The dependence of Cyprus' banking system on the Emergency Liquidity Assistance (ELA) mechanism and monetary policy operations (European Central Bank – ECB) remained at the same level in January 2015 as in the previous month, namely €8.51 billion.
Particularly, according to the monthly balance sheet released Tuesday by Central Bank of Cyprus (CBC), Bank of Cyprus’ ELA remained in January at €74 million.
Moreover, the dependence of the Cypriot banking system on monetary policy operations (direct funding from the ECB) also remained at the same level as in December 2014, at €1.11 billion.
It is noted that in December 2014, Cypriot banks’ direct funding from the ECB recorded a significant increase of €226 million, reaching €1.11 billion after it had declined to €890 million in the previous month (November 2014) from €920 million in October of the same year.
CBC total assets amounted in January 2015 to €11.73 billion from €14.24 billion in January 2014.
The decrease in CBC total assets is due to the significant decrease of €2.15billion in Bank of Cyprus’ dependence on ELA which declined from €9.55 billion in January 2014 to €7.40 billion.