Abstract: We analyze leptogenesis in the context of seesaw models with almost conserved lepton number, focusing on the L-conserving contribution to the flavoured CP asymmetries. We find that, contrary to previous claims, successful leptogenesis is feasible for masses of the lightest heavy neutrino as low as M-1 similar to 10(6) GeV, without resorting to the resonant enhancement of the CP asymmetry for strongly degenerate heavy neutrinos. This lower limit renders thermal leptogenesis compatible with the gravitino bound in supersymmetric scenarios.