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Update: Greece's Eurobank applied for ELA funding as precaution: source

Friday, January 16, 2015 - 18:16

[ATHENS] Greece's third-largest lender Eurobank applied for emergency liquidity assistance (ELA) from the country's central bank as a precaution and does not expect to use the funding in the short term, an executive at the bank told Reuters. "We are not making use of ELA funding currently and do not foresee that we will need to in the immediate future as we have sufficient collateral to tap funding from the European Central Bank," the executive said, declining to be named.

Eurobank shares were down more than 6 per cent at 0.169 euros on Friday, underperforming the Athens bourse's banking index which was losing 5.3 per cent.

Eurobank and Alpha Bank have both applied for emergency liquidity assistance (ELA) from the Greek central bank, a banking source said, amid increased deposit outflows since Greece called snap elections slated for Jan. 25.


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