April 11, 2017 / 2:37 PM / 3 months ago

Emergency central bank funding to Greek banks drops by 700 mln euro in March

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ATHENS, April 11 (Reuters) - Emergency central bank funding to Greek lenders dropped by 700 million euros, or 1.6 percent, in March compared to the previous month, Bank of Greece data showed on Tuesday.

Emergency funding, which is more costly than borrowing from the European Central Bank, dropped to 42.4 billion euros ($45.02 billion) from 43.1 billion euros at the end of February, the data showed.

Banks have relied on emergency liquidity assistance (ELA) drawn from the Greek 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 lenders.

Their dependence on the ELA emergency lifeline has declined since June last year when the European Central Bank reinstated banks' access to its cheap funding operations. (Reporting by Lefteris Papadimas)

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