A lender of last resort is an institution willing to extend credit when no one else will. The term refers especially to a reserve financial institution, most often the central bank of a country, intended to avoid bankruptcy of banks or other institutions deemed systemically important or 'too big to fail'.
Read more about Lender Of Last Resort: Purpose, Retail Lending, Crisis Lending, Criticisms
Famous quotes containing the word resort:
“It is now quite lawful for a Catholic woman to avoid pregnancy by a resort to mathematics, though she is still forbidden to resort to physics and chemistry.”
—H.L. (Henry Lewis)