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ELA ceiling for Greek banks reduces further to €16.6B

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ELA ceiling for Greek banks reduces further to €16.6B

The ECB's Governing Council did not object to a Bank of Greece SA request to reduce the limit on emergency liquidity assistance available to Greek lenders by €3.2 billion to €16.6 billion.

The reduction of the ELA ceiling reflects "an improvement of the liquidity situation of Greek banks, taking into account flows stemming from private sector deposits and from the banks' access to wholesale financial markets," according to Greece's central bank.

The reduction is the latest in a series of cuts in the ELA ceiling, which dropped to €19.8 billion in February. It was nearly €90 billion at its apex.