2014年-ECB欧洲央行_ELA_procedures_2页_81kb

ELA Procedures Summary

Core Content

Emergency Liquidity Assistance (ELA) is a mechanism that allows Euro area credit institutions to receive central bank credit in exceptional circumstances, specifically when they face temporary liquidity problems. This support is provided by Eurosystem national central banks (NCBs) and is not part of the standard monetary policy operations. ELA is aimed at ensuring the stability of the financial system by providing liquidity to solvent institutions in need.

Main Viewpoints

• Purpose of ELA: To provide temporary liquidity to solvent financial institutions that are experiencing short-term liquidity issues, such as margin calls or deposit outflows.
• Eligibility: ELA is available to individual or groups of solvent financial institutions.
• Types of Assistance: ELA can involve the provision of central bank money or any other form of assistance that results in an increase in central bank money.
• Responsibility: The responsibility for providing ELA lies with the NCB(s) involved, and they bear the associated costs and risks.
• Governing Council Oversight: The Governing Council of the ECB is responsible for ensuring that ELA operations do not interfere with the objectives and tasks of the Eurosystem. It has the authority to restrict such operations if necessary.

Key Information

Reporting Requirements

1. Ex Ante Reporting:

   • NCBs must inform the ECB of the details of any ELA operation within two business days after it is carried out.
   • The information must include:
     • Counterparty details
     • Value and maturity dates
     • Volume and currency of the ELA
     • Collateral and haircuts applied
     • Interest rate
     • Reason for the ELA
     • Prudential supervisor's assessment of liquidity and solvency
     • Cross-border and systemic implications (if relevant)

2. Ex Post Reporting:

   • If ex ante information is not provided, it must be submitted ex post.
   • Information must be updated daily if it changes.

3. Thresholds for ECB Involvement:

   • €500 million: NCBs must inform the ECB as early as possible before extending ELA.
   • €2 billion: The Governing Council will assess the risk of interference with Eurosystem objectives. It may set a threshold and approve ELA operations below it, provided they are conducted within a specified short period.

Pre-Meeting Information

• At least three business days before a Governing Council meeting, the NCB must provide:
  • All available ex ante information on the elements listed above.
  • A projection of the funding gap for each institution receiving ELA, covering the period up to the next regular meeting, under two scenarios:
    • Expected scenario
    • Stress scenario

Regulatory Framework

• The procedures are binding for all NCBs and are subject to regular review to ensure their adequacy.
• The Governing Council may request additional information or broaden/reporting requirements in specific cases if deemed necessary.

Conclusion

The ELA procedures are designed to balance the need for liquidity support with the oversight responsibilities of the Eurosystem. They ensure transparency, timely information sharing, and the ability of the Governing Council to assess and manage potential risks to the broader monetary policy objectives. These procedures are crucial for maintaining financial stability within the Euro area while adhering to the legal and regulatory framework established by the Statute of the ESCB.