According to a report by “Kathimerini” newspaper, the ECB’s warning towards the four banks of the Greek banking system came in the form of a document sent by the Single Supervisory Mechanism (SSM) which has undertaken the supervisory role of banks since last November’s bank mergers.

In this document, the SSM urges bank managers to be extremely careful with the way they handle liquidity and to avoid adding assets that will not provide them with liquidity, in their portfolios, in this case Greek T-bills which are a ready source of immediate liquidity. This warning pertains to the time until Greece stops being unable to borrow from markets and finally receives the program’s tranches. The SSM’s document is a warning for banks to distance themselves from said asset purchases since they cannot be used as collateral for ELA borrowing.