ELA lowers ceiling for Greek banks

Friday, June 23rd, 2017
Last Update: 09:50

The Bank of Greece announced that the ELA ceiling for Greek banks was lowered by EUR 0.6bn to EUR 43.6bn until July 5th. 

The actual use of ELA funding stood at EUR42.1bn at the end of April as per the latest published data by the BoG. The aforementioned reduction in the ELA ceiling possibly suggests a stable or mildly positive trend in deposits during the last weeks and a positive outlook for the weeks to come.

Note that the Greek Bankers Association has proposed some further relaxation of the existing limitations such as a higher withdrawal limit per month (to ca EUR 2.000 from EUR 1.600), which are likely to be implemented in July after the loan disbursement to the Greek state as a result of the completion of the 2nd review.

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