The governing council of the European Central Bank did not object to a request by the Bank of Greece SA to cut the ceiling on emergency liquidity assistance for Greek banks by €1 billion, bringing it down to €32.6 billion.

The reduction is the latest in a series of cuts in the emergency liquidity assistance ceiling. It was earlier cut by €300 million in September.

Bank of Greece said the cut shows an improvement of the liquidity situation of Greek banks given private sector deposit flows.