The Bank of Greece has announced that the ceiling of the Emergency Liquidity Assistance towards Greek banks has been slashed to 65 billion euros until the 29th of June and to 61.1 billion euros after the 30th of June.

According to the official statement issued by the Bank of Greece, the Governing Council of the ECB did not object to an ELA-ceiling for Greek banks of €65.0 billion, up to and including Wednesday, 29 June 2016, and to a further lowered ELA-ceiling for Greek banks of €61.1 billion from Thursday, 30 June 2016, up to and including Wednesday, 6 July 2016, following a request by the Bank of Greece.

The overall reduction of €7.0 billion in the ceiling reflects an improvement of the liquidity situation of Greek banks, amid a reduction of uncertainty and the stabilization of private sector deposits flows, the progress achieved in the restructuring of Greek banks, as well as the impact of the reinstatement of the waiver.