FRANKFURT, March 21 (Xinhua) -- The European Central Bank (ECB) announced on Thursday that it would maintain the current level of Emergency Liquidity Assistance (ELA) to Cyprus until Monday.
The ECB said in a statement that the governing council made the decision to continue ELA till 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," said the statement.
The Cypriot Central Bank has been providing the banks in the country with emergency funding through the ELA. The decision came at a time when Cyprus is trying to draw up a new plan to secure a bailout.
The parliament of Cyprus recently voted against a proposal to levy a bank deposit tax as part of a bailout deal, which was reached at a Eurogroup finance ministers' meeting earlier.
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