The European Central Bank's Governing Council did not object to a request from the Bank of Greece SA to further cut the emergency liquidity assistance, or ELA, for lenders in the country to €10.9 billion.

The Greek central bank said June 14 that the €1.3 billion reduction indicates an improvement in the liquidity of lenders, considering account flows from private-sector deposits and from the banks' access to wholesale financial markets.

The reduction is the latest in the series of cuts in the ELA ceiling, which dropped to €14.7 billion in April and to €12.2 billion the following month.