ECB Publishes Procedures for Emergency Liquidity Assistance
This article is for subscribers only.
The European Central Bank lifted the lid on one of its most secretive emergency tools as it revealed how banks can remain afloat in times of crises.
The Frankfurt-based central bank published the rules underlying its Emergency Liquidity Assistance program today on its website. “These rules describe in detail the steps to be taken and the information to be provided to the Governing Council in order for it to assess” whether the provision of ELA “interferes with the objectives and tasks of the Eurosystem,” the ECB said.