Restructuring ELA Liabilities — Lessons From Ireland

Law360, New York (February 10, 2014, 12:54 PM ET) -- The Irish banking crisis has provided some insights into the use by European Union member states of emergency liquidity assistance (ELA), which supports financial institutions or markets that are experiencing an exceptional and temporary crisis of liquidity. As other EU member states' banking systems continue to struggle with their debt in 2014, the approach used to restructure the ELA liabilities of the Irish Bank Resolution Corp. merits consideration.

How ELA Works

In many states, the discretionary use of ELA is one of the core functions of...
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