European Central Bank lowers borrowing ceiling for Greek banks

The European Central Bank on Thursday approved a request by the Bank of Greece to lower the borrowing ceiling for Greek banks by 100 million euros. ECB’s managing board did not object to the Greek central bank’s request to lower the borrowing ceiling through the emergency liquidity assistance mechanism (ELA) for Greek banks to 46.2 billion euros until Wednesday, 22 March. This decline reflected an improving liquidity condition of Greek banks, taking in mind deposit flows of the private sector.