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.

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