KEDIPES to make €60 mn payment to the state for Q1 2023

A €60 million payment for the first quarter of 2023 was decided by the board of directors of the Cyprus Asset Management Company Ltd (KEDIPES) during its session on March 29, a press release said on Thursday, noting it is part of the repayment of the state aid received by the former Cooperative Cyprus Bank.

The decision was made taking into account the high cash reserve, which is estimated to remain at around €140 million after the last payment of €60 million. The cash reserve was strengthened by the completion of the sale of specific high-value properties, the KEDIPES press release added.

The cash reserve and cash inflows are expected to cover adequately the initial needs that will arise from the imminent implementation of the "Mortgage to Rent" Scheme, which will be implemented by KEDIPES.

Since the start of its operations, the total amount of cash repayment of state aid has reached €940 million.