Eurosystem funding at EUR87.5bn as of end-January 2015

According to BoG data, as of end-January 2015 Greek banks’ total euro-system funding increased to Eur87.5 bn from Eur56 bn at end-2014, largely attributable to deposit outflows of cEur13 bn in January and non-renewal of repo transactions with foreign banks.

ECB funding stood at Eur82.2 bn and ELA at Eur5.2 bn (from zero at end-2014).

Eur16 bn and an estimated cash value of cEur14 bn) or fully guaranteed by the Hellenic Republic (Pillar II bonds with an estimated nominal value of Eur46 bn and a cash value of Eur39 bn) would cease to be eligible as collaterals for direct ECB funding and the respective liquidity needed to be replaced by ELA. 

Euro-system funding should have further increased in February, possibly towards Eur100 bn (of which cEur40 bn from ECB and the remaining from ELA) partly due to additional deposit outflows in February which reportedly amounted to cEur6.0 bn.