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KEDIPES to pay the state €140m in Q1

08:26 - 29 March 2024

Economy

The Board of Directors of the Cyprus Asset Management Company (KEDIPES) has decided to proceed in the first quarter of 2024 with the largest quarterly payment in cash to the state, since the start of its operations in 2018, amounting to €140 million, in the context of the repayment of the state aid received by the former Cyprus Cooperative Bank.

The amount of the payment, KEDIPES says, is mainly due to the recent completion of the sale of the loan portfolio to the Bank of Cyprus, with a gross total book value as of 31/12/2022 of €58.4 million.

It also says that the total amount of its repayment, against the state aid in cash, now amounts to €1,300 million.

In addition, KEDIPES notes that it continues to maintain a reserve of €60 million in cash, for the purposes of financing the "Rent against installment" scheme, as its implementing body.

(Source: CNA)

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