Emergency liquidity assistance (ELA)

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Emergency liquidity assistance (ELA) is a form of exceptional financing granted to solvent financial institutions (as a rule banks) facing temporary liquidity needs.

These operations allow the Bank of Italy to act, on a discretionary basis, as a lender of last resort, providing temporary loans against adequate collateral. The exceptional financing disbursed by the Bank of Italy can take the form of an injection of liquidity or a collateralized securities lending.