Pancretabank zeroes dependence from ELA

Pancretabank on Monday announced it has managed to bring its dependence from the ELA mechanism down to zero as a result of a rise in deposits and an increase in other operating revenue.

In an announcement, the cooperative bank said improved economic climate following completion of a second review of the Greek program led to significant cash inflows in the bank, adding that a large increase of tourism in Crete particularly helped Pancretabank. Τhe bank said is dependence from the ELA mechanism fell to zero in August 31, from 53 million at the end of June and 131 million in March 2017. Pancretabank reported net deposits of 60 million euros in the last quarter.