BUSINESS

ECB funding to Greek banks drops 8.18 bln euros in May

European Central Bank funding to Greek banks fell in May by 8.18 billion euros, while emergency liquidity assistance (ELA) from the country’s central bank decreased by 3.12 billion euros down to zero, Bank of Greece data showed on Thursday.

ECB funding to Greek banks dropped to 50.66 billion euros from 58.84 billion euros in April, while emergency liquidity assistance from the Bank of Greece was totally repaid.

Erasing exposure to emergency funding from the Bank of Greece helps boost banks’ net interest income as borrowing from the ECB is about 2 percentage points cheaper than ELA funding.

[Reuters]

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