Bank of Cyprus reduces ELA to Euros 1.5 billion

Bank of Cyprus has reduced ECB emergency liquidity funding (ELA) by a further Euros 500 million in August to Euros 1,5 billion from the 2013 peak of Euros 11.4 billion.

According to the CBC August balance sheet announced on Wednesday, the Bank of Cyprus ELA obligation declined to Euros 1.5 billion down by Euros 200 million from the month before.

The ECB ELA liability has been reduced by Euros 2.3 million since the beginning of 2016.

From the peak of Euros 11.4 billion in April 2013, Bank of Cyprus has repaid a total of Euros 9,9 billion of ECB emergency funding.

Bank of Cyprus ELA liability bloated to Euros 11.4 billion as it absorbed the operations of Cyprus Popular Bank, the islands second largest lender, along with a Euros 9.4 ELA liability. CPB went in to liquidation as part of the banking sector restructuring included in the bailout of the Cypriot economy by the

Source: Cyprus News Agency