ECB raised ELA funding by EUR 1.3bn

The ECB’s Governing Council decided yesterday to raise the limit for the use of ELA by Greek banks by another EUR 1.2bn to EUR 71bn.

This moves comes after an acceleration of deposit outflows which reached approximately EUR 1.0bn during the previous week. 

Note that last week ECB had raised the limit by EUR 400 mn. 

In addition, the ECB informed Greek banks that it had made the ceiling imposed on their exposure to Greek sovereign debt legally binding amid concerns that they could provide additional support to the state’s financing through the acquisition of t-bills.