European Central Bank lowers ELA borrowing ceiling for Greek banks

The European Central Bank (ECB) lowered the ceiling of Greek bank borrowing through the Emergency Liquidity Assistance (ELA) mechanism by 3.2 billion euros, the Bank of Greece (BoG) announced on Thursday.

The BoG proposed the ceiling of 16.6 billion euros up to Wednesday, April 11, 2018 inclusive. “The reduction of 3.2 billion euros in the ceiling reflects an improvement of the liquidity situation of Greek banks, taking into account flows stemming from private sector deposits and from the banks’ access to wholesale financial markets,” Greece’s central bank said.