articles | 20 April 2016

Bank of Cyprus reduces ELA dependence by €100m in March 2016

Bank of Cyprus (BOC) Emergency Liquidity Assistance (ELA) was reduced by €100 million in March 2016, to €3.3 billion.

According to data from the Central Bank of Cyprus, BoC recorded a drop in ELA in March to €3.3b from €3.4b in February 2016. In January, BoC’s ELA was at €3.5b.

By the end of December 2015 ELA stood at €3.8b, recording a €500m drop.

At its peak, ELA was €11.4b in April 2013 shortly after the haircut imposed on unsecured bank deposits. Since April 2013 ELA was reduced by €8.1b.

Meanwhile, the Cypriot banking system’s dependence on direct financing from the European Central Bank decreased in March by €130m, compared to February, reaching €736m.

Source: InCyprus

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