BoC reduces dependence on ELA
The Bank of Cyprus reduced its dependence on the Emergency Liquidity Assistance (ELA) by €500 million in September as compared to August, figures from the Central Bank showed on Wednesday.
The figures showed that at the end of September the Bank of Cyprus financing from ELA was down to €4.9 billion from the €5.4 billion it had been in August.
Since the beginning of the year, the Bank has reduced its dependence on ELA by €2.5 billion overall.
At the end of December 2014, the ELA stood at €7.4 billion.