© MARC HERREMANS – MEDIA HOUSE
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The corona voucher bank for travel organizers can come into effect after a few weeks of delay. The bill of the majority that creates that support mechanism was approved by the plenary session of the House on Thursday.
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Source: BELGIAN
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At the start of the corona crisis in March 2020, consumers received ‘corona vouchers’ in exchange for package holidays that had to be canceled due to the pandemic. With that voucher they could then book a new trip for a year. If the check was not used after that date, consumers could request their money back. The tour operator was then given six months to repay the trip.
But the sector has still not been able to resume its full activities, while the corona vouchers have already had to be repaid. To avoid financial dramas, a support mechanism is provided in the form of a corona voucher bank, which contains 210 million euros. Tour operators can borrow money there to pay back the vouchers.
Travel organizers may borrow an amount of up to 3 million euros and may only use the money to repay outstanding vouchers. In addition, the amount of the loan granted may not exceed 80 percent of the total value of the eligible vouchers per tour operator.
The first vouchers had to be paid back in September, but the creation of the corona voucher bank was somewhat delayed. The mechanism had already been given the green light in the House, but a green light was also needed from the European Commission. That only came about on November 15, but in the first draft of the bill, the tour organizers had to submit their application by November 16. That date had to be adjusted.
The scheme now has retroactive effect from November 22. The loans are provided at an annual interest rate of three percent and have a term of five years from the date of signature of the agreement. In total, approximately 135 million euros in vouchers are still in circulation. According to the authors of the bill, payments can start on January 1.
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