This marks the most significant reduction of the bank’s dependence on ELA since last December, when it had been trimmed by €224 million.
But overall, the Cypriot banking system’s dependence on monetary policy instruments (Eurosystem) remained at March levels – €1.4 billion.
Cypriot banks’ dependence on ELA had peaked in March 2013 at €11.4 billion, and decreased to its lowest point since in August 2013 at €9.85 billion, when the Bank of Cyprus exited its resolution programme and was reinstated as an eligible counterparty by the European Central Bank.
Since August, the bank’s dependence on ELA has maintained a slowly declining trajectory.
Source: Cyprus Mail