ECB keeps emergency funding cap for Greek banks unchanged

16 February 2017
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The European Central Bank maintained the cap on emergency liquidity assistance (ELA) Greek banks draw from the domestic central bank at 46.3 billion euros ($49.22 billion), the Bank of Greece said on Thursday.

The move reflected stabilization of liquidity conditions, taking into account private sector deposit flows, it said. The ELA ceiling is valid up to March 9.

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

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