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ECB liquidity declines

EUROPEAN Central Bank (ECB) emergency liquidity assistance (ELA) declined slightly in March, figures released by the Central Bank of Cyprus showed.

The ELA funding declined from €9.55 billion in February to €9.50 billion in March.

Liquidity from the ECB’s monetary operations in March fell €200 million to €1,4 billion million from €1,6 billion in February.

The CBC also holds gold reserves of € 419.3 million compared with €389.1 million in February.
The government’s debt to the CBC stood at €1.35 billion.

Cypriot banks’ reliance on ELA funding peaked to €11.40 billion in March 2013 as Cypriot authorities and the European Commission, the European Central Bank and the IMF, agreed on a €10 billion bailout which featured a haircut on banking deposits over €100,000.

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