ECB Updates Emergency Bank Funding Agreement

Law360, London (June 19, 2017, 12:35 PM BST) -- The European Central Bank on Monday published a paper updating the terms and conditions governing its provision of special bailout cash to troubled eurozone banks, known as Emergency Liquidity Assistance.

The ECB released its report after criticism that there had been a lack of transparency in its decision to use ELA during the Greek debt crisis to grant extra support outside usual lending rules.

ELA is defined as support given by central banks in “exceptional circumstances and on a case-by-case basis to temporarily illiquid institutions and...
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