Bloomberg: ECB to extend ELA funding to Greek banks

Author: newsroom  | Published: March 12, 2015

It is reminded that last week, the ECB had raised the ceiling by 500 million euros.

According to Bloomberg, the European Central Bank decided on Thursday to extend the emergency liquidity assistance (ELA) mechanism for Greek banks by 600 million euros.

The ECB had raised the ceiling by 500 million euros last week. Albeit marginal, this increase indicates continued dependence of Greece’s systemic banks on the ELA mechanism, which is more expensive than the ECB.