ELA for Greek banks drops 2.9 bln in November

ELA for Greek banks drops 2.9 bln in November

Emergency central bank funding to Greek lenders dropped by 2.9 billion euros, or 12.7 percent, in November compared to the previous month, Bank of Greece data showed on Tuesday.

Emergency funding, which is more costly than borrowing from the European Central Bank, dropped to 19.85 billion euros from 22.75 billion euros at the end of October, the data showed.

Greek banks have relied on emergency liquidity assistance (ELA) drawn from the Greek central bank since February 2015 after being cut off from the ECB’s funding window due to stalled bailout talks between the government and its official creditors.

Their dependence on the ELA lifeline has declined since June last year when the European Central Bank reinstated banks’ access to its cheap funding operations.