Greek banks cut borrowing from the Eurosystem to 75.3 billion euros in September

Greek banks cut their borrowing from the Eurosystem to 75.3 billion euros in September, from 78.5 billion a month earlier, the Bank of Greece said.

The central bank said that Greek banks’ borrowing from the emergency liquidity mechanism ELA fell by 1.3 billion euros to 47.7 billion, while direct borrowing from the European Central Bank fell to 27.7 billion euros from 29.6 billion in August.

This development reflects both rising deposits and a continuing fall in new lending.