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The three priorities for KEDIPES

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The three priorities for KEDIPES

Theano Thiopoulou

The management of KEDIPES deals with three main issues at this time, which do not raise many delays. The backlog of labor and the issue of redundancies, which arose after the failure of the voluntary exit plan, is something that the management of the state entity wants to resolve soon.

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According to information from “F”, the management of KEDIPES has opened the first round of contacts with trade unions and the next step is to discuss the basis of an updated study on the organic needs of the state organization. The difference of 100 employees that arose at the end of the voluntary retirement plan and what will be born is what should be regulated between the administration and the unions, on the basis of the surpluses. It is one of the issues high on the agenda and the management of KEDIPES wants to close it in January 2022 or at the latest by February.

One of the big issues that KEDIPES has to regulate is the completion of the revised management agreement with Altamira, which is the administrator (servicer) of non-performing loans. Once the agreement is completed, its compatibility with market terms (market conformity) should be evaluated by an independent company. This will be advised by an independent company (whose selection process has started in collaboration with Altamira) and Baker Tilly as Monitoring Trustee of SEDIPES / KEDIPES.

According to the provisions of the commitment, the management agreement will have retroactive effect from 1/1/2020. According to the decisions taken at the level of the Board of Directors, the total remuneration of the management company for the period 2020-2027, based on the new business recovery plan, will be reduced by 24%, compared to the existing terms and will consist mainly of variable remuneration depending on Altamira's performance, as the fixed remuneration will be reduced by 58% and will be only 27% of the total remuneration compared to 50% with the existing agreement. Significant reductions in potential termination fees (up to 70%) have also been achieved while the fee for withdrawing assets from the perimeter of the management company is reduced by half.

The second phase for Ledra will close soon

The third serious issue that concerns KEDIPES is the project “Ledra”, which concerns serviced loans. The second phase of the project for the sale of a loan portfolio of € 465 million (not including € 104 million loans parked for write-off) is ongoing and within the implementation schedule and the bidder is expected to be announced soon.

Source: www.philenews.com

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