BUSINESS

Greek banks’ ECB, ELA funding up in December

European Central Bank funding to Greek banks rose by 2.55 billion euros in December, while emergency liquidity assistance (ELA) from the country’s central bank rose by 370 million euros, the Bank of Greece said on Monday.

Greek banks depend on central bank funding for liquidity.

Lower emergency funding from the Bank of Greece helps lenders boost their net interest income as borrowing from the ECB is about 2 percentage points cheaper than ELA funding.

ECB funding to Greek banks rose 63.23 billion euros from 60.68 billion in November, while emergency liquidity assistance from the Bank of Greece increased to 9.79 billion euros from 9.42 billion.

[Reuters]

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