Greek banks significantly cut borrowing from ECB, ELA in March‏

Greek banks significantly reduced their dependence from the European Central Bank and the Emergency Lending Assistance mechanism in March, the Bank of Greece said on Monday.

In a monthly report, the central bank said that Greek banks’ dependence from these mechanisms dropped to 60.7 billion euros in March, from 67.96 billion euros in the previous month. More analytically, Greek banks drained 57.8 billion euros from European Central Bank’s lending facilities in March, from 59.4 billion in February, while borrowing from ELA fell to 2.9 billion euros in March from 8.56 billion in the previous month.

The successful exit of Greek banks to international markets, with Piraeus Bank selling a 500-million-euro bond loan recently, is expected to further reduce Greek banks’ dependence from European lending mechanisms in the following months.

source: ΑΜΝΑ