The European Central Bank (ECB) is studying measures on Greek banks in return for emergency liquidity. The ECB staff have proposed to increase the haircuts on Greek bank collateral when borrowing from the Bank of Greece, people with knowledge of the situation said.

The proposal hasn't been discussed by the ECB Governing Council.

The Bank of Greece keeps a buffer of around 3 billion euros of Emergency Liquidity Assistance (ELA) allowance in reserve.