05.10.2022
Cash inflows to state-owned asset management company Kedipes were $115.2 million in the second quarter of 2022, down 0.9% from the first quarter of 2022, up 20.9% year-on-year, the company said in a report. Press release.
The cumulative gross cash flow from NPL portfolio management and real estate owned by the now defunct Co-operative Bank of Cyprus has been €1.45 billion since September 2018, with cash payments to the government of €230 million in 2022 and €800 million since September 2018 of the year.
By the end of the second quarter of 2022, total assets managed by Kedips were down to 7 billion euros from 8.25 billion euros in September 2018, while net assets (excluding interest) were 5.57 billion euros, Kedips said.
In a statement, Kedipes President Lambros Papadopoulos said that as the company celebrates four years of operation as a loan company, the goal of paying off government aid in full remains achievable despite growing challenges.
“We are on a positive course to deleverage the loan portfolio, excluding interest capitalization of EUR 2.6 billion or 34% (of total loan portfolio), with frequent public aid payments in cash and in line with EU competition obligations receiving approval of European institutions. confidence,” added Papadopoulos.
In addition, Kedips announced that after consultations with the Ministry of Finance, the Ledra project, which involves the sale of restructured operating loans, will be reviewed with a smaller perimeter, excluding loans from municipalities and public councils “due to the negative impact on fiscal performance, given the negative macroeconomic conditions “.
Kedipes’ total assets under management at the end of the second quarter of 2022 were €7 billion, including €114 million in cash, €594 million in real estate and €625 million in outstanding loans. According to the company, Kedipes’s overall deleveraging since inception was 14.9% and 32.4% excluding contractual interest rates.
Kedips was created as a residual legal entity of the former Co-operative Bank of Cyprus, whose assets and deposits were sold to Hellenic Bank. The Cypriot government provided 3.5 billion euros in state aid to facilitate the deal.
