Banks have been given the responsibility for distributing crisis money

MoneyMoney.Photo: Terje Pedersen / NTB scanpix

The financial industry will be responsible for the implementation of the financial compensation scheme for companies affected by the corona epidemic.

“The goal is for the money to be transferred into the account within two to three weeks,” says CEO Idar Kreutzer of Finance Norway at a press conference Friday.

The government on Friday proposed that the state cover part of the fixed costs for the Coronavirus-affected companies. NHO, Virke and Finans Norge have been working with the government for the past week on the design of a compensation scheme, Finans Norge reports.

It is the authorities that will assess which companies qualify for funding, while the banks will make the practical payment.

The scheme is based on the fact that companies can apply for compensation through a digital application, and the solution must be self-service, according to Kreutzer.

“The goal is for the scheme to be as simple as possible to use and manage,” Finance Minister Jan Tore Sanner said during the press conference.

The money will be paid out as a cash subsidy and benefit the business community as soon as possible.

Kreutzer emphasizes that it is a considerable responsibility for the individual who seeks to rely on the right information.

– “There are elements that ensure a basis for control,” he says.

He is confident that they will get the scheme in place quickly.

– “We have not done this before, but we can build on established, well-functioning solutions,” he says.

© NTB Scanpix / #Norway Today


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