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Financial News: ECB Publishes Emergency Bank Lifeline Details To Boost

ECB Publishes Emergency Bank Lifeline Details To Boost Transparency

06/19/2017 - 07:40:00 (RTTNews)

(RTTNews) - The European Central Bank on Monday published the details of its emergency lifeline for banks in a bid to increase transparency regarding the rules and procedures of the facility.

The bank released the text of its Emergency Liquidity Assistance, or ELA, agreement on its website as decided during the Governing Council meeting on May 17.

Under the ELA, solvent financial institutions or a group of them with temporary liquidity problems are extended central bank money, where in either case, such operation is not part of the single monetary policy, the ECB said.

Greek banks were repeatedly given such lifelines during the country's debt crisis.

The national central banks are responsible for allocating the funds and they must also bear the costs and risks from the provision.

Funds provided under the ELA are charged a penalty interest rate, the document said.

Further, the institution receiving ELA must provide a funding plan within two months following the first provision of ELA. The institution must update the funding plan on a quarterly basis.

When the funding received by an institution exceeds a threshold of GBP 2 billion, the ECB Executive Board will decide in a timely manner whether the issue must be addressed by the Governing Council.

The ELA decisions are taken by the Governing Council on a two third majority.

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