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After rocky start, some political backing for SYRIZA but ECB holds key
PoliticsGreek Politicshave turned to the ECB’s Emergency Liquidity Assistance (ELA) for funding. The ECB’s governing council reviews ELA every two weeks and could also choose to stop this form of liquidity if Greece... ending on February 28, there is a danger that Greek banks could no longer eligible for ECB funding
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Greek deposits nosedive by 12.8 bln in Jan as balances reach lowest point since Aug 2005
EconomyMacroeconomywere forced to switch a large part of ECB funding to the Emergency Liquidity Assistance (ELA) scheme. According to banking sources, Eurosystem funding passed the 100-billion mark in February, with 38... as well as securitizations and covered bonds with ELA through the Bank of Greece. Note though that ECB
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Newsletter 32 - 26/06/2015
assistance (ELA), which reached a total of 77.58 billion euros at the end of May – the highest it has been since December 2012. ELA reached a total of 77.58 billion euros at the end of May. May saw... the programme if Greece is to avoid defaulting. Eurosystem funding increased Greek banks’ Eurosystem
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NBG Q2 trading update shows higher pre-provision income, marked improvement in NPL formation
EconomyBankingreflecting: a) the higher reliance on the Emergency Liquidity Assistance (ELA) funding, which comes.... This is almost entirely attributed to a similar change in ELA funding, which rose to 17.6 billion in Q2 from... outflows also led to increased dependence on Eurosystem funding by 4 billion euros to 27.6 billion
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Negative deposit flow of 1.12 bln in Jan
EconomyMacroeconomyreflecting a reduction in the Emergency Liquidity Assistance (ELA) funding by 17.9 billion. In addition, the ECB has lowered the ELA ceiling for Greek banks by a cumulative amount of 19.6 billion euros... not yet provided the evolution of Eurosystem funding for January, which is due in the coming days
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Government faces tight schedule for amendments to bailout legislation
EconomyProgramme(ELA) to ECB funding. Assuming also a reduction in the haircut applied to this collateral, Greek... noting that ELA cost stands 150 bps higher than that of ECB. After the implementation of prior... to reinstate the waiver on Greek government securities for Greek banks’ access to ECB funding subject
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Encouraging signs for Greek banks in Q1 results but NPL management looms large
Agorastems from a further reduction in their reliance on the Emergency Liquidity Assistance (ELA) funding..., the reintroduction of waiver would mean that 5.1 billion euros of liquidity withdrawn via ELA would be replaced by cheaper ECB funding. This would have a positive impact on banks’ NII of 76 million
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Deposits edge up to 124.8 bln in Nov on marginal inflows of 12 mln
EconomyMacroeconomy. The monthly change stems from a decline in both the ECB and the Emergency Liquidity Assistance (ELA... of the waiver on Greek government securities, the lower haircut applied on ELA collateral, increased interbank... of November. BoG data published on December 13 displayed Greek banks’ Eurosystem funding dropped
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Piraeus Bank posts net profit of 94 mln in Q3 and 40 mln in 9M
EconomyBankingon Emergency Liquidity Assistance (ELA) being completely eliminated. The net interest margin (ΝΙΜ) in Q3... (ELA) was completely eliminated during Q3. Interbank repos came to 2.2 billion in September from 3.3... will gradually have a positive result on the cost of risk for Piraeus Bank. Balance Sheet Eurosystem funding
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Greece in 2014: The risks and opportunities of moving forward
Agorathe European institutions and bilateral partners of Greece provide such debt relief in order... and nobody dares to answer in public is the following: which of the official institutional and bilateral... it. Any new growth agenda for Greece will have to include new funding avenues and access
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