Greek central bank seeks standby ECB funding line

Greece’s central bank has moved to protect its banks from any fallout from the general election, asking the European Central Bank to approve a standby domestic emergency funding line, a Bank of Greece official said yesterday.

The move comes after two major banks applied to be able to tap an emergency liquidity assistance (ELA) window on Friday as Greeks withdraw cash before the snap election on January 25.

“We have sent a request to the ECB on ELA approval for all four major banks to have a shield for the banking system,” the official said.