A bank windfall tax is not the answer in Cyprus
Since 2022, the huge deposits held by banks at the ECB have been earning millions in interest.
state aid
Kedipes makes largest ever payment to the state
The board of directors of state-owned asset management company Kedipes decided to make a cash payment of €140 million to the state for the first quarter of 2024. The payment is part of repaying state aid received by the former Cooperative Cyprus Bank. The total amount of cash repayment against state aid now stands at €1.3 billion, and Kedipes maintains a cash reserve of €60 million for financing the ‘Mortgage to Rent’ scheme.