July 11, 2018 / 2:50 PM / 4 months ago

Emergency central bank funding to Greek banks drops 23.5 percent in June

ATHENS (Reuters) - Emergency central bank funding to Greek lenders dropped by 23.5 percent in June compared to the previous month, Bank of Greece data showed on Wednesday.

Emergency funding, which is more costly than borrowing from the European Central Bank, dropped to 7.32 billion euros ($8.57 billion) from 9.56 billion euros at the of May, the data showed.

Greek banks have relied on emergency liquidity assistance (ELA) drawn from the 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 markedly since June 2016 when the European Central Bank reinstated banks’ access to its cheap funding operations.

Reporting By Angeliki Koutantou

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