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Emergency central bank funding to Greek banks drops by 2.4 billion euros in Sept
October 12, 2017 / 2:31 PM / in 10 days

Emergency central bank funding to Greek banks drops by 2.4 billion euros in Sept

ATHENS (Reuters) - Emergency central bank funding to Greek lenders dropped by 2.41 billion euros (2.16 billion pounds) or 7.8 percent in September compared to the previous month, Bank of Greece data showed on Thursday.

FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the "Luminale, light and building" event in Frankfurt, Germany, March 12, 2016. REUTERS/Kai Pfaffenbach/File Photo

Emergency funding, which is more costly than borrowing from the European Central Bank, dropped to 28.49 billion euros from 30.9 billion euros at the end of August, the data showed.

Greek banks have relied on emergency liquidity assistance (ELA) drawn from the Greek central bank since February 2015 after being cut off from the ECB’s funding window due to stalled bailout talks between the government and its official creditors.

Their dependence on the ELA emergency lifeline has declined since June last year when the European Central Bank reinstated banks’ access to its cheap funding operations.

Reporting by George Georgiopoulos

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