Cyprus Mail
Business Cyprus

BoC could resort to ELA to replace cheaper funding

By Stelios Orphanides

Bank of Cyprus may have to replace up to 800 million euros in cheaper funding from the European Central Bank with mostly costly financing in case Cyprus fails to meet its bailout terms, a bank official said.

“We will have to apply for emergency funding should Cyprus fail to get a positive evaluation,” of the progress in implementing the economic and financial reform programme agreed with international creditors the official, who spoke on condition of anonymity, said in a telephone interview today.

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