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bulltraderron Dec 17, 2015 6:38am
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Thu Dec 17, 2015 | 3:40 AM EST ECB lowers emergency funding
Thu Dec 17, 2015 | 3:40 AM EST ECB lowers emergency funding cap for Greek banks as liquidity improves
Dec 17 (Reuters) - The European Central Bank lowered the cap on emergency liquidity assistance (ELA) Greek banks can draw from the domestic central bank by 2.1 billion euros to 75.8 billion euros ($82.3 billion), the Bank of Greece said on Thursday. The move reflected an improvement in liquidity conditions in Greece's banking sector, helped by the stabilisation of private sector deposit flows and the recapitalisation of the country's four main lenders, the Greek central bank said.
Greek banks have relied on the emergency liquidity assistance (ELA) since February after being cut off from the ECB's funding window.
Emergency funding is more costly than borrowing from the ECB.
(1 US dollar = 0.9204 euro) (Reporting by George Georgiopoulos)