articles | 25 February 2015

Cyprus banks dependence on ELA unchanged in January 2015

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.

Source: CNA

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