ELA for Greek banks drops again

Emergency central bank funding to Greek lenders fell by 1.2 percent or 850 million euros in February compared to the previous month, Bank of Greece data showed on Wednesday.

Banks have relied on emergency liquidity assistance (ELA) drawn 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 official lenders.

Emergency funding, which is more costly than borrowing from the European Central Bank, fell to 67.98 billion euros at the end of last month from 68.83 billion in January, the data showed, as liquidity conditions improved.

[Reuters]