The total repayment of state aid by the Cyprus Asset Management Company Ltd (KEDIPES) since its operations began in 2018 reached €1.47 billion by 2024, following a payment of €310 million this year, which included a repayment of €40 million in the third quarter and a new payment of €70 million for the fourth quarter of 2024.

At the same time, KEDIPES increased the reserve for the "Rent Against Installment" Scheme by €20 million, from €80 million to €100 million, for future property acquisitions.

In a statement, KEDIPES noted that cash inflows for the third quarter of 2024 amounted to €90.4 million, while it had inflows of €299.7 million for the nine months of 2024, at similar levels to the corresponding periods of 2023. Loan solutions for the third quarter amounted to €124 million, with restructurings (€30 million) and other consensual solutions making up 93% of the total solutions. Cumulative cash inflows from the start of KEDIPES' operations on September 1, 2018, to September 30, 2024, amounted to €2.45 billion, with total deleveraging, excluding contractual loan interest, at 44%.

Regarding the "Rent Against Installment" Scheme, 2,417 applications were deemed eligible based on the initial criteria, of which 1,674 are in the technical review stage and 386 are in the appraisal process. To date, 98 approval letters have been sent, with an increasing number of approvals each week. So far, 16 lease agreements have been signed, one of which has completed the property transfer, while the other 15 are in the process of securing a land registry date to finalise the property transfer.

The sale process of two significant, high-value office buildings, which are part of KEDIPES' management perimeter, is also ongoing. This represents the first promotion of properties directly by KEDIPES.

The cash inflows for Q3 2024 amounted to €90.4 million, representing a 19.1% decrease compared to €111.7 million for Q2 2024, and a 3.6% decrease compared to €93.7 million for Q3 2023.

The cash inflows for the first nine months of 2024 amounted to €346 million, including €46.3 million from the sale of loan portfolios.

Excluding the revenue from the sale of the loan portfolio, the cash inflows were at similar levels to the first nine months of 2023, which amounted to €311.2 million.

The cumulative cash inflows from KEDIPES' commencement of operations on 1/9/2018 up to 30/09/2024 came to €2,450 million. The collections from loan and real estate management amounted to €2,318 million or 28.8% of the nominal value of the loan and real estate portfolio of €8,051 million as of 1/9/2018.

Operating expenses and asset management expenses for Q3 2024 amounted to €24.1 million, a decrease of 12.4% compared to €27.5 million for Q2 2024, and a decrease of 9% compared to €26.5 million for Q3 2023.

Total restructuring and/or recovery solutions through the management company doValue amounted to €123.6 million for Q3 2024, compared to €185.8 million for Q2 2024 and €139.9 million for the same quarter of the previous year.

Total solutions for the first nine months of 2024 amounted to €403.3 million, compared to €422.1 million for the first nine months of 2023.

Total solutions from the commencement of operations of KEDIPES until Q3 2024 amounted to €4,325 million, or 58.7% of the original loan balance of €7,371 million.

In relation to the Asset Protection Scheme for the Hellenic Bank, the contractual value of the assets covered by the Scheme as of 30/09/2024 amounts to €1,206 million, compared to €2,608 million at the start of the Scheme, showing a total decrease of 54% since the start of the Scheme. The reference price of the assets as of 30/09/2024 amounts to €920 million, compared to €2,271 million at the start of the Scheme (the reference price is the amount covered by the Scheme), showing a total decrease of 59% since the start date.

As part of the Scheme, the Hellenic Bank has submitted claims totaling €102.8 million for the period from September 1, 2018, to September 30, 2024. The most recent claim submitted for Q3 2024 concerns a reduction of previous claims by €1.3 million.

Additionally, payments totaling €103.7 million have been made to date, including a payment of €4.8 million during Q3 2024.

The payments made by the Hellenic Bank to the Republic of Cyprus, as the guarantor of the Scheme, amounted to €44.1 million cumulatively by 30 September 2024, with an additional payment of €1 million made in October 2024, bringing the total to €45.1 million.

In Q3 2024, a payment of €40 million was made towards the state aid, increasing the total cash repayment of state aid to €1.4 billion from the commencement of KEDIPES operations in September 2018 until 30 September 2024. At the same time, due to the increased number of applications received, KEDIPES increased the reserve it maintains for future real estate purchases under the "Rent in Exchange for Installment" Scheme by €20 million, from €60 million to €80 million at the end of Q3 2024.