ECB reportedly raises Greece's ELA ceiling

The European Central Bank has reportedly increased the Emergency Liquidity Assistance (ELA) provided to Greek banks by €500m to €80.7bn from €80.2bn.

The ELA is the amount of money Greek banks are allowed to borrow under an emergency lending program.

Under the ELA, the Greek central bank lends money to its country’s financial institutions. As part of the program, the loans have a higher interest rate than standard ECB loans and the credit risk stays with Greece.