Annual report by the Minister of Fisheries, Oceans and the Canadian Coast Guard respecting the administration of the Atlantic Fisheries Restructuring Act for fiscal year 2019–2020

Table of contents

• Introduction
• Acquisition, pledge and disposal of shares during 2019-2020
• Contributions
• Loans
• Guarantees
• Appropriations
• Financial statements

Introduction

The Atlantic Fisheries Restructuring Act was passed on November 30, 1983, to facilitate the development of viable Atlantic Fisheries that are competitive and privately-owned through the restructuring of fishery enterprises. Subject to certain conditions set out within the legislation, Section 4 authorizes the Minister of Fisheries and Oceans to acquire, to hold or dispose of or to otherwise deal with the shares, debentures or securities of any Atlantic fishery enterprise. Section 4 also authorizes the Minister to pledge, hypothecate or charge any shares, debenture or other security acquired or held. Section 5 authorizes the Minister to make a contribution or loan to a fishery enterprise. Finally, subject to certain conditions set out within the legislation, Section 6 authorizes the Minister, with the approval of the Governor in Council, to guarantee the repayment of any portion of the principal and interest owing on any loan made to a fishery enterprise.

Acquisition, pledge and disposal of shares in 2019-2020

No shares were acquired, pledged or disposed of in fiscal year 2019–2020.

Contributions

Fisheries and Oceans Canada disbursed contributions totalling $383,080 to 224 recipients through the Ice Assistance Emergency Program, as authorized under Section 5 of the Atlantic Fisheries Restructuring Act in fiscal year 2019–2020.

Fisheries and Oceans Canada provides financial assistance through the Ice Assistance Emergency Program to eligible fish harvesters in affected areas of Newfoundland and Labrador and Quebec who have been prevented or delayed from fishing because of ice conditions in their fishing areas. Eligible applicants are fish harvesters who had established and exhausted an Employment Insurance (EI) Fishing Benefits claim based on their fishing activity in 2018; who are not receiving or eligible for any EI benefits; and, who fish out of ports in ice-affected areas.

Loans

No loans were made to a fishery enterprise in fiscal year 2019–2020.

Guarantees

No guarantees of loans were given in fiscal year 2019–2020.

Appropriations

No appropriations were made in fiscal year 2019–2020.

Financial statements

Audited statements are made public on an annual basis.