Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

ECB Financing to Greek Banks Rose in June After May Stall

Don't Miss Out —
Follow us on:

July 17 (Bloomberg) -- Greek banks’ use of the European Central Bank’s refinancing operations dropped to almost nothing in May as they were frozen out of ECB liquidity operations, before increasing again in June after they got a capital boost.

Greek bank reliance on ECB liquidity fell to 3.4 billion euros ($4.1 billion) in May from 62 billion euros in April, according to an Athens bourse filing from the Bank of Greece today. Reliance on Emergency Liquidity Assistance, or ELA, which is extended by the central bank, climbed to 124 billion euros in May from 59.2 billion euros the month before, it said in the statement.

The ECB suspended Greek banks from its funding operations on May 16 until they received a capital boost from funds that were earmarked for the purpose from Greece’s 130 billion-euro March loan package from the European Union and the International Monetary Fund. The freeze was lifted after the country’s bank recapitalization fund disbursed 18 billion euros on May 28.

Lenders’ reliance on ECB liquidity increased to 73.7 billion euros in June while their ELA funding dropped to 61.9 billion euros, the Bank of Greece said in a separate statement.

To contact the reporters on this story: Christos Ziotis in Athens at cziotis@bloomberg.net; Marcus Bensasson in Athens at mbensasson@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.