State-owned KEDIPES cash collections exceed €1 billion after three years of operation

Cash collections of the Cyprus Asset Management Company (KEDIPES) reached €95.2 million in the second quarter of 2021 with total cumulative cash collections since KEDIPES establishment in September 2018 exceeding €1 billion.

Assets under management (excluding interest capitalisation) declined to €6.33 billion in the Q2 2021 from €8.25 with total deleveraging amounting to €1.93 billion while KEDIPES repaid over €0.5 billion of the state aid amounting to €3.5 billion.

KEDIPES began operation in September 2018 to manage the non-performing assets of the former state-owned Cyprus Cooperative Bank, whose deposits and performing loans were sold to Hellenic Bank, Cyprus second largest bank. The state had to support the transaction with €3.5 billion in bond offered to Hellenic.

The state-owned asset manager launched a voluntary retirement scheme

Source: Cyprus News Agency