Cyprus Mail

Public funds drop to €1.4bn, BoC’s ELA to €1.3bn in September

The government’s deposits at the central bank stood at €1.4bn, compared to €1.6bn in August, the Central Bank of Cyprus said.

In addition, Bank of Cyprus’s outstanding emergency liquidity assistance (ELA) dropped in September to €1.3bn or below, from €1.5bn the month before, the supervisory authority said in its September balance posted on its website on Wednesday.

Bank of Cyprus’s chief executive officer John Hourican said on Tuesday that the bank’s ELA, largely inherited from Cyprus Popular Bank in 2013, had already dropped to below €1bn.

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