ECB set to publish rules for Emergency Liquidity Assistance

The European Central Bank is going to publish details of rules for Emergency Liquidity Assistance (ELA), according to German newspaper Faz.

Some rough translation from the Faz piece below:

According to information from the FAZ, the Governing Council has decided that the rules for the controversial emergency loans (Emergency Liquidity Assistance ELA) to publish. This decision was made at the Council meeting in mid-July. The so-called ELA agreement is not yet known, as amended. The emergency loans, which are issued by the national central banks should flow only to solvent banks that are temporarily illiquid. Critics say that about Cyprus also insolvent banks ELA loans had been granted in the billions.

In Greece and Ireland, the largest ELA aids were granted. The ELA total volume is now more than 90 billion euros.