BoC announces 5,5 bn euro reduction of ELA

BoC announces 5,5 bn euro reduction of ELA

The Bank of Cyprus has announced that the Emergency Liquidity Assistance has been reduced by €5,5 bn since its peak of €11,4 bn in April 2013, while during 2015 €1,5 bn of ELA has been repaid.

“Following its announcement dated 5 June 2015 regarding the partial repayment of a bond by the Republic of Cyprus, the Bank of Cyprus Public Company Ltd (the “Bank” or the “Group”) announces that it has proceeded with the repayment of €500 mn of Emergency Liquidity Assistance (ELA) and €260 mn of European Central Bank (ECB) funding,” the statement said.

As a result, ELA and ECB funding have been reduced to a current level of €5,9 bn and €500 mn, respectively, it added.

In total, ELA has been reduced by €5,5 bn since its peak of €11,4 bn in April 2013, while during 2015 €1,5 bn of ELA has been repaid.

CNA KST/MAN/MM/2015
ENDS, CYPRUS NEWS AGENCY