ECB lowers ELA ceiling for Greek banks

2 February 2017
973 Views

The European Central Bank lowered the cap on emergency liquidity assistance (ELA) Greek banks draw from the domestic central bank by 200 million euros to 46.3 billion euros, the Bank of Greece said on Thursday.

The move reflected improving liquidity conditions and the stabilization of private sector deposit flows, it said.

The ELA ceiling is valid up to February 15.

Greek banks have relied on 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 the ECB reinstated Greek banks’ access to its cheap funding operations, allowing lenders to reduce their dependence on the emergency liquidity lifeline.

You may be interested

Poll: New Democracy leads with a 14.8% difference to SYRIZA
POLITICS
shares20 views
POLITICS
shares20 views

Poll: New Democracy leads with a 14.8% difference to SYRIZA

makis - Jun 24, 2021

The governing party of New Democracy is clearly leading the polls with 37%, a difference of 14.8% from SYRIZA which…

Greece and Italy top European picks for American tourists
GREECE
shares22 views
GREECE
shares22 views

Greece and Italy top European picks for American tourists

Panos - Jun 24, 2021

Italy and Greece are the top two choices in Europe for American travellers this season, according to a report by…

Turkish coastguard harassed Cypriot fishing boat (photos)
GREECE
shares26 views
GREECE
shares26 views

Turkish coastguard harassed Cypriot fishing boat (photos)

Panos - Jun 24, 2021

New provocation from Turkey. Turkish coastguards harassed the fishing boat “Maria – Bouboulina”, while sailing in international territorial waters. The…

Leave a Comment

Your email address will not be published.