BoC’s reliance on ELA shrinks by Euros 2.5 billion in 2016

The Bank of Cyprus reliance on the European Central Banks Emergency Liquidity Assistance (ELA) has shrunk in 2016 by Euros 2.5 billion, down to Euros 1.3 billion in September.

According to a monthly balance sheet the Central Bank of Cyprus published on Wednesday, the Bank of Cyprus reliance on ELA fell to Euros 1.30 billion in September, down from Euros 1.50 billion in August.

In July, the banks reliance on ELA had already shrunk by Euros 400 million. From the start of this year, reliance on ELA has fallen by Euros 2.5 billion.

Since April 2013, when the banks reliance on ELA had reached the record high of Euros 11.40 billion, it has managed to reduce its reliance by Euros 10.10 billion by the end of September 2016.

Source: Cyprus News Agency