In January, a corporate guarantee cooperation agreement was concluded with Unicredit Bank’s Estonian affiliate.

 

In February 2009, KredEx announced a procurement: Organisation of a training for apartment owners and administrators on topic “Raising Awareness for Improvement of the Housing Fund“.

 

In March 2009, the Government of the Estonian Republic approved an amendment to the Support of Enterprise and State Loan Guarantees Act by which the amount of loan guarantees was increased, and also large enterprises obtained an opportunity to apply for loan guarantees. For that, the total amount of the guarantee contracts of enterprise loans by KredEx was increased from 800 million kroons to 1.5 billion kroons, and the total amount of guarantee contracts for housing loans from 950 million kroons also to 1.5 billion kroons. The act entered into force in May.

 

In March, the capital of KredEx was increased from the funds of the European Regional Development Fund by 242.8 million kroons, reaching 832 million kroons. In addition, 25 million kroons were received from the funds of the European Social Fund.

 

In April 2009, the Minister of Economic Affairs and Communications approved a decree „Additional Support Programme of Availability of Loan Capital by Entrepreneurs“ by which KredEx obtained a right to intermediate additional loan capital to entrepreneurs. This includes the application of three measures from the state support package for exporting companies, by which a total amount of two billion kroons is provided for entrepreneurs.

 

Starting from the beginning of April, entrepreneurs have an opportunity to apply for subordinated loans with success-based interest from KredEx. The loans are intended in the long run to sustainable companies that are oriented on growth and that the banks are not ready to finance due to a low rate of self-financing, risky sector or insufficient securities.

 

In April 2009, the Ministry of Economic Affairs and Communications allocated to KredEx additional 46.3 million kroons from the state budget for improvement of living conditions of families with many children, by which 336 families with many children could improve their living conditions.

 

In May 2009, the Minister of Economic Affairs and Communications signed a renovation loan programme for apartment buildings, by which KredEx in cooperation with German Development Bank KfW Bankengruppe and the Ministry of Economic Affairs and Communications launched a long-term renovation loan into the market with a favourable interest rate.

 

In May, KredEx started to offer long-term loans in cooperation with banks to soften the problems connected with long-term financing of companies, the terms of which are similar to those of an ordinary bank loan, but a loan period of up to 10 years is provided, as well as a somewhat more favourable loan interest rate.

 

For a smoother and quicker change of the decision process, the decision-making competence of financial committees was increased in May.

 

In May, KredEx and Marfin Pank signed a cooperation contract for offering apartment building loan guarantees and in November for offering housing loan guarantees.

 

In June 2009, a cooperation contract was signed with DnB Nord Bank for offering housing loan guarantees.

 

In June, KredEx and NASDAQ OMX Tallinn signed a cooperation memorandum with a purpose to develop the Estonian capital market, and offer additional financing opportunities first of all to small and medium-sized companies. The more specific content of the cooperation is the introduction of services offered to companies and development of new services, a specific step for KredEx is to guarantee the label financing of companies for covering of initial costs connected with commencement of trading in alternative market First North.

 

In July 2009, AS LHV Pank and KredEx signed a cooperation contract by which the clients of LHV Pank can use the enterprise loan guarantees of KredEx.

 

In July, anapplication round for projects of non-profit organisations operating in the housing field was announced.

 

In October 2009, the Government of the Republic of Estonia gave an authorisation to found KredEx Krediidikindlustus credit insurance company.

In October, Riigikogu approved the State Export Guarantees Act that manages risks in performance of extensive export transactions, increases the export turnover of companies and increases the competitive strength of Estonian exporters in foreign markets. In the State Export Guarantees Act, the allowed limit of state export guarantees was increased from 1 billion kroons to 3 billion kroons.

 

At the beginning of October, a state export credit insurance programme was approved within the scope of which KredEx received 200 million kroons from the European structural funds to cover the loss connected with the provision of export guarantees.Later, the amount shall be transferred to KredEx Krediidikindlustus as a reinsurance deposit for loss reserves.

 

In October, a regulation of the Ministry of Economic Affairs and Communications entered into force, by which the drafting grant for building design in accordance with the recommendations for energy audit or apartment buildings was increased to 50,000 kroons per one apartment building. The maximum amount of financing by the grant is up to 50% of the eligible costs.

 

According to the extensive survey of large panel buildings carried out in October by order of KredEx by the scientists of Tallinn Technical University, the state of load-bearing structures of Estonian panel buildings is mostly satisfactory, which allows to use them still for decades by reasonable exploitation manners.

In October, KredEx organised a conference “Energy Efficiency in Buildings – Experience and Trends in Estonia and in Neighbouring Countries”, where several energy saving specialists of European countries and Estonia performed.

 

In October and November 2009 during five weeks KredEx carried out an information campaign on energy saving „Make Your Home Energy Efficient“. The main goal of the campaign was to increase the awareness of the inhabitants of apartment buildings on energy efficiency, referring to the fact that renovation of an apartment building is inevitable and helps people to decrease their heating expenses significantly.

In November, KredEx organised the first all-Estonian Energy Saving Week in cooperation with the Estonian Union of Cooperative Housing Associations, Institute of Sustainable Estonia, Tallinn City Government, Tartu Science Park and Tartu Regional Energy Agency, the purpose of which was to make people think of energy consumption and opportunities for decreasing it. One week included several activities and events to give a larger audibility and visibility to the topic.

In November, AS KredEx Krediidikindlustus was founded and agreements were concluded with the members of the board.

In November, a new structural unit Energy and Climate Agency was formed, which shall deal with the whole energy saving topic in Estonia.

 

In November, a rental agreement was concluded with a new lessor of office premises according to which KredEx shall move into new office premises at the end of the first quarter of year 2010.

In December 2009, the preparation of regulation for grant of apartment buildings was started. The purpose of the grant is supporting of complex renovation of apartment buildings for improvement of energy efficiency (at least 20%) and usage of renewable energy, and the funds obtained from the sale of the pollution quota by the state are the source for the grant.

 

In December, KredEx opened a credit line as the last measure of the state support package to issue long-term loans to exporting companies in cooperation with banks. The credit line to banks totals 1.2 billion kroons, of which 400 million are the funds of the European Regional Development Fund and a loan of 800 million shall be taken from the Estonian state.