It was not concluded a bilateral agreement between Norway and the Faeroe Islands for 2012 and 2013. The overall Norwegian fish quotas are allocated to different vessel groups, and the quotas are then distributed between the vessels holding the necessary licences (offshore fleet) or annual permits (coastal fleet) to participate in the groups. Each vessel is regulated with Individual Vessel Quotas (lVQs) set at a level where the vessel is guaranteed its quota, or at a level which implies moderate competition betw een vessels in the group.