ECB liquidity declines

EUROPEAN Central Bank (ECB) emergency liquidity assistance (ELA) declined slightly in March, figures released by the Central Bank of Cyprus showed.

The ELA funding declined from €9.55 billion in February to €9.50 billion in March.

Liquidity from the ECB’s monetary operations in March fell €200 million to €1,4 billion million from €1,6 billion in February.

The CBC also holds gold reserves of € 419.3 million compared with €389.1 million in February.
The government’s debt to the CBC stood at €1.35 billion.

Cypriot banks’ reliance on ELA funding peaked to €11.40 billion in March 2013 as Cypriot authorities and the European Commission, the European Central Bank and the IMF, agreed on a €10 billion bailout which featured a haircut on banking deposits over €100,000.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.