KEDIPES, the state-owned asset management agency, reported cash inflow of pound 144 million in the first quarter of 2024, reporting a payment to the state of pound 140 million increasing total state-aid repayment to pound 1.3 billion since the commencement of its operations in September 2018. Announcing its results for the first quarter of 2024, KEDIPES said results for the next quarter will be further improved compared with the net inflows of the previous quarter and that the company will repay the state with an additional pound 60 million this month. KEDIPES began operations in September 2018 as a state-owned company to manage non-performing loans and real estate of the former Cyprus Cooperative Bank, whose performing assets and deposits were sold to Hellenic Bank. The state paid pound 3.5 billion to facilitate the transaction acquiring the CCB's NPLs and the associated real estate. In a statement over the results, KEDIPES chairman Lambros Papadopoulos said the results for the first quarter were elevated as they included a sale of a loan portfolio to Bank of Cyprus and a sale of a high worth real estate. Excluding these transactions, cash inflow amounted to pound 80.7 million broadly stable compared with the respective period last year. According to KEDIPES, total restructuring solutions provided by DoValue, amounted to pound 94.3 million in the first quarter of 2024 compared with pound 231.7 million in the fourth quarter of 2023 and pound 92.7 in the first quarter of 2023. Total loans in nominal value at the end of the first quarter of 2024 amounted to pound 5.82 billion from pound 5.89 billion in the fourth quarter of 2023 and pound 6.13 billion in the first quarter of 2023. By the end of the first quarter of 2024, KEDIPES' total assets amounted to pound 6.42 billion, including pound 133 million in cash, immovable property of pound 427 million and performing loans amounting to pound 657 million. Total deleveraging since the commencement of operations amounted to 22.1% and 41% excluding contractionary i nterest rates, the company said. Furthermore, KEDIPES who is the implementing entity for the state-backed "mortgage to rent" scheme said it received approximately 2,000 applications from vulnerable non-performing borrowers, of which 1,328 applications have passed the eligibility phase. The scheme will help borrowers to keep their home as the state will pay their installments, while borrowers will transfer the ownership of their home to the state. KEDIPES said that it maintains pound 60 million as reserves to be used for acquiring houses in the context of the scheme. Source: Cyprus News Agency
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