Interest on Loan After Trawler Loss
Deputy Byrne challenged Bord Iascaigh Mhara’s charge of IR£1,470.32 interest after a Wexford trawler was lost, arguing interest should not accrue while the vessel was unusable. The Minister said the charge followed the loan agreement and changing it could affect the insurance claim, but agreed to ask the board whether it could reconsider.
asked the Minister for Fisheries and Forestry if he will investigate and correct an error made by Bord Iascaigh Mhara in the case of a person (details supplied) in County Wexford in relation to the loss of a fishing trawler which was in collision with a passenger carrier en route from France; whether the board required payment of interest on the loan between the date of the loss of the trawler and the date of the settlement of the insurance claim; and if he will make a statement on the matter.
Comment on this
: I have been informed by An Bord Iascaigh Mhara that no error was made by them in relation to the calculation of interest due on foot of a loan provided in respect of a fishing vessel which was lost on 1 August 1982, off the Wexford coast. The loan agreement provided that interest be charged on the loan until such time as the loan had been repaid and as repayment was made to the board on 8 October 1982, interest totalling IR£1,470.32 was correctly charged in respect of the period 1 August to 30 September 1982.
Comment on this
: Is it possible that the Minister agrees that interest should be charged on a trawler that could not be in use after an accident? I ask him to reconsider the situation with a view to correcting what I and, I think, all Members of this House would consider to be an error. When a trawler is not in use the person concerned should not be asked to pay interest on a loan.
Comment on this
: The problem is not as simple as that. There is a question of insurance involved. While I appreciate the obvious practical difficulty, on foot of agreements entered into and the possibility of a loss with regard to an insurance claim, it would be difficult to interfere in this situation without upsetting an agreement and thus causing a more serious loss to the boat owner.
Comment on this
: As the Minister agrees with the sentiment of my question, would he not go back to Bord Iascaigh Mhara who claim to help Irish fishermen? Here is an obvious case where help could be offered.
Comment on this
: I will go back to Bord Iascaigh Mhara, but they are a party to a solemn, legally binding agreement. If one party breaks that agreement, problems could arise in connection with an insurance claim in the matter. I can put this question to Bord Iascaigh Mhara and see how far they can go on these lines. I accept the tenor of the Deputy's remarks.