articles | 19 June 2014

Bank of Cyprus’ ELA declines by €170 million in May 2014

The Bank of Cyprus’ emergency liquidity assistance (ELA) declined by €170 million in May 2014, recent figures released by the Central Bank of Cyprus show.

The ELA funding declined from €9,400,082,000 in April to €9,230,078,000 in May 2014.

This is the second largest reduction of ELA since last December when it was reduced by €224 million.

Furthermore, liquidity from ECB’s monetary operations remained in May at the same level as the previous month, to €1,400,000,000.

The CBC also holds gold reserves of €419.3 million at the same level with the previous month.

Cypriot banks’ reliance on ELA funding peaked at €11.40 billion in March 2013 amid capital outflow in view of the agreement between the Cypriot authorities and the European Commission, the European Central Bank and the IMF on a €10 billion bailout which featured a haircut on banking deposits over €100,000.

Source: Cyprus Mail

Cooperation Partners
  • Logo for Ministry of Energy, Commerce, Industry and Tourism
  • Logo for Cyprus Chamber of Commerce and Industry
  • Logo for Cyprus International Businesses Association
  • Logo for Cyprus Investment Funds Association
  • Logo for Invest Cyprus
  • Logo for Cyprus Shipping Chamber
  • Logo for Love Cyprus Deputy Ministry of Tourism
  • Logo for Association of Cyprus Banks
  • Logo for CYFA Cyprus