BOCY slashes ELA dependence by € 300 mln
The Bank of Cyprus has paid back a further EUR 300 mln in Emergency Liquidity Assistance (ELA) in July, according to Central Bank of Cyprus data, thus lowering its dependence to the facility from EUR 5.9 bln in June to 5.6 bln. At the end of 2014, the ELA dependence had been EUR 7.4 bln. The bank is expected to announce its first-half results later on Wednesday. The central bank said that the dependence of the Cypriot banking system from direct financing from the European Central Bank fell in July by EUR 6 mln to 756 mln.