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Finance Minister Gernot Blümel (ÖVP) announced a solution for faster loans to entrepreneurs on Saturday.
In Vote with banks and the Financial market supervision (FMA) There are now simplifications because many companies had to wait too long for their money. This was mainly due to the strict interpretation of regulatory requirements by the FMA and the banks.
“As a state, we have established many new instruments in a short period of time to save jobs and businesses. In the first six weeks, aid and liquidity of € 14 billion have already been made available. However, there is still plenty of scope for improvement, “said the Minister of Finance Flower. “Especially with regard to Loans In banks there is always dissatisfaction among entrepreneurs. We had to learn from many comments that implementation in practice did not always work as it did government It was requested “.
A set of standards established by regulatory authorities at European and national level in recent years has paid off in times of Crisis at the local branch, see above Flower further “I am pleased that the Austrian authorities now understand the current situation and that flexibility should now be shown here.”
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Austria Banks have recently granted almost € 17 billion in new loans, in exchange for loans with a volume of € 15 billion have been deferred. To speed up the lending process, the Ministry of Finance worked with the banking sector, the supervisory authority and aws to develop a solution that aims to remove the obstacles in the approval of guarantees and the granting of loans.
As a first point, there is now a voluntary commitment to warranty requirements. Warranty requirements, which are primarily necessary due to European regulations, are being re-managed. Instead of a mandatory review by banks, the entrepreneur must swear that these requirements have been met. Subsequently, the tax authorities verify compliance, with incorrect information that results in severe penalties. This promises a “massive acceleration of the process”.
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As a second measure, negotiations with the FMA facilitate verification of the creditworthiness of existing credit clients. Loans In the current phase, the presentation of calculations of plans and business plans for the future is not decisive. The solvency of the company before the Crisis.
Beyond the calls Flower Furthermore, that existing aid rules at European level are temporarily suspended to help companies and secure jobs.
