Kedipes began operation in September 2018 to manage the non-performing assets of the former state-owned Cooperative Bank, whose deposits and performing loans were sold to Hellenic Bank.

The finance ministry source said the financial data concerned the value of loan portfolio the company will hold, ensuring there is no question of indirect assistance to the banks, which will sell NPLs to Kedipes.

The source said the NPLs will be paid for with revenues from loan and property management and not new state aid would be necessary.

In September this year, Kedipes paid the state €50 million against the assistance it had received from the state.

Further payments will depend on the potential evolution into a national asset management company, Kedipes said recently.

Source: Cyprus Mail