Article 10 Aid for the permanent cessation of fishing activities through the scrapping of a fishing vessel or its reassignment for a non profitable purpose other than fishing

Aid for the scrapping of fishing vessels or aid for the permanent reassignment of fishing vessels for non profitable purposes other than fishing shall be compatible with the common market within the meaning of Article 87(3)(c) of the Treaty and shall be exempt from the notification requirement of Article 88(3) of the Treaty provided that:

1. (a)

   the aid fulfils the conditions laid down in Article 7 of, and point 1(1) of Annex III to Regulation (EC) No 2792/1999;

   and

2. (b)

   the amount of the aid does not exceed, in subsidy equivalent, the total rate of national and Community subsidies fixed by Annex IV to Regulation (EC) No 2792/1999 or by Council Regulation (EC) No 2370/2002^f1 for such aid.