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  1. Newsletter 15 - 13/02/2015

    Newsletters

    at the end of December, equally split between ECB and ELA funding. The cost of ELA is 1.55 percent, 150 bps above that of ECB funding. On the current utilisation of ELA funding of 40 billion, this corresponds... billion), government bonds (5 billion) and T-Bills (3.5 billion) for ELA funding. On top

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  2. Eurosystem funding down by 1.4 bln in Jan due to lower reliance on ECB funding

    EconomyMacroeconomy

    with the ECB. Meanwhile, the Emergency Liquidity Assistance (ELA) funding slipped by 79 million to 68.84 billion euros in January. Since July, Greek banks have reduced their ELA funding reliance by 17.93 billion... of their recapitalisation. The composition of Eurosystem funding shows 65 percent is made up by ELA

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  3. Eurosystem funding down by 2 bln in Oct for fourth straight fall

    EconomyMacroeconomy

    will increase their EFSF holdings. At the same time, the ELA funding of Greek banks edged up by 0.41... the slightly higher utilisation of ELA funding, Greek banks reduced the respective collaterals pledged... the decrease in the preceding three months, which was due to lower Emergency Liquidity Assistance (ELA) usage

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  4. The conundrum of Greek olive oil exports
    Photo by Natasha Pantazopoulou/Fosphotos

    EconomyFeatures

    of olive oil for export, beautifully packaged to attract the international market. But even finding... gourmet products which are winning awards. The recognition they get might spur a change in economic

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  5. Referendum and the ECB to determine the future of Greek banks
    Photo by MacroPolis

    Economy

    The ECB Governing Council decided yesterday to maintain the Emergency Liquidity Assistance (ELA... decision on an increase on the haircut applied to ELA collaterals. This means that Greek banks will continue operating with the ELA liquidity of last Friday which is estimated close to 90 billion

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  6. Greece prepares set of proposals for bridging deal with eurozone

    PoliticsGreek Politics

    to the Emergency Liquidity Assistance (ELA). After a decision last week, Greek banks cannot resort to ECB for funding using government guaranteed securities. However, they can resort to the ELA mechanism... from its European institutional lenders (52.9 billion from bilateral loans and 141.8 billion from

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  7. Greek banks see Eurosystem funding drop to lowest level since 2009 in September

    EconomyMacroeconomy

    billion at the end of August. There as a small rise in ELA funding to 1.64 million from 0.63 million..., reflecting a reduction in ECB funding by 20.66 billion and ELA funding by 9.79 billion. The significant... is the lowest reading since November 2009. Since May, when the Emergency Liquidity Assistance (ELA

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  8. Greek banks' Eurosystem funding sees reduced drop of 334 mln in July

    EconomyMacroeconomy

    billion euros. The Emergency Liquidity Assistance (ELA) funding rose by 0.91 million to 1.55 million... this year was the elimination of ELA funding in May. It has remained below 4 million euros since... to the ELA mechanism were eliminated to zero in June from 9.8 billion in December 2013.

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  9. Greece's imminent funding problems: All the numbers you need
    Photo by MacroPolis

    EconomyProgramme

    of February 18, when the last ELA extension was approved by the ECB. Note that Greek banks may place T-Bills for ELA funding (as they could with the ECB before February 11) for an amount up to 3.5... of 3.5 billion on T-Bills that Greek banks may place with ELA funding. At the moment there is nothing

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  10. Funding needs take centre stage in row between New Democracy and SYRIZA

    Economy

    eliminated ELA funding. In addition, it is already widely known that the largest part of Greek banks’ ECB..., Greek banks could resort to the Emergency Liquidity Assistance (ELA) mechanism of Bank of Greece (BoG) to address this liquidity issue. Greek banks used the ELA facility heavily in 2012 with a peak

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