ECB approves ELA funding for the Greek banks

ECB reportedly yesterday Bank of Greece΄s  request for the use of ELA funding by Greek banks. 

The approval is until the next ECB meeting in two weeks, on February 5, when any similar request by BoG will be re-examined.

ELA is aimed to cover funding gaps due to deposit outflows and non-renewal of repos that may not be covered by ECB due to the absence of eligible collaterals.