ELA for Greek banks reduced by a further 2.1 billion euros

The Bank of Greece has announced that the Governing Council of the European Central Bank reduced the ceiling of the Emergency Liquidity Assistance (ELA) by 2.1 billion euros. The reduction came at the request of the Bank of Greece.

According to the Bank of Greece, the reduction “reflects an improvement of the liquidity situation of Greek banks, amid a reduction of uncertainty and the stabilization of private sector deposits flows, as well as the progress achieved in the recapitalization process of Greek banks”.