Greek banks’ borrowing from ECB, ELA down in 2014

Greek banks raised by 11 billion euros their dependence from European Central Bank’s funding mechanisms in December, but overall they cut their borrowing from ECB and ELA in 2014, compared with 2013.

A report by the Bank of Greece, released on Monday, showed that Greek banks’ borrowing from ECB rose to 56 billion euros in December from 44.9 billion euros a month earlier. Greek banks’ borrowing from the Emergency Lending Assistance mechanism was only 1.0 million euros in 2014, sharply down from 9.0 billion euros in 2013. In total, Greek banks’ dependence from ECB and ELA fell to 56 billion euros in 2014, from 73 billion in 2013.