Nicosia, Cyprus. State-owned asset management company Kedipes held more than €5 billion in assets at the end of last year, board chairman Lambros Papadopoulos said on Tuesday. He provided the figures at a press conference outlining the company’s recent actions.
Assets and cash inflows
Papadopoulos said the company’s regular cash inflows totalled €209 million during the second half of last year. For the full year, he said regular cash inflows reached €370.5 million, a drop of 10.5 per cent compared with €414 million in 2024.
He added that Kedipes recorded no inflows from loan portfolio sales last year.
Expenses
Operating and asset management expenses fell to €48.8 million in the second half of last year from €50.4 million in the second half of 2024, Papadopoulos said. For the full year, operating and asset management costs totalled €97.4 million, down 8.7 per cent from €106.7 million in 2024.
Former Hellenic Bank asset protection scheme
Papadopoulos referred to the asset protection scheme for the former Hellenic Bank, now trading as Eurobank, which was terminated in September 2024.
“The scheme provided protection to the former Hellenic Bank for 90 per cent of credit losses on loans,” he said, adding that the bank has paid more than €46 million to the state, which was a guarantor of the scheme.
Repayments to the state
Papadopoulos said Kedipes made a €60 million repayment of state cash aid on December 18 last year, covering the company’s obligations for the final quarter of the year.
He added that the company repaid €110 million of state aid in the second half of the year and €210 million over the whole of last year.
Mortgage-to-rent scheme
Papadopoulos also provided an update on the government’s mortgage-to-rent scheme, under which homeowners can transfer ownership of their homes to Kedipes and then pay rent to remain living in them.
What do you think the latest Kedipes figures indicate about the company’s performance last year?
