ECB allows national central banks to disclose ELA provision
Move to greater transparency seen as initiative by Draghi
Eurozone central banks can now "communicate publicly" about the provision of emergency liquidity assistance (ELA) to banks in their country, the European Central Bank (ECB) announced on September 16.
The ECB said central banks could only do so "in cases where they deem such communication is necessary", suggesting some instances may be kept under wraps. Traditionally, central bankers have been hesitant to reveal the provision of ELA to individual banks.
The Bank of Greece quickly made use of its
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