Greek banks reduce borrowing from ELA to below 2.0 billion euros

Greek banks’ borrowing from the expensive Emergency Liquidity Assistance (ELA) mechanism fell below the 2.0 billion threshold after almost four years, the Bank of Greece said on Thursday.

In an announcement, the central bank said the following this development it will discontinue the publication of the press release on the ELA-ceiling for Greek banks.

Greek banks resorted to the ELA mechanism in 2012 after completion of the PSI programme. Their borrowing from the mechanism exceeded 122 billion euros in November 2012. This sum was brought down to zero in mid-2014, but Greek banks resorted again to the mechanism when the European Central Bank stopped accepting Greek bonds as collateral for their refinancing activity.