Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
Market operations
Regular review of the agreement on emergency liquidity assistance (ELA)
On 27 September 2024 the Governing Council adopted a revised version of the ELA agreement, which contains more detailed information on the key elements taken into consideration when providing ELA. In particular, it introduces compliance with the leverage ratio as a solvency criterion for the provision of ELA to credit institutions. The revised version also introduces the key principle that ELA collateral should sufficiently protect the national central bank against risks emerging from ELA operations. The agreement, which is available on the ECB’s website, will next be reviewed in 2027.
Published on the 18th of October 2024