ELA dropped in January, Bank of Greece data show

Emergency central bank funding to Greek lenders fell by 0.1 percent or 80 million euros in January compared to the previous month, Bank of Greece data showed on Tuesday.

Banks have relied on emergency liquidity assistance (ELA) they draw from the Greek central bank since February after being cut off from the ECB’s funding window due to stalled bailout talks between the Greek government and its lenders.

Emergency funding, which is more costly than borrowing from the European Central Bank, fell to 68.83 billion euros at the end of last month from 68.91 billion in December, the data showed, as liquidity conditions improved.

[Reuters]