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The ECB reportedly increased the ELA funding for Greek banks to EUR68.3bn

  • The ECB reportedly increased the ELA funding for Greek banks to EUR68.3bn (up just 3.3bn from 2 weeks ago) and will meet again on March 4th to re-consider. 
  • There is no data on how much of the ELA is being used but reports suggest it is nearing the cap, which does not leave much room for deposit outflows. 
  • Greece is expected to submit a programme extension request later today/tonight, which will be followed by a Euro working group and the Eurogroup on Friday. Also tonight we get the first publication of the ECB Governing Council accounts (their version of 'Minutes'). 
  • It is uncertain what this report will look like, but considering it is from the meeting where QE was announced, it is certain to reveal interesting debate.

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