Financial Services

Pacific Coast Groundfish Buyback

Congress authorized (Public Laws 108-7 (section 212), and 107-206) a $46 million buyback program, of which $10M was appropriated and the remainder to be financed under Title XI. In a reverse auction bidding process, this program permanently removed 91 vessels and 239 fishing permits for $45,662,471 from the Groundfish trawl fishery and associated corollary fisheries of Dungeness crab and pink shrimp off the California, Oregon and Washington coast.

Fees for repayment of the loan are authorized under section 312(d)(2)(C) of the Act and are to be paid on groundfish harvests using Federal trawl permits. Fish sellers are required to pay the fee and all parties making the first ex-vessel purchase of groundfish (“fish buyers”) are required to collect the fee, account for and forward the fee revenue for the purpose of repaying the loan. The fee is based on a percentage of the Groundfish full delivery value. The current fee rates are: 1) Washington – Dungeness Crab – 0.16%; 2) Washington - Pink Shrimp – 1.50%; 3) Oregon – Dungeness Crab – 0.55%; 4) California – Pink Shrimp – 5.0%; and 5) Groundfish Trawl Fishery – 5.0%. Sub-loans for Oregon Pink Shrimp and California Dungeness Crab were repaid in 2012. The fee rate may not exceed five percent (5.0%) of the delivery value. Fee collection to repay the 30-year loan began on September 8, 2005. The interest rate is fixed at 6.97%.

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.

Resources for Buyers