Cyprus Mail

Bank of Cyprus’ emergency liquidity funding declines by €170 million in May

The Bank of Cyprus’ emergency liquidity assistance (ELA) declined by €170 million in May, figures released by the Central Bank of Cyprus show. The ELA funding declined from €9,400,082,000 in April to €9,230,078,000 in May.
This is the second largest reduction of ELA since last December when it was reduced by €224 million.
Furthermore, liquidity from ECB’s monetary operations remained in May at the same level as the previous month, to €1,400,000,000.
The CBC also holds gold reserves of €419.3 million at the same level with the previous month.
Cypriot banks’ reliance on ELA funding peaked at €11.40 billion in March 2013 amid capital outflow in view of the agreement between the Cypriot authorities and the European Commission, the European Central Bank and the IMF on a €10 billion bailout which featured a haircut on banking deposits over €100,000.

Related posts

Underground recycling bins project to kick off in Larnaca

Gina Agapiou

Turkey vetoes Cyprus from disarmament conference

Nick Theodoulou

President says Cyprus and Israel begin new era of cooperation

Nick Theodoulou

Court ruling allows ministry to finalise bus deal with new company

Elias Hazou

Gesy negotiations with private hospitals progressing

Nick Theodoulou

Turkish Cypriot football team calls on Fifa to allow international games

Evie Andreou


Comments are closed.