ELA funding drops 40 percent in May

Emergency central bank funding to Greece’s commercial lenders dropped by 40 percent in May, Bank of Greece data showed on Tuesday.

Emergency liquidity assistance (ELA) from the Bank of Greece stood at 19.93 billion euros at the end of May from 33.43 billion euros a month earlier.

Over the same period, ECB funding, which comes cheaper to Greek banks, rose 7.4 percent to 65.40 billion euros.

The Bank of Greece did not provide details on each bank’s use of the facility. [Reuters]