A third bank, Piraeus Bank, requested for Emergency Liquidity Assistance (ELA) on Friday, after the Eurobank and Alpha bank, Greek media report on Saturday. Citing sources from the banking sector, Greek media report that all four systemic Greek banks have submitted requests for ELA funding from the Europeran Central Bank, either on their own initiative or on the initiative of the Bank of Greece.
All banks have been reportedly describe this move as “a precaution.”
Eurobank and Alpha Bank sources told Athens News Agency, that they do not intend to make use of the ELA funds in the “immediate future” as they have guarantees for ECB funding and that the request was purely a precaution given the conditions that have been shaped in the present period.
“Bankers say that the request has been “preventive” in order to address the current liquidity needs arising partly from the relative and controlled withdrawal of bank deposits, the participation of the banks in Treasury bills and the developments with the Swiss Franc that harms more than 60,000 Greek borrowers.” (in.gr)
