March 12, 2015 / 12:43 PM / 5 years ago

ECB ups emergency funding cap for Greek banks by 600 million euros - source

Flags of Greece, the European Union and the National Bank of Greece flutter on a balcony of Greece's National Bank in central Athens February 11, 2015. REUTERS/Yannis Behrakis

ATHENS (Reuters) - The European Central Bank’s Governing Council agreed to raise the cap on emergency liquidity assistance (ELA) that Greek banks can draw from the Greek central bank by about 600 million euros (426 million pounds), a banking source told Reuters on Thursday.

The increase takes the ELA ceiling to 69.4 billion euros.

The ECB, which has the ability to expand and restrict ELA operations, has raised the cap in increments, keeping pressure on Athens to strike a political accord over its debt woes.

Reporting by George Georgiopoulos; Editing by Crispian Balmer

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