The Cyprus Asset Management Company Ltd (KEDIPES) will return interest amounts of €4.6 million for the first half of 2023, to borrowers who have restructured their credit facilities as part of the Interest Subsidy Plan. According to a KEDIPES press release, this move serves as a reward for complying with the repayment schedule of their credit facilities for in the year 2023.

According to the institution, a total of 69% of potentially eligible loans benefited from the interest subsidy, which is based on the European Central Bank's (ECB) base interest rate. During the first half of the year, loan repayments amounting to €16.2 million were received, including €3.7 million from loans totalling €79 million that were restructured to participate in the Plan.

In an official statement, KEIDIPES expressed satisfaction with the initial results of the Interest Subsidy Plan, which was announced last March following successive increases in the ECB's base interest rate.

The number of eligible loans in total reached 3,338 loans, with the remaining loans benefiting from the subsidy amounting to €390 million as of June 30, 2023.

During the course of the Plan, loans totalling €79 million, which had delays as of December 31, 2022, covered their outstanding delays and were added to the scope of interest return as of June 30, 2023. Consequently, 69% of potentially eligible loans benefited from the interest subsidy, compared to 52% as of December 31, 2022.

"The interest return amount is calculated at €4.6 million for the first half of 2023 or 41% of the interest that would have been charged before the return," noted the institution.

According to KEDIPES, the affected accounts will be credited in the coming days.