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ELA cap for Greek banks drops by €1.1B

The ECB Governing Council did not object to a request by the Bank of Greece SA to reduce the ceiling of emergency liquidity assistance available to Greek banks by €1.1 billion to €44.2 billion.

The Greek central bank attributed the reduction to "developments in the liquidity situation of Greek banks, taking into account private sector deposits flows." Records from the central bank show the ELA cap on a near-consistently downward trend since September 2015, when it first started releasing data.