CYPRUS: BoC reduces dependence on ELA

by fm

22nd October 2014

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The Bank of Cyprus reduced in September its dependence on the Emergency Liquidity Assistance (ELA) by one billion euro, dropping to 7,68 billion from 8,68 billion in August.

According to data published on Tuesday by the Central Bank of Cyprus, this reduction is due to the fact that the Bank paid off an amount of 800 million euro after the conclusion of the increase of its share capital by one billion euro in one month.

The dependence of the Cypriot banks on ELA reached in March 2013 a historic high, climbing to 11,40 billion euro.

The Central Bank of Cyprusalso announced that in September there has been a further reduction of 30 million euro, to 920 million euro, of the dependence of the Cypriot banking system on monetary policy operations, (Eurosystem). In August the amount was 950 million.