The European Central Bank's (ECB) governing council, following a request by the Bank of Greece (BoG), on Thursday lowered an emergency funding cap - the Emergency Liquidation Assistance (ELA) mechanism -- for Greek banks, by two billion euros to 41.6 billion euros.
The European Central Bank's (ECB) governing council, following a request by the Bank of Greece (BoG), on Thursday lowered an emergency funding cap - the Emergency Liquidation Assistance (ELA) mechanism -- for Greek banks, by two billion euros to 41.6 billion euros.
The lower ceiling, according to the BoG, reflects positive developments in terms of Greek banks' liquidity as well as the flow of bank deposits.
Greece's systemic banks have been dependent on the ELA since February 2015, when the ECB stopped direct access by the former to its "cheapest" forms of lending.