Filenews 20 June 2022
The Board of Directors of KEDIPES decided to pay a new amount of €100m to the State. for the second quarter of 2022, in the context of the repayment of state aid.
With the new payment of the amount of €100m, the total amount of the repayment of state aid in cash since the beginning of KEDIPES' operations amounted to €740 million..
This is the largest payment since the beginning of KEDIPES and which is due to the very good cash inflows of the first half of 2022 combined with the limitation of outflows for liabilities.
KEDIPES, is a state owned Asset Management Company, 100% subsidiary of SEDIPES, was established in August 2018 as one of the major initiatives taken by the Government to address the issue of Non-Performing Loans of the ex-Cyprus Cooperative Bank. The Company has been tasked to maximize the financial return for the State for the aid given to ex-CCB. It is licensed to operate as a Credit Acquiring Company and is responsible for approximately €8 billion of non-performing loans and real estate assets. KEDIPES mission is to manage the assets within its perimeter by divesting, liquidating or winding down in an orderly manner with the objective to maximize their value. Its vision is to contribute towards the stabilization of the financial sector and the Cyprus economy in general in a way that it has a favourable impact on society as a whole. Altamira Cyprus Asset Management Company is KEDIPES’s Servicer and both organizations are working along-side by promoting appropriate solutions for each category of NPL’s including, where feasible, long term restructuring solutions and the divestment of the real estate owned.
