ELA approved for Greece’s four systemic banks

banksA request by Greece’s four biggest banks to use the ECB’s Emergency Liquidity Assistance (ELA) has been approved for two weeks, reports state.

Any extension of the mechanism can be repeated in 15 days, during the next session of the ECB’s board of directors.

The decision comes in the wake of a record outflow of deposits from Greece-based banks on Wednesday. Although the exact figure has not been finalized, banking sector sources said outflows are in the 1.8-billion-euro range.

Roughly 4.5 billion euros is forecast to be “lifted” by depositors from Greek banks during the ongoing week, and ahead of Sunday’s election.

Meanwhile, the ECB is expected to decide on Thursday if it will proceed, and under what conditions, with a quantitative easing program, ostensibly aimed at a gradual increase in the euro zone inflation rate to 2 percent, as well as on measures to boost the EZ’s economy.