stocks. Negotiating access to finance through the CFP is essential to that effort.”