Today in Norway: A roundup of the latest news on Thursday
Tens of thousands struggle with interest rates, NAV identifies paternal parental leave error, and flood warnings issued for Oslo and Akershus. This and other news on Thursday.
Central bank: 35,000 have payment issues at current interest rate levels
Norway's central bank, Norges Bank, has said that around 35,000 borrowers in the country may have problems settling their debts.
The financial institution is responsible for setting the key policy rate, which was last raised in December.
"We have raised the interest rate a lot in recent years. Many people have had tighter finances, and for some it is difficult to make ends meet. But price growth is still too high," Deputy Central Bank Governor Pål Longva told Norwegian newswire NTB.
"High and variable price growth has great costs for society and particularly affects those with low incomes and little to go on. Our job is to bring price inflation down. If we raise interest rates too little, we risk that prices will continue to rise rapidly," he added.
The central bank has raised interest rates 14 times since 2021 to try and curb inflation.
Norges Bank is unlikely to implement any rate cuts until the autumn of this year at the earliest.
Flood warning issued for Oslo and Akershus
A yellow flood warning has been issued for Oslo and Akershus. A yellow warning represents moderate danger. Relatively minor damage is expected in the event of a yellow weather warning, and some travel disruption is to be expected.
Around 30 to 50 millimetres of rain is expected through Thursday night into Friday. Other parts of the southeast are expected to be affected too, as the warning applies from Lillesand and north-east Agder to southeast Telemark, Buskerud, and west Vestfold, in addition to Oslo and Akershus.
Nav identifies parental paternal leave error
Some 5,500 fathers will receive a paternity leave payout after NAV identified an error between 2019 and 2021 that meant some lost their entire quota.
Nav has said that there are likely more who missed out on parental leave payments due to the error.
Before Christmas, Nav lost in the Supreme Court after fathers complained about not being paid parental leave they were due.
Energy prices affect cabin use
Nearly half of cabin owners say that energy prices affect how often they make use of their holiday homes.
One in six even told a survey by energy firm Gudbrandsdal Energi that they considered selling up due to energy prices. Consumer economist Silje Sandmæl said those worried about energy prices should rent the cabin out to cover costs.
"At the same time, the cabin still costs a lot of money when it is unused. After all, it can cost several hundred kroner a day just to own a cabin, with loans, fees and maintenance. That taxi meter runs all the time, even if you don't use electricity to heat up," she told Norwegian newswire NTB.
"My advice is not to leave the cabin unused. Rent it out instead so you can cover some expenses," Sandmæl said.
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Central bank: 35,000 have payment issues at current interest rate levels
Norway's central bank, Norges Bank, has said that around 35,000 borrowers in the country may have problems settling their debts.
The financial institution is responsible for setting the key policy rate, which was last raised in December.
"We have raised the interest rate a lot in recent years. Many people have had tighter finances, and for some it is difficult to make ends meet. But price growth is still too high," Deputy Central Bank Governor Pål Longva told Norwegian newswire NTB.
"High and variable price growth has great costs for society and particularly affects those with low incomes and little to go on. Our job is to bring price inflation down. If we raise interest rates too little, we risk that prices will continue to rise rapidly," he added.
The central bank has raised interest rates 14 times since 2021 to try and curb inflation.
Norges Bank is unlikely to implement any rate cuts until the autumn of this year at the earliest.
Flood warning issued for Oslo and Akershus
A yellow flood warning has been issued for Oslo and Akershus. A yellow warning represents moderate danger. Relatively minor damage is expected in the event of a yellow weather warning, and some travel disruption is to be expected.
Around 30 to 50 millimetres of rain is expected through Thursday night into Friday. Other parts of the southeast are expected to be affected too, as the warning applies from Lillesand and north-east Agder to southeast Telemark, Buskerud, and west Vestfold, in addition to Oslo and Akershus.
Nav identifies parental paternal leave error
Some 5,500 fathers will receive a paternity leave payout after NAV identified an error between 2019 and 2021 that meant some lost their entire quota.
Nav has said that there are likely more who missed out on parental leave payments due to the error.
Before Christmas, Nav lost in the Supreme Court after fathers complained about not being paid parental leave they were due.
Energy prices affect cabin use
Nearly half of cabin owners say that energy prices affect how often they make use of their holiday homes.
One in six even told a survey by energy firm Gudbrandsdal Energi that they considered selling up due to energy prices. Consumer economist Silje Sandmæl said those worried about energy prices should rent the cabin out to cover costs.
"At the same time, the cabin still costs a lot of money when it is unused. After all, it can cost several hundred kroner a day just to own a cabin, with loans, fees and maintenance. That taxi meter runs all the time, even if you don't use electricity to heat up," she told Norwegian newswire NTB.
"My advice is not to leave the cabin unused. Rent it out instead so you can cover some expenses," Sandmæl said.
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