The Bank of Greece on Thursday announced a significant reduction of the emergency liquidity assistance (ELA) to Greek banks by 2.5 billion euros.

The central bank, in an announcement, said that this development reflected an improvement in the Greek banks' liquidity in view of rising private sector deposits and Greek banks' access to financial markets.

The European Central Bank's board did not object to a Bank of Greece request to lower the borrowing ceiling of the ELA mechanism to 12.2 billion euros up to and including Thursday, 14 June 2018.