ECB gives central banks power to announce emergency funding

FRANKFURT (Reuters) - National central banks in the euro zone will now have the power to make announcements about any emergency funding that they provide to their banks, the European Central Bank said on Wednesday.

Official announcements about the supply of Emergency Liquidity Assistance (ELA), such as in the case of Greek banks, had so far been made by the ECB itself.

"The Governing Council of the European Central Bank has decided that national central banks will from now on have the option to communicate publicly about the provision of Emergency Liquidity Assistance (ELA) to the banks in their country, in cases where they deem that such communication is necessary," the ECB said on Wednesday.

Central banks will still have to seek ECB approval to provide ELA and to make any announcement about it.

(Reporting by Francesco Canepa; Editing by Catherine Evans)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• ECB Raises Deposit Facility Rate By 25bps To 2.50%
• CPI (Aug YoY) 3.4% vs 3.4% Expected; Ex-food and Energy 2.4% vs 2.4%
• Europe Gas Prices Rise Above €80/mwh For First Time Since 2023 - Bloomberg