KEDIPES and SEDIPES respond to Audit Office report

On November 4, 2026, KEDIPES and the Board of SEDIPES issued statements regarding a recent special report by the Audit Office concerning the former Cooperative Central Bank. KEDIPES defended its performance, highlighting that it has already repaid over €2 billion to the state, and asserted that it maintains transparent and responsible management practices. The organization rejected claims of illicit actions, noting that several audit findings relate to agreements established before its own formation.

Furthermore, SEDIPES officials clarified that the divestment of cooperative commercial companies was completed in 2022, resulting in approximately €52.9 million in cash and real estate, alongside additional dividends and capital gains. KEDIPES also pointed to operational challenges, noting that despite no longer being a bank, it remains bound by existing collective labor agreements, which limits its management flexibility and hampers efficiency. The entity confirmed that it is reviewing the Audit Office's recommendations as a tool for institutional improvement and has already incorporated its formal objections into the final audit document.

The findings are currently being processed as part of an ongoing effort to strengthen internal controls and corporate governance. KEDIPES stated that its primary goal remains the defense of public interest and the effective fulfillment of its mandate.