Annually starting in 2010

LFA 25 license holders in PEI (all non communal commercial license holders) will temporarily reduce the number of traps to 240 with a corresponding drop in annual license fees to $100 to facilitate the repayment of the PCFA’s loan to Innovation PEI

·       PEI LFA 25 license holders will be provided the opportunity to purchase the reallocated traps – approximately ten traps per person to a maximum of twenty traps to any individual at an initial cost of $100 per trap on an annual basis for the life of the loan. 

·       Number of traps fished will vary from 240 to 260 per license holder and the overall total number of traps will not increase in LFA 25 PEI. The number of traps per license will return to 250 after the loan is repaid.

SUMMARY OF LOBSTER PLAN AND DETAILS:  (February, 2010)

LFA 25 Fishermen Submit Proposals to ALSM Program

 To determine harvester support for a submission to the Atlantic Lobster Sustainability Measures Program (ALSM), PEI lobster license holders in LFA 25 were invited to a meeting on January 18, 2010 to consider a sustainability plan and the financing options for retiring up to 34 licenses (the committed 24 and a further 10 to be pursued).

 The proposed sustainability plan included the following measures:

·      Increase the minimum legal size to 72 mm by 2014 fishing season

·      Extend current lobster electronic data collection to 100% of harvesters

·      Propose a grid system for reporting purposes

·      Reduce ghost fishing by: using traps with effective biodegradable trap elements

·      Record bycatches by: including reliable bycatch info in electronic data collection elements

 The proposed financing plan to retire up to 34 Licenses @ $175,000 ($5,950,000) included the following:

·      Request to DFO for up to $3m contribution

·      Agreement with the Province for up to $3m loan

            - Interest bearing at cost of borrowing (approx 5%)

            - Maximum 15 years to pay back

            - Provincial grant up to $150K annually to offset interest cost

- Repayment through reallocation of up to 2000 traps at initial cost of $100 per trap

  The PCFA received approval for both of these project elements by a large majority of those in attendance at the meeting.

Sustainability Plan – 124 to 13 in favor

Funding Plan – 118 to 2 in favor

 As a result of this support, the Prince County Fishermen’s Association on January 25, 2010 submitted a Sustainability Plan to DFO. This was followed by signed agreements with 8 additional license holders prepared to retire their lobster license prior to the 2010 fishing season. On February 2, 2010 the PCFA submitted their Funding Proposal to DFO and is now awaiting a response to both of their submissions.