The Cyprus Asset Management Company (KEDIPES), which manages the assets of the former Cooperative Bank, has transferred another €60 million in cash to the state as part of the repayment of previously provided financial support. Including the latest payment, the total amount of state aid repaid since KEDIPES began operations in 2018 has reached €2.002 billion.
Payment details
The total repayment of state aid consists of several components:
- €1.82 billion — cash payments to the state
- €48 million — the value of 247 properties transferred to the Republic of Cyprus
- €121 million — expenses related to the implementation of the “Rent-to-Own” program
- €13 million — other payments, including payments under the Estia program
KEDIPES emphasized that reaching the €2 billion mark represents an important milestone for the company. In addition to repaying state aid, the agency has settled €355 million in obligations inherited from the former Cooperative Bank. These include costs related to the voluntary employee exit program in 2018, the agreement for the transfer of banking operations, the loan guarantee scheme with the former Hellenic Bank, and other liabilities. KEDIPES has also paid €158 million in taxes to government authorities.
How much money does KEDIPES still have?
Despite the significant amount already paid out, the company continues to maintain cash reserves to meet its remaining obligations. These include:
- €50 million — to finance the “Mortgage-to-Rent” program.
- €30 million — to settle obligations to Eurobank Limited related to the repurchase of a portfolio of non-performing loans that had been covered by the state guarantee scheme.
The loan guarantee scheme was terminated on January 30, 2026. These reserves are intended to cover existing obligations and are not unrestricted funds that can be redirected to other purposes.
More than 4,500 applications for the “Rent-to-Own” program
Applications for the program closed on September 30, 2026. According to KEDIPES, more than 4,500 applications were submitted in total. The program is designed to support eligible households struggling to meet their mortgage obligations. Under the scheme, a home may be transferred to the management of a designated entity, while the former owner continues living in the property as a tenant, paying rent instead of mortgage installments.
So far, 978 homes have been included in the program out of 1,307 approved applications. Processing of the remaining applications is continuing. KEDIPES expects the final number of homes included in the program to exceed 2,000.
The program therefore remains an important tool for supporting Cyprus residents facing difficulties with mortgage repayments. The final scale of assistance will depend on the outcome of the application review process and whether participants meet the required conditions. Repaying more than €2 billion to the state while continuing the housing program shows that KEDIPES is simultaneously addressing two goals: settling the obligations of the former Cooperative Bank and implementing support measures for borrowers.