articles | 22 October 2014

Bank of Cyprusreduces dependence on ELA

The Bank of Cyprus reduced in September 2014 its dependence on the Emergency Liquidity Assistance (ELA) by €1b, dropping to €7,68b from €8,68b in August.

According to data published on Tuesday by the Central Bank of Cyprus, this reduction is due to the fact that the Bank paid off an amount of €800 million after the conclusion of the increase of its share capital by €1 billion in one month.

The dependence of the Cypriot banks on ELA reached in March 2013 a historic high, climbing to €11,40 billion.

Source: CNA

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