Agricole's Emporiki Secures Greek Central Bank Funding
06/08/2012| 01:15pm US/Eastern
PARIS--French bank Credit Agricole SA's (>> CREDIT AGRICOLE) troubled Greek unit Emporiki Bank of Greece SA (TEMP.AT) has succeeded in getting funding from Greece's central bank, a person close to the matter told Dow Jones Newswires Friday, in a move that should ease pressure on the parent bank's finances.
Over the past year Credit Agricole has lodged numerous similar requests to borrow from the Greek central bank's so-called Emergency Liquidity Assistance program.
Greek banks have borrowed about 54 billion euros ($67.9 billion) under the program, making it a primary source of cash since the banks were locked out of normal funding markets. The ELA loans are attractive because the Greek central bank accepts lower-quality assets as collateral for the loans, compared with what the European Central Bank accepts.
Credit Agricole declined to comment.
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