ELA ceiling for Greek banks again lowered; BoG points to improved liquidity

21 July 2017
1366 Views

The European Central Bank’s (ECB) governing council on Thursday lowered an emergency funding cap – the Emergency Liquidation Assistance (ELA) mechanism — for Greek banks by 1.1 billion euros to 40.5 billion euros.
The lower ceiling comes after a request by the Bank of Greece (BoG), which again cited an improvement in systemic banks’ liquidity and the positive flow of deposits held by private sector depositors.

A similar request and reasoning by the BoG last month resulted in a lowering of the ELA cap by two billion euros; 2.8 billion euros less if counting the entire period.
Greece’s systemic banks have been dependent on the ELA since February 2015, when the ECB stopped direct access by the former to its “cheapest” forms of lending.

You may be interested

Coronavirus Greece: 2,845 new cases, 165 intubated, 12 deaths
GREECE
shares38 views
GREECE
shares38 views

Coronavirus Greece: 2,845 new cases, 165 intubated, 12 deaths

makis - Jul 30, 2021

Greek authorities announced that the new laboratory-confirmed cases of coronavirus recorded in the last 24 hours are 2,845, of which…

Coronavirus Greece: 2,696 new cases, 157 intubated, 9 deaths
GREECE
shares44 views
GREECE
shares44 views

Coronavirus Greece: 2,696 new cases, 157 intubated, 9 deaths

makis - Jul 29, 2021

Greek authorities announced today that the new laboratory-confirmed cases of coronavirus recorded in the last 24 hours are 2,696, of…

Greek real estate market still strong despite Covid-19 pandemic, report shows
FINANCE
shares47 views
FINANCE
shares47 views

Greek real estate market still strong despite Covid-19 pandemic, report shows

Panos - Jul 29, 2021

The Greek real estate market is demonstrating resilience in 2020 despite the fact that the pandemic had an overall negative impact on the…

Leave a Comment

Your email address will not be published.