The dependence of Cypriot banking system on the Emergency Liquidity Assistance (ELA) mechanism and monetary policy operations (European Central Bank – ECB) remained at the same level in January 2015 as in the previous month, namely 8.51 billion euro.
Particularly, according to the monthly balance sheet released Tuesday by Central Bank of Cyprus (CBC), Bank of Cyprus` ELA remained in January at 7.40 billion euros as it was a month ago, when it had fallen by 74 million euro.
Moreover, the dependence of the Cypriot banking system on monetary policy operations (direct funding from the ECB), also remained at the same level as in December 2014, at 1.11 billion euro.
It is noted that in December 2014, Cypriot banks` direct funding from the ECB recorded a significant increase of 226 million euros, reaching 1.11 billion euro after it had declined to 890 million euro in the previous month (November 2014) from 920 million euro in October of the same year.
CBC total assets amounted in January 2015 to 11.73 billion euros from 14.24 billion euros in January 2014.
The decrease in CBC total assets is due to the significant decrease of 2.15 billion euro in Bank of Cyprus` dependence on ELA which declined from 9.55 billion euro in January 2014 to 7.40 billion euro.
