OREANDA-NEWS. December 31, 2013. Sviaz-Bank has launched a new financial instrument – a special-purpose bank account in rubles for accumulating funds for major repairs* – for homeowners of apartment houses.

A special-purpose bank account may be owned by homeowners associations (HOS), housing cooperatives, specialized consumer cooperatives, and regional operators designated by the authorities of federation member regions (where homeowners of an apartment house decide to make a regional operator the special-purpose account owner).

An account of this type opened with Sviaz-Bank will provide homeowners with extra funds for major repairs by adding interest accruing on account balances (irreducible balance and average monthly balance in the account).

A special-purpose account may be opened with any Sviaz-Bank branch and in Moscow).

A special-purpose account is maintained at the Bank’s rates applicable to legal entities, self-employed entrepreneurs, and individual practitioners.

*Under Federal Law No.271-FZ of December 25, 2012 and the latest version of the Russian Federation Civil Code, amendments have been made to the practice of funding major repairs in apartment houses: homeowners can now save funds on the scale of a particular apartment house by transferring mandatory contributions to a special-purpose account with a bank.