An improved credit agreement will accelerate the development of renovation



Šiaulių bankas and Lithuanian Chamber of Housing Management and Maintenance have completed coordination of the agreement conditions for crediting modernization of multi-apartment houses.  This will allow mitigating the process of renovation mechanism and accelerating conclusion of agreements.

The process of multi-apartment house renovation in Lithuania is gaining its speed - 756 houses have already approved the projects of renovation implementation, what is more, the renovation works have been started in 146 multi-apartment houses and the procurement of contractors for renovation of 100 buildings is being carried out.   Šiaulių bankas has approved 346 projects of building renovation in total an assigned the amount of EUR 64 million for their implementation. 

"We're the national leaders in provision of funding to renovation, thus, we have to meet the needs of the parties at most. Constantly communicating with all the participants of the  renovation process we've improved our credit agreement.  We believe that we'll continue working closely in the area of renovation of multi-apartment houses in the future. We feel huge responsibility and strive to make the renovation programme for Lithuania as beneficial as possible ", - said Audrius Žiugžda, Chief Executive Officer of Šiaulių bankas.

The Chamber of Housing, representing the flat owners, majority of housing managers and programme administrators assigned by municipalities, does not doubt that the  amendments of the certain clauses in the agreements would accelerate the process of modernization and all the parties participating in the programme would  be completely satisfied. 

"We really appreciate that Šiaulių bankas took into consideration our suggestions and agreed to adjust the agreement of modernization project funding.  It shows that our constructive remarks have been correct as they meet needs of the inhabitants.  I do not doubt that the  amendments of the certain clauses in the agreements are to accelerate the process of modernization of multi-apartment houses even more. This is exactly what we are seeking for - to facilitate people participating in the programme, - said Juozas Antanaitis, Presidents of the Chamber of Housing.

Taking into account the suggestions received during the negotiations as well as seeking to facilitate the administrators and reduce the administration costs incurred by them, Šiaulių bankas will allow the administrators to transfer the administration of debts to the recovery agency without being subject to any additional expenses.  Moreover, the conditions of the credit agreement termination, accounting of default interest and procedure of their settlement as well as procedure of change of administrators, etc. have been itemized.