Thus, the public resources used proved to be far lower than the amount of € billion foreseen by the Eurogroup in August 2015. Moreover, banks’ reliance on ELA has decreased and, since end-July 2015, the ceiling has been lowered by more than € billion to € billion.
This lower ceiling reflects the improved liquidity situation of Greek banks amid easing uncertainty and a stabilisation of private sector deposit flows; the gradual and improving access regained by banks to interbank market funding (in fact using collateral not eligible for Eurosystem operations); and progress with the recapitalisation of Greek banks.