2013年-ECB欧洲央行_ELA_procedures_2页_79kb

ELA Procedures Summary

Core Content

The document outlines the procedures for the provision of Emergency Liquidity Assistance (ELA) to Euro area credit institutions, as mandated by Article 14.4 of the Statute of the European System of Central Banks and the European Central Bank (ESCB). These procedures are designed to ensure transparency and enable the Governing Council to assess the potential impact of ELA on the Eurosystem's objectives and tasks.

Main Views

• Definition of ELA: ELA refers to the provision of central bank money or other assistance that increases central bank money to a solvent financial institution facing temporary liquidity problems. It is not part of the regular monetary policy operations.

• Responsibility for ELA: The responsibility for providing ELA lies with the relevant Eurosystem national central bank (NCB). Any costs and risks associated with ELA are borne by the NCB.

• Role of the Governing Council: The Governing Council has the authority to restrict ELA operations if they interfere with the Eurosystem's objectives. This decision requires a two-thirds majority vote.

• Information Reporting Requirements: NCBs are required to report details of ELA operations to the ECB within two business days of execution. The report must include information on the counterparty, value, maturity, volume, currency, collateral, interest rate, reason for ELA, prudential supervisor's assessment, and potential cross-border or systemic implications.

• Thresholds for Reporting:

  • If the total ELA volume for a financial institution or group exceeds €500 million, the NCB must inform the ECB before providing assistance.
  • If the total ELA volume is expected to exceed €2 billion, the Governing Council must assess the risk of interference with the Eurosystem's objectives. It may then set a threshold and approve ELA operations below that threshold within a specified short period.

• Waiver Requests: An NCB may request the Governing Council to waive its objection to a certain threshold for ELA operations involving multiple banks. In such cases, the NCB must provide detailed ex ante information, including funding gap projections under two scenarios (expected and stress), at least two business days before the Governing Council meeting.

• Ex Post Reporting: Daily ex post reporting is required for all ELA features that were not already disclosed ex ante.

Key Information

• Purpose: To ensure the Governing Council can effectively monitor and restrict ELA operations that might interfere with the Eurosystem's objectives.
• Binding Nature: These procedures are binding for all NCBs and are subject to regular reviews for adequacy.
• Transparency and Timeliness: Timely and detailed reporting is essential to enable the Governing Council to make informed decisions.
• Risk Assessment: The Governing Council must evaluate the potential systemic and cross-border implications of ELA operations.

Summary of Reporting Requirements

These procedures emphasize the balance between providing necessary liquidity support to solvent institutions and maintaining the integrity and stability of the Eurosystem.