EUROPEAN COMMISSION proposals to allow fish quotas to be traded was in essence a privatisation of an Irish resource that would have serious implications for Ireland, an Oireachtas Committee was told yesterday.

Minister for Agriculture Simon Coveney told the Communications, Natural Resources and Agriculture Committee he feared for the industry here were this allowed happen as part of the fisheries policy reform.

“Much of our quota would go to foreign boats if we allow this happen,” he said.

The Minister gave a broad outline of the industry and said fishing opportunities in the 200-mile exclusive economic zone were estimated at one million tonnes, valued at €1.18 billion.