ECB low­ers ELA cap for Greek banks

Kathimerini English - - Focus -

The Euro­pean Cen­tral Bank low­ered the cap on emer­gency liq­uid­ity as­sis­tance (ELA) Greek banks draw from the do­mes­tic cen­tral bank by 1.1 bil­lion eu­ros to 40.5 bil­lion eu­ros, the Bank of Greece said yes­ter­day. The move re­flected im­proved liq­uid­ity con­di­tions, tak­ing into ac­count pri­vate sec­tor de­posit flows, it said. The ELA ceil­ing is valid up to Au­gust 2. Greek banks have re­lied on emer­gency liq­uid­ity as­sis­tance (ELA) since Fe­bru­ary 2015 after be­ing cut off from the ECB’s fund­ing win­dow. Emer­gency fund­ing is more costly than

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