ECONOMY

ECB lowers cap on ELA Greek banks can draw

ecb-lowers-cap-on-ela-greek-banks-can-draw

The European Central Bank lowered the cap on emergency liquidity assistance Greek banks can draw from the domestic central bank by 0.9 billion euros to 86.0 billion, the Bank of Greece said on Thursday.

The move reflected an improvement in liquidity conditions in Greece’s banking sector, amid a reduction of uncertainty and the stabilization of private sector deposit flows, the Bank of Greece said.

Greek banks have relied on the emergency liquidity assistance (ELA) since February after being cut off from the ECB’s funding window.

[Reuters]