KEDIPES pays €140 Million to State in Q1 2024

The KEDIPES Board of Directors just took a big decision at their most recent meeting, which took place on March 27, 2024. They approved the State's request for a cash payment of €140 million for the first quarter of 2024.

In a statement released by KEDIPES, the institution said that this payout is the most cash amount disbursed in a single quarter since its founding in 2018. The successful completion of the sale of a loan portfolio to the Bank of Cyprus is the main reason for the hefty sum. As of December 31 2022, the aforementioned portfolio's gross book value was €58.4 million.

With this payment, the total sum repaid by KEDIPES against the cash government assistance has reached an impressive €1,300 million.

Meanwhile, alongside its repayment commitments, KEDIPES continues to allocate funds for operational purposes. Currently, it holds a cash reserve of €60 million dedicated to financing the "Rent against instalment" scheme, for which it serves as the implementing agency.