articles | 14 December 2016

BOC eliminates €11bn in ELA

Bank of Cyprus is about to repay its outstanding emergency liquidity assistance (ELA), which it mostly inherited from Cyprus Popular Bank in March 2013.

The bank’s chief executive officer John Hourican said recently that its remaining ELA had dropped to €0.4m, half of what it was in August 2016. The Central Bank of Cyprus confirmed the downward trend with its monthly balance sheet statement which showed that ELA stood at €0.6m or below at the end of November 2016.

Bank of Cyprus’ emergency liquidity peaked in April 2013 at €11.4bn.

Source: Cyprus Mail

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