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:
“A crisis unmasks everyone.”
—Mason Cooley (b. 1927)
“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)