BOCY cuts ELA fur­ther

Financial Mirror (Cyprus) - - FRONT PAGE -

The Bank of Cyprus has re­duced the Emer­gency Liq­uid­ity As­sis­tance (ELA) it in­her­ited from now-bank­rupt Laiki by a fur­ther 100 mln eu­ros in March to 3.3 bln.

Ac­cord­ing to Cen­tral Bank of Cyprus data, the Bank of Cyprus ELA dropped to EUR 3.3 bln from 3.4 bln in Fe­bru­ary and 3.5 bln in Jan­uary 2016.

At the end of De­cem­ber 2015, the ELA stood at EUR 3.8 bln, a third of the 11.4 bln in April 2013 shortly af­ter the hair­cut was im­posed on un­se­cured bank de­posits, a bail-in was en­forced to res­cue the bank that was bur­dened with the huge debts ac­cu­mu­lated at Laiki.

In ad­di­tion, the de­pen­dence of the Cypriot bank­ing sys­tem on mon­e­tary pol­icy oper­a­tions (di­rect fi­nanc­ing from the Euro­pean Cen­tral Bank) de­creased in March 2016 by EUR 130 mln, com­pared to Fe­bru­ary, reach­ing 736 mln, the cen­tral bank said.

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