ECB increased the ELA for Greek banks by EUR 900 mln

ECB increased the ELA for Greek banks by EUR 900 mln

Athens, July 23, 2015/ Independent Balkan News Agency

By Spiros Sideris

To the increase of the limit of the funding of Greek banks through the Emergency Liquidity Assistance (ELA) mechanism from EUR 89.5 billion to EUR 90.4 million proceeded on Wednesday the European Central Bank (ECB), according to information of the Eurosystem.

The Bank of Greece does not confirm nor deny the relative increase in ELA by EUR 900 million, which however is confirmed by greek banking sources.

This increase in ELA, which follows the corresponding increase by EUR 900 million last week, took place in view of the expected vote by the Greek Parliament of the second bill with the prerequisites that will allow the opening of discussions on the new Greek program.

The additional liquidity is estimated to pave the way for a smooth restart of the Athens Stock Exchange, since with the EUR 900 million is ensured a big part of the funding sought by the domestic authorities to reopen the capital market.