Cyprus Mail
Business Cyprus

BoC dependence on ELA falls

THE CENTRAL Bank of Cyprus has announced that the Bank of Cyprus’ dependence on Emergency Liquidity Assistance (ELA) fell by more than €100 million during April, from €9.5 to €9.4 billion.

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.



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