Economy category powered by
KEDIPES to pay the state €140m in Q1
08:26 - 29 March 2024
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)
News Feed
15 hours, 8 minutes ago Companies
Thanos Michaelides: The German market may become equivalent to the UK's for Cyprus tourism15 hours, 16 minutes ago Companies
Eurobank Group to build care centre and independent living residences for people with disabilities16 hours, 42 minutes ago Companies
Infocredit Group receives Partner Excellence Award from HostingB2B17 hours, 49 minutes ago Companies
CP Herbalist opens at Mall of Cyprus17 hours, 57 minutes ago Economy
Shipping’s future in focus at “Maritime Cyprus 2025”18 hours, 5 minutes ago Companies
Greg Kamperis: Cyprus is actively participating in the progress reflected in PMI's 2024 Integrated Report18 hours, 7 minutes ago Current Affairs
How AI is unlocking a new vital sign to advance brain health