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They also tapped funds from the ECB's Emergency Liquidity Assistance (ELA) to support increasing liquidity demands from operations in Greece.
With Laiki Bank in resolution, the Bank of Cyprus was forced to take on Laiki's Emergency Liquidity Assistance (ELA) that the ECB provided to Laiki via the Central Bank of Cyprus (CBC) and was allowed to rise to e1/46.
Giorgos Pikis, former President of Cyprus Supreme Court and Panagiois Kallis and Yiannakis Constantinides both former Supreme Court members, will investigate issues ranging from the withdrawal of HSBC bank from Cyprus Popular Bank back in 2006, the purchase of Greek bonds by Cypriot banks, the period before the decision of an EU Summit for the restructuring of the Greek public debt, the commissioning of US investment consultancy firm, Pimco, to carry out a due diligence review in the Cypriot banking sector, as well as the conditions under which the Central Bank of Cyprus agreed to the provision of Emergency Liquidity Assistance by the European Central Bank to the Cypriot banks.
Without it, the European Central Bank has said it will cut off emergency liquidity assistance (ELA) to the island's main banks.
Thereafter, Emergency Liquidity Assistance (ELA) could only be considered if an EU/IMF programme is in place that would ensure the solvency of the concerned banks," it said.
The governing council of the European Central Bank decided to maintain the current level of Emergency Liquidity Assistance (ELA) until Monday, March 25.
Thereafter, Emergency Liquidity Assistance (ELA) could only be considered if an EU/IMF programme is in place that would ensure the solvency of the concerned banks," it said in a press release.
Greece, however, did receive some life support from the ECB at the end of last week after agreeing sizeable budget cuts as the Governing Council agreed to raise the upper limit for the amount of short term loans that the Bank of Greece can accept (the ceiling was more than doubled) in exchange for emergency liquidity assistance.