Crisis Lending
The action of any lender of last resort (typically, a central bank, on a national or federal level) in providing liquidity to a distressed bank or some other, qualified credit-providing institution is denoted as Emergency Liquidity Assistance (sometimes shortened as ELA).
In the aftermath of the European sovereign-debt crisis, the term has come to signify the injections of liquidity to European private and central banks by the European Central Bank (ECB).
Read more about this topic: Lender Of Last Resort
Famous quotes containing the words crisis and/or lending:
“The easiest period in a crisis situation is actually the battle itself. The most difficult is the period of indecision—whether to fight or run away. And the most dangerous period is the aftermath. It is then, with all his resources spent and his guard down, that an individual must watch out for dulled reactions and faulty judgment.”
—Richard M. Nixon (1913–1995)
“And lending it one mental fillip the more, the fact that all these people were inwardly attacked by well-nigh resistless decay, and that most of them were feverish.”
—Thomas Mann (1875–1955)