In a short and clear statement, the European Central Bank underlined on Thursday that the access of Greek banks to ECB funding is contingent on Greece remaining in the European support program.

ECB, which owns 8 percent of the country’s bonds, has committed to accept the debt as collateral from the Greek banks, thus allowing them access to funding despite the country’s low credit rating. According to today’s statement, the continuation of the waiver depends on Greece sticking to the commitments made to the European Commission and the International Monetary Fund.

Read below the full statement of the ECB

“The continuation of the waiver is based on the technical extension of the European Financial Stability Facility programme until the end of February 2015 and the existence of an International Monetary Fund programme.

It is also based on the assumption of a successful conclusion of the current review and an agreement on a follow-up arrangement between the Greek authorities and the European Commission, in liaison with the ECB, and the IMF.”