ECONOMY

ECB funding to Greek banks down 1.6 bln in Sept

ecb-funding-to-greek-banks-down-1-6-bln-in-sept

Emergency European Central Bank funding to Greek lenders fell by 1.6 billion euros in September, Bank of Greece data showed on Thursday, as capital controls helped slow deposit outflows.

Emergency funding, which is more costly than borrowing from the ECB, fell to 82.4 billion euros at the end of last month from 83.95 billion euros in August, the data showed.

Greek banks have relied on the emergency liquidity assistance (ELA), which they receive from the Greek central bank, since February after being cut off from the ECB’s funding window due to stalled bailout talks between the Greek government and its lenders.

[Reuters]