OREANDA-NEWS. The Bank of Moscow offers a new financial instrument for house owners, a special account to save money for making major repairs of a block of flats.

In accordance with the Federal Law dated 25 December 2012 "On Amendments to the Russian Federation Housing Code and Certain Legal Acts" the system of financing major repairs of blocks of flats has been changed: now there is an opportunity to save money for repairing a house by making obligatory contributions to a special bank account. A special account for saving money by the owners of a house in order to finance major repairs can be opened only in banks with their authorised capital being at least 20 billion RUR.

The Bank of Moscow was one of the first Russian banks to announce its readiness to use the new financial instrument that would make simpler and more transparent the procedure of managing blocks of flats.

Now the house owners will be able to make their own decision where they will transfer money to to pay for major repairs, to the regional communal service fund or to a bank. Thus the Bank of Moscow offers beneficial conditions of maintaining such an account. The money for major repairs saved on the bank account or contributed to the fund is still owned by the house owners but can be used for major repairs only.

"For the Bank of Moscow servicing and crediting the housing and utility sector is a strategic direction. We have unique experience in supporting municipal services and, with due regard for the interest displayed by the public in the changes of law regulating the housing and utility sector, we are happy to offer the people of Russian cities a new special account system that will help people to work comfortably and beneficially with condominium partnerships, housing co-operatives and managing companies," comments Maxim Kokorin, Vice President of the Bank of Moscow.