ECB lowers emergency funding cap for Greek banks to 43.6 bln euros

23 June 2017
628 Views

The European Central Bank lowered the cap on emergency liquidity assistance (ELA) Greek banks draw from the domestic central bank by 600 million euros to 43.6 billion euros ($48.68 billion), the Bank of Greece said on Thursday.

The move reflected liquidity conditions, taking into account private sector deposit flows, it said. The ELA ceiling is valid up to July 5.

Greek banks have relied on emergency liquidity assistance (ELA) since February 2015 after being cut off from the ECB’s funding window. Emergency funding is more costly than borrowing directly from the ECB.

In June last year the ECB reinstated Greek banks’ access to its cheap funding operations, allowing lenders to reduce their dependence on the emergency liquidity lifeline, according to Nasdaq.

ELA funding to Greek lenders dropped by 1.4 billion euros, or 3.3 percent, in May compared to the previous month.

You may be interested

Turkish aircraft violated Greek airspace 42 times
GREECE
shares22 views
GREECE
shares22 views

Turkish aircraft violated Greek airspace 42 times

makis - May 20, 2019

Six Turkish aircraft violated Greek airspace a total of 42 times over the Northeast, Central, and Southeastern Aegean Sea. Three…

Weekend escapes near Athens!
GREECE
shares1267 views
GREECE
shares1267 views

Weekend escapes near Athens!

Panos - May 20, 2019

Chalkida: the town of “mad waters” There is a reference point, a place of attraction for Athenians and people from…

Syriac Christians see Turkey’s safe zone plans as an existential threat
WORLD
shares25 views
WORLD
shares25 views

Syriac Christians see Turkey’s safe zone plans as an existential threat

Panos - May 20, 2019

Syriac Christians, a religious group in Syria, reject the creation of a safe zone Turkey plans to establish in northern…

Leave a Comment

Your email address will not be published.