The ECB's Governing Council did not object to the 's request tolower the cap onemergency liquidity assistance available to Greek lenders to €58.6 billionuntil July 21.

The €2.5 billion reduction in the ceiling reflects animprovement in Greek lenders' liquidity situation amid decreasing uncertaintyand the stabilization of private sector deposit flows, the Bank of Greece said.

The most recent change in the ELA ceiling took place June 23, when itwas lowered by €7.0 billion over two stages.