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Bering Sea and Aleutian Islands (BSAI) King and Tanner Crab Buyback Program

Congress authorized (Public Laws 106-554, 107-20 and 107-117) up to $100 million to finance a buyback program in the Bering Sea and Aleutian Islands crab fisheries.  In a reverse auction bidding process, this program permanently removed 25 fishing vessels and 62 fishing licenses and permits for $97,399,357 from the following crab fisheries:  1) Bristol Bay Red King; 2) Bering Sea Snow (Opilio) and Tanner (Bairdi); 3) Aleutian Island Golden (Brown) King; 4) Aleutian Island Red King; 5) Pribilof Red King and Pribilof Blue King; and 6) St. Matthew Blue.

Fees for repayment of the loan are authorized under section 312(d)(2)(C) of the Act and are to be paid on harvests of the above listed crab species.  Fish sellers are required to pay the fee and all parties making the first ex-vessel purchase of the crab (“fish buyers”) are required to collect the fee (based on the crab's full delivery value), account for and forward the fee revenue to repay the loan.  The current fee rates are:  1) Bristol Bay Red King – 2.5%; 2) Bering Sea Snow (Opilio) and Tanner (Bairdi) – 5.0%; 3) Aleutian Island Golden (Brown) King – 5.0%; 4) Aleutian Island Red King – 5.0%; 5) Pribilof Red King and Pribilof Blue King – 5.0%; and 6) St. Matthew Blue – 5.0%.  The fee rate may not exceed five percent (5.0%) of the delivery value.  Fee collection to repay the 30-year loan began on October 17, 2005.  The interest rate is fixed at 6.54%.

Please see the links below for more information and visit Pay.gov to submit fee collection payments.

Click here for a summary of loan balances.

 

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Contact: 
Liz Ryan
(301) 427-8777
Michael A. Sturtevant
(301) 427-8799
Financial Services Division (F/MB5)
Office of Management and Budget
NMFS, NOAA
1315 East West Highway
Silver Spring, MD 20910