Greek banks' reliance on Eurosystem funding rose in December for first time since April

EconomyMacroeconomy Tags: Banking, BoG, ECB, Liquidity

Greek banks’ Eurosystem funding, the combined liquidity they have received from the European Central Bank (ECB) and the Bank of Greece (BoG) Emergency Liquidity Assistance (ELA) mechanism, rose by 2.92 billion euros in December, according to the BoG’s 2013 annual accounts.

The hike in December - for the first time since April 2013 - reflects a marginal increase in ELA funding by 0.37 billion euros to 9.79 billion and a rise in ECB funding by 2.55 billion to 63.23 billion. The latter most likely reflects replacement of an ...

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