An all-night meeting of EU fisheries ministers in Brussels hopes to secure a compromise early today on total allowable catches and quotas for European waters next year.
The Irish fleet was facing cuts of around 10 per cent in Celtic sea herring, whiting and prawns as ministers went into their final plenary session last night.
A proposed increase in monkfish had been cut from 11 to 7 per cent, while a small increase in the hake share-out was still being sustained, according to industry representatives.
Ireland is represented at the gruelling end-of-year talks by Minister of State Pat the Cope Gallagher, but extensive preparatory negotiations have somewhat changed the dynamic of this year's council.
EU Fisheries Commissioner Joe Borg is on record as saying he wants to replace the annual, highly politicised quota tussles with multiannual negotiations which would allow for a more sustainable approach to stock management.
Irish industry representatives hope that ministers will agree to a total ban on gillnetting in waters deeper than 200m, given the impact the practice is having on Irish waters.
The Irish South and West Fishermen's Organisation (IS&WFO) said the practice was being conducted by an "almost unregulated" fleet of foreign vessels, and was causing serious damage to whitefish stocks.
A recent European scientific report, titled Deepnet, had highlighted unacceptable aspects of the fishery, including "huge levels of discarding fish and the dumping of large amounts of unwanted fishing gear", said Jason Whooley, IS&WFO chief executive.
"These practices are unsustainable and must be stopped," he said.
The mackerel share-out involves a 5 per cent agreed increase for next year.