Bank of Russia and DOM.RF sign information exchange agreement
The Bank of Russia will use the Unified Housing Construction Information System (UHCIS) comprising data on developers’ project financing as a source of information for supervising authorised banks’ operations.
For this purpose, the Bank of Russia and JSC DOM.RF signed an information exchange agreement. The information system operator will provide data from the UHCIS to the Bank of Russia both on a regular basis and as requested.
According to the law, all developers dealing with equity construction shall disclose all documents, reports and photos related to the construction progress on the portal. Information in the UHCIS is updated on a daily basis.
Banks opening payment accounts for developers who raise funds directly from housing equity holders and do not use escrow accounts shall record facts of refusals to carry out unlawful transactions on developers’ accounts in the unified system.
Key information exchange participants include competent state bodies, title registration authorities, the Foundation for the Protection of Housing Equity Holders’ Rights, banks and developers.
The key participants will exchange information through their accounts using digital signatures. This has resulted in the formation of a unique project-by-project database on all residential buildings under construction where housing equity holders’ funds are used.
‘The website наш.дом.рф makes it possible to obtain information on every building being constructed with the use of individuals’ funds. As the information system operator, DOM.RF will provide access to these data to the Bank of Russia. Thus, the regulator will promptly obtain information on the operations of the banks authorised by the Russian Government to keep escrow accounts’, said Alexandr Plutnik, CEO of DOM.RF.
As of now, the portal наш.дом.рф contains information on 3.7 thousand developers currently constructing 10.9 thousand residential buildings. Overall, 111.7 million square metres of housing real estate are now under construction.
‘This system is an important source of information for the Bank of Russia – it provides accurate data on the progress of construction projects, names of developers and their crediting banks, as well as other essential parameters. Of the 94 authorised banks, 38 have reported that they are ready to grant credit to developers or are preparing to do so. As of today, over 950 projects in 68 Russian regions are being implemented using the new financing mechanism. 900 developers have submitted their project financing requests to banks. More than 630 developers are already implementing such projects’, noted Dmitry Tulin, First Deputy Governor of the Bank of Russia.
The data being accumulated in the system enable daily monitoring of the current situation in housing construction. All information is available on the portal наш.дом.рф.