The European Central Bank (ECB) approved the Bank of Greece’s request for a € 5.5 billion increase in the Emergency Liquidity Assistance (ELA) ceiling yesterday (12.02), raising the limit from €59.5 to €65 billion.

The governing council of ECB is to convene again on February 18, to examine another increase to the Greek limit. ELA provision is critical for Greek banks as the ECB cancelled acceptance of Greek bonds last week.