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ELA cap for Greek lenders further falls to €24.8B

The governing council of the European Central Bank did not object to a request from the Bank of Greece SA to further lower the emergency liquidity assistance, or ELA, for lenders in the country to €24.8 billion.

The central bank said the €1 billion reduction shows improved liquidity for Greek banks, considering account flows from private sector deposits and from the lenders' access to wholesale financial markets. The new ELA cap takes effect until Jan. 9, 2018.

The reduction is the latest in a series of cuts in the ELA cap after dropping to €26.9 billion then to €25.8 billion in November.