ELA funding to Greek banks drops in November


Emergency central bank funding to Greek lenders fell by 6.4 percent or 5.3 billion euros in November compared to the previous month, Bank of Greece data showed on Monday.

Banks had relied on emergency liquidity assistance (ELA) they draw 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.

Emergency funding, which is more costly than borrowing from the European Central Bank, fell to 77.5 billion euros at the end of last month from 82.8 billion in October, the data showed, as liquidity conditions improved.