The Governing Council of the European Central Bank did not object to a Bank of Greece SA request to lower the limit on emergency liquidity assistance available to Greek lenders by €2.5 billion to €12.2 billion.

The Greek central bank said the reduction reflects improved liquidity of the country's lenders, taking into account flows stemming from private sector deposits and from the banks' access to wholesale financial markets.

The reduction is the latest in a series of cuts in the ELA cap, which dropped to €16.6 billion in March and €14.7 billion in April.