Sharing the Responsibilities

The responsibilities of the Ministry of Finance:

• to develop and assist in the development of the legislation regulating the State-owned immovable property renewal process;
• to examine and discuss the issues on the State-owned immovable property renewal;
• to submit the draft List of State-owned Immovable Property under Renewal, developed by JSC Turto bankas, to the Government for its approval;
• to supervise the activities of JSC Turto bankas related to the administration and coordination of the State-owned immovable property renewal process.

The responsibilities of the JSC Turto bankas:

• to develop the draft List of State-owned Immovable Property under Renewal and present it to the Ministry of Finance;
• to enter into agreements on the State-owned immovable property renewal with the State-owned property managers and the State budget appropriation managers (in case the State-owned property manager is not the State budget appropriation manager);
• to manage, use and hold disposition of the renewable State-owned immovable property transferred to the JSC Turto bankas in accordance with the agreements entered into with the State-owned property managers and the Sate budget appropriation managers (in case the State-owned property manager is not the State budget appropriation manager);
• to auction off the State-owned immovable property, which fails to meet the State-owned property managers’ requirements in performing the State functions appointed and the piece of land assigned thereto, unless the existing laws provide otherwise;
• to purchase new immovable property;
• to perform customer’s (contracting authority’s) functions, when the State-owned immovable property is reconstructed or newly constructed;
• to borrow the funds necessary for the State-owned immovable property renewal, if there is a lack of the funds collected from selling of the State-owned immovable property, which failed to meet the State-owned property managers’ requirements in performing the State functions appointed;
• for the performance of the aforementioned procedures the JSC Turto bankas is granted the remuneration.