The ECB’s emergency liquidity assistance program rose to €74.2bn last week to 25th July, from €68.3bn in the prior week.
Although they don’t give the details of who took advantage of the ELA it’s something that is worth monitoring now and again. It could well be that the Portuguese central bank tapped up the ELA for the Banco Espirito problems, but that’s speculation on my part.
The ELA is open to central banks who take on the risk responsibility for any provisions.
Looking at the chart we’ve seen the level of ELA borrowing rise this year.
ECB emergency liquidity assistance 30 07 2014
As far as debts and liabilities go there’s a brightening picture in the monthly data from central banks.
These are all central bank Target2 numbers;
- German claims fell to 461.8bn, lowest since Sep 2011
- Cyprus liabilities fell to 5.05bn from 5.93bn, lowest since Sep 2008
- Spain liabilities fell to 215.1bn vs 228.3bn, lowest since Feb 2012
- Greece lbs down to 30.5bn vs 36.0bn, lowest since Nov 2008
- Italy lbs fell to 149.4bn vs 168.3bn, lowest since Nov 2011
So, some better news that countries are settling their liabilities to each other (and mainly Germany) and some news to monitor further.
