KEDIPES reached 40% of long-term cash inflow target

07:49 - 25 October 2023

Economy Reporter

The total cash inflow for KEDIPES at this year's 3rd quarter was at the same level as the corresponding quarter of last year, recording, however, a decrease of around 15% compared to the previous quarter of 2023.

KEDIPES' main activities include the management of non-performing loans with licenses from the Central Bank of Cyprus.

The Chairman of the Board of Directors of the Cyprus Asset Management Company Ltd (KEDIPES), Lambros Papadopoulos, said that to date the cumulative cash inflow has reached €2 billion, which corresponds to approximately 40% of the long-term goal of KEDIPES.

Papadopoulos also announced a new voluntary exit scheme, as a continuation of the efforts to reduce significant staff costs, aiming at annual savings of €2-3 mln in wages (about 10-15% of the total labour costs of KEDIPES). As he said, the plan will remain open for those interested for five months.

In a press conference on the KEDIPES Management results, he said that the inflow of the 3rd quarter amounts to €94 million, at similar levels to the corresponding quarter of 2022, while at the 2nd quarter of 2023 the inflow amounted to €111 million.

He added that the repayment of state aid in 2023, after the recent payment of €80 million for the 3rd quarter of 2023, amounted to €1.08 billion, while the total repayments until the end of 2023 are expected to reach €1.3 billion with the completion of the transfer of the real estate assets of the former Cooperative Bank of Cyprus to the State, with the aim to complete the transfer within 2023.

Answering a question about the staff voluntary exit scheme, CEO Marios Papadopoulos said that the total number of staff today is 341 and the difference between today's plan and an earlier plan that was proposed is that it will remain open for 5 months.

(Source: CNA)

KEDIPES reached 40% of long-term cash inflow target

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