Bank of Cyprus: The upgrade of bonds reduced the ELA 4.5 billion.

Bank of Cyprus: The upgrade of bonds reduced the ELA 4.5 billion.
The upgrade of bonds of Bank of Cyprus from Baa3 to B1 made eligible assets for borrowing from the European Central Bank (ECB) and thus reduce dependence on the ELA to 4.5 bn. Euros.
According to the Bank of Cyprus through this transaction raised 550 million. Euros from the ECB to repay funding from the Emergency Liquidity Facility Provider (ELA). Before upgrading to covered bonds used as collateral for financing from the ELA.
Considering the above repayment, combined with the influx of deposits during the third quarter of 2015, the Bank repaid a total of 1.4 billion. Financing by ELA of June 30, 2015, reducing the current level of 4.5 bn. EUR.
"This transaction is another milestone in the effort to restore economic health and is part of its strategy to normalize the financial structure and reduce its dependence on funding from the ELA. Overall, funding from the ELA has decreased by 6.9 bn. Euros from a high of 11.4 billion. April 2013 ", said in a statement the Bank of Cyprus.