Newfoundland and Labrador has decided to bail out the Norway-based seal pelt processor, Carino, which is the largest seal pelt processor in Newfoundland. The fisheries minister of Newfoundland and Labrador, Darin King, announced that Newfoundland and Labrador taxpayers would foot the bill for a CAN$3.6 million loan paid directly to Carino. The minister says that hundreds of sealers will be paid for killing seals with this bailout money.
The terms of the loan have not been released, nor has the provincial fisheries department explained how Carino can be expected to repay the loan, given market conditions.
If instead, the province paid 1,000 sealers for not sealing, as part of a license buyout, each sealer could have been given $3,600, which is far more than sealers have earned in each of the past several years.