NBG frees itself from ELA dependence


National Bank of Greece has brought its dependence on the central bank’s emergency liquidity assistance (ELA) mechanism down to zero.

This satisfies the pledge NBG’s management had made for disengagement from the expensive system of cash supply by the end of 2017.

Sources from the lender explain that the termination of NBG’s dependence on ELA was made possible by the growth in deposits as well as the increased financing the bank received through repos from the interbank market during the final quarter of last year.