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:
“The last resort of kings, the cannonball. The last resort of the people, the paving stone.”
—Victor Hugo (18021885)
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