European Central Bank to maintain emergency funding to Cyprus until Monday

FRANKFURT (AFP) - The European Central Bank (ECB) said on March 21 that it will continue to provide emergency funding to Cyprus until March 25 as the debt-hit country scrambles to secure funding for its banks.

"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," the ECB said in a short statement.

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