Prague, 23 January 2014 - It is now possible to submit the first applications for financing under the JESSICA Programme for the refurbishment and modernisation of residential properties and for the provision of modern social housing by revitalising existing buildings.

Komerční banka provides soft loans to owners of residential properties under an Agreement on the Management of Funds from the Integrated Operational Programme with Státní fond rozvoje bydlení [The National Housing Development Fund, SFRB] signed on 31 October 2013. A complete methodology, the various templates, and the required information support were prepared in the past weeks for all who are interested in these soft loans. Full information is available on Komerční banka's website and the SFRB's website (www.sfrb.cz).

"We have been hearing and reading about the JESSICA Programme for a number of months. The preparations and paperwork related to drawdown on EU funds were not simple, but the process has nevertheless been carried through and this day marks its end, or, rather, a beginning: the opening of the most advantageous programme for renovating residential buildings and social housing in the Czech Republic. It entails "only" CZK 600 million, but even this is a good result to start with and I believe that it will be beneficial for residential property owners," said Miroslav Kalous, Vice-Minister in charge of managing the SFRB, under which the JESSICA Programme falls.

The JESSICA Programme features, in particular, a very low interest rate fixed throughout the term of loan repayment. KB will provide 10-year loans under the JESSICA Programme from as low as 0.71% p.a. In addition, the loans are free of all the usual management and commitment fees. Despite the fixed rate throughout the repayment period, clients can make extraordinary instalments completely free of charge.

Applications for loans under the JESSICA Programme can be addressed to any KB branch in the towns and cities that are included in the pilot project, see the product page(czech version only).

Potential applicants for Investment Plan financing through a soft loan can approach Komerční banka's branch in a town or city included in the project. KB's relationship managers will provide the applicants with full support, including a review of their plan and an offer of the best alternative. All those who are interested in the JESSICA Programme are advised to arrange for individual consultations at the very beginning of the envisaged implementation to prevent potential risks, for example, inability to repay.

Applications are prepared using standard processes followed in assessing financing for residential buildings and social housing.

Loans will be provided until the end of 2015. Loan applications will be received continuously and their acceptance will only be stopped at the moment when the capacity of the pilot drawdown scheme, i.e. CZK 600 million, has been fully committed. Komerční banka will post information about the current situation of the programme on its website on an ongoing basis.

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