Housing Association Services Arion
By utilizing Arion Bank's services, you can save time and effort.
By utilizing Arion Bank's services, you can save time and effort.
All housing associations need to have an identification number (kennitala). If your housing association already has an identification number, you can proceed directly to step 2.
If not, you need to arrange this on the RSK website.
In the attached list you can find information about the forms that need to be submitted when establishing a business relationship. The treasurer submits the original forms and brings valid identification.
Those individuals who represent the housing association in dealings with the bank need to complete a due diligence check which can be done electronically or by visiting a bank branch with valid identification.
If other board members are to have access to the online banking, an authorization with the board's signature must be submitted to the bank.
We offer loans to housing associations that are customers of Arion Bank for construction work on properties and land. During the construction period, an overdraft facility is set up on the housing association's account.
Upon completion of the work, the overdraft loan is converted into a bond loan.
For larger construction projects, it is necessary for the housing association to have a supervisor who monitors the construction work and signs off on the invoice upon completion. The maximum loan term for construction loans in the form of bonds is 4 years.
The treasurer is the liaison between the bank and the residents of the housing association, e.g., when changes need to be made to fees or payers.
Oversees the payment of all incidental bills and monitors monthly payments.
Has overall supervision of housing association fees, monitoring who pays the housing association fees. Assistance and advice can be obtained from Arion Bank.
Prepares documents for annual meetings in cooperation with the board of the housing association.
Prepares annual financial statements for the housing association's annual meeting, prints bank statements and annual accounts for review by other residents of the housing association.
Signs declarations for real estate agents regarding the sale of apartments.
If a loan is needed for renovations, holds a housing association meeting and submits relevant documentation to the bank.
With the recurring payments service, you can have oversight and manage regular collections related to your business.
The service is suitable for both legal entities and individuals who have regular collections.
Do you want to establish a business relationship, apply for a construction loan, or do you have other questions?
We recommend that you gather all necessary documents and have them ready for the meeting. For simplicity, here are checklists related to the main types of business:
New housing association onboarding
New fees or changes to existing fees must be submitted by the 18th of each month. You must specify the name, ID number, and apartment number of the payers and how the fees should change.
The Housing Association needs to:
Hold a legally convened meeting, prepare minutes that the new board signs.
The board election form must be signed by those who attended the meeting, and the original must be submitted to the bank along with a signed copy of the minutes.
If there are six apartments or fewer, signatures from everyone at the general meeting are required.
If there are more than six apartments in the building, a majority of owners at a legally convened meeting, based on both number and ownership share, must sign the board election form.
Property division declaration for the property that the housing association is established for.
Board members must have scanned valid ID (driver's license, passport, or ID card) in the bank's system. You can visit any branch to scan your ID. You can also verify your identity using electronic identification.
Property owners with over 25% ownership must also have scanned ID or verify their identity using electronic identification.
The treasurer of the housing association needs to send a request to the bank via email to fyrirtaeki@arionbanki.is. The request must specify which payer is being removed and who is replacing them, as well as the date from which the new payer takes over.