ECB keeps ELA limit un­changed

Kathimerini English - - Front Page -

FRANK­FURT (Reuters) – The Euro­pean Cen­tral Bank kept emer­gency liq­uid­ity as­sis­tance (ELA) for Greek banks un­changed as ex­pected yesterday, a source with knowl­edge of the de­ci­sion told Reuters. Greece, which is ne­go­ti­at­ing an 86-bil­lion-euro bailout from in­ter­na­tional lenders, has re­lied on ELA for months to keep its banks func­tion­ing, while also in­tro­duc­ing cap­i­tal con­trols and a limit on with­drawals in late June. ELA is now capped at around 91 bil­lion eu­ros but sources fa­mil­iar with the sit­u­a­tion said ear­lier that banks have built up a liq­uid­ity buf­fer of around 5 bil­lion eu­ros, thanks to pre­vi­ous ELA in­creases, tax and tourism in­flows, and pen­sion pay­ments. Greek ELA will be next be re­viewed in two weeks, the source added.

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