All three parties forming the Faroese government have reached agreement on a new Parliamentary fisheries management bill, with the new regime slated to begin on the first of January of next year.
Under the new rules, quotas replace the days-at-sea regime, except for the larger vessels that will remain under a days system. 25% of quotas for mackerel, herring and blue whiting will be sold at auction to the highest bidder, as will 25% of Faroese demersal quotas in the Barents Sea, on Flemish Cap and off East Greenland. The remaining 75% is allocated to those with existing track records in this fishery and if these quota are increased over their 2018 level, then the additional allocations are to be auctioned.
A tax will be levied on quotas that are not auctioned.
At present, there are no prospects for demersal quotas in Faroese water to be auctioned.
The Parliamentary bill also includes items dealing with limits on quota holdings and overseas ownership of fishing companies that are expected to be removed in stages over the next four years.
