The Greek banking system has returned to normality after bringing its dependence on the Emergency Liquidity Assistance (ELA) mechanism down to zero, banking sources said on Wednesday.
Emergency liquidity assistance (ELA)
The Bank of Greece on Thursday announced a significant reduction of the emergency liquidity assistance (ELA) to Greek banks by 2.5 billion euros.
The European Central Bank has lowered the Emergency Liquidity Assistance (ELA) ceiling for Greek banks borrowing through the mechanism by 1.9 billion euros, the Bank of Greece (BoG) announced on Thursday.
The National Bank of Greece (NBG) is the first Greek bank that has managed to entirely eliminate its dependency on the European Central Bank's Emergency Liquidity Assistance (ELA), bringing its ELA borrowing to zero, sources said on Friday.
Greek banks cut their dependence on the Eurosystem to 37.3 billion euros in October, from 41.7 billion in September, the Bank of Greece said on Monday.
On 8 November 2017 the Governing Council of the ECB did not object to an ELA-ceiling for Greek banks of 26.9 billion euros, up to and including Wednesday, 22 November 2017, following a request by the Bank of Greece.
Compared to August 2017, the Greek banks diminished their borrowing from the Emergency Liquidity Assistance mechanism of the Bank of Greece by EUR 2.4 bn in September, according to a report released by the central bank on Thursday.
The European Central Bank (ECB) further lowered the Emergency Liquidity Assistance (ELA) borrowing ceiling for Greek banks, the Bank of Greece announced on Thursday.
The Greek economy is on a steady upward trajectory, but there is no room for complacency or a relaxation of efforts, Bank of Greece Governor Yannis Stournaras...
European Central Bank Executive Board member Benoit Coeure stressed the improvement in the liquidity of Greek banks, as well as the improvement...