News Local Coronavirus: Kedipes suspends foreclosures, repays €90 m to state

Coronavirus: Kedipes suspends foreclosures, repays €90 m to state

The state asset management company Kedipes has suspended all planned foreclosures until June 30 and announced it has paid the state €90 m as repayment of state aid for 2020.

In an announcement, Kedipes said that the board, taking into consideration the unfavourable conditions as a result of the coronavirus epidemic it had decided:

  • to cancel all auctions scheduled until June 30, 2020, to suspend the start of auction procedures, suspend the termination of credit facilities and extend the timeframe to reach restructuring agreements or repay the loan without interest, until the same date
  • Kedipes plans to fully adopt all the recommendations of the Central Bank. Clients who face difficulty in repaying loans as a result of the epidemic can telephone 22744800.

    €90 m to the state

 

The board said that taking into consideration the progress so far in managing the assets of the former co-op, its reserves, the undertakings of the Republic of Cyprus to the EU and its own obligations as regards the loan guarantee scheme with Hellenic Bank it had decided to pay the state €90m as repayment of the state aid for 2020.

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