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The ECB reduces the credit ceiling to Greek banks by improving liquidity

The European Central Bank (ECB) has reduced by 1,100 million euros, at the request of the Bank of Greece, the ceiling of credits that may be requested by Greek banks through the mechanism of Provision of liquidity (ALS).

Athens, Nov 23 (EFE) .- The European Central Bank (ECB) has reduced by 1,100 million euros, at the request of the Bank of Greece, the ceiling of credits that can be requested by Greek banks to through the liquidity provision mechanism (ELA).

The maximum credit available to the entities of the country remains at 25,800 million euros up to 14 December.

As reported by the Bank of Greece, the decrease in the maximum ceiling of credit reflects the liquidity situation of Greek entities taking into account the flow of deposits from the private sector, as well as income from auctions in the financial markets.

In the last month three of the four main Greek banks, the National Bank of Greece (BNG), the Eurobank and the Piraeus Bank, have gone to the financial markets after a three-year absence through the sale of covered bonds, mostly to entities institutional.

This return to the markets allows them to reduce their dependence on the Commonwealth credits.

The Greek bank has received the emergency credit from the ECB after a In mid-February 2015, it stopped accepting the Hellenic debt as collateral in its refinancing operations.

Since the ECB again accepted, at the end of June 2016, the Helena debt as collateral, the ELA ceiling fell drastically, as the banks could use this instrument again to acquire liquidity.

The ELA was until then the only one channel through which banks could access short-term financing through the Bank of Greece, although at a higher interest rate than what the ECB requests in its ordinary refinancing.

The 10-year Greek bond was trading at 08.30 GMT on the secondary market at 5.35% today, and the risk premium stood at 499 basis points.

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