ELA fund­ing shrinks 2 pct

Kathimerini English - - Focus -

Emer­gency cen­tral bank fund­ing to Greek lenders fell by 900 mil­lion eu­ros, or 2 per­cent, in Jan­uary com­pared to the pre­vi­ous month, Bank of Greece data showed yes­ter­day. Banks have re­lied on emer­gency liq­uid­ity as­sis­tance (ELA) drawn from the Greek cen­tral bank since Fe­bru­ary 2015 af­ter be­ing cut off from the Euro­pean Cen­tral Bank’s fund­ing win­dow due to stalled bailout talks be­tween the gov­ern­ment and its offi- cial lenders. Their de­pen­dence on the ELA emer­gency life­line has de­clined since June last year when the ECB re­in­stated banks’ ac­cess to its cheap fund­ing oper­a­tions. Emer­gency fund­ing, which is more costly than bor­row­ing from the ECB, dropped to 42.8 bil­lion eu­ros at the end of Jan­uary from 43.7 bil­lion eu­ros at the end of De­cem­ber, the data showed.

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