Kedipes repayments top €2bn after latest €60m transaction

State-owned asset management company Kedipes made a further €60 million cash payment to the state for the third quarter of 2026, taking total repayments linked to the former Cyprus cooperative bank above €2 billion. The payment forms part of the repayment of state aid granted to the former cooperative bank. Since Kedipes began operations in 2018, total repayments have reached €2.002bn. Of this, €1.82bn has been repaid in cash, while a further €48m relates to the transfer of 247 properties to the Republic of Cyprus. Another €121m has been spent on the implementation of the Mortgage-to-Rent scheme, covering the inclusion of 978 homes, while other repayments, including instalments under the Estia scheme, amount to €13m. Kedipes said passing the €2bn mark was particularly significant, as it has also settled €355m in liabilities inherited from the former cooperative bank. These included obligations connected with the 2018 voluntary staff exit scheme, the transfer of operations agreement, the loan guarantee scheme with the former Hellenic Bank, and other smaller liabilities. In addition, Kedipes has paid €158m in taxes to government departments. At the same time, it is maintaining a cash reserve of €50m to finance the Mortgage-to-Rent scheme and a further €30m to settle an obligation towards Eurobank Limited. The latter relates to the repurchase of a portfolio of non-performing loans that had been included in the loan guarantee scheme, which ended on January 30, 2026. Applications for the Mortgage-to-Rent scheme closed on September 30, 2026, with more than 4,500 applications submitted. Kedipes, which is responsible for implementing the scheme, continues to process applications. So far, 1,307 applications have been approved, with 978 homes already included in the scheme. The final number of homes entering the scheme is expected to exceed 2,000.