Eurosystem funding drops by another 4.3 bln in July, largely on reduced ELA reliance

EconomyMacroeconomy Tags: Banking, BoG, ECB, Liquidity
Photos by Dennis Skley via Flickr https://flic.kr/p/qcppmH
Photos by Dennis Skley via Flickr https://flic.kr/p/qcppmH

Greek banks’ Eurosystem funding continued heading south for the thirteenth month in a row in July, when it decreased by 4.3 billion in July after a drop of 8.57 billion in June, the Bank of Greece's (BoG) monthly financial statement showed on Thursday.

As we have previously noted, the ongoing reduction in ELA funding balance has a positive impact on Greek banks’ net interest income, since its funding cost stands 150 basis points above that of ECB funding.

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