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ECB's Bonnici says ECB liquidity for Greece linked to referendum result
July 2, 2015 / 3:53 PM / 2 years ago

ECB's Bonnici says ECB liquidity for Greece linked to referendum result

MILAN, July 2 (Reuters) - The European Central Bank will take account of the outcome of Greece’s referendum on Sunday in deciding the terms of any future liquidity it offers to Greek banks, ECB Governing Council member Josef Bonnici said on Thursday.

Speaking to reporters in Milan, Bonnici said the value of collateral which Greek banks must offer in exchange for Emergency Liquidity Assistance (ELA) “will depend on Greece’s decision” in the referendum.

The ECB has been keeping Greek banks running with emergency liquidity as the country’s debt crisis worsened.

“ELA is not an infinite fund,” Bonnici said.

Reporting by Elvira Pollina and Valentina Za, writing by Gavin Jones, editing by Isla Binnie

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