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The European Central Bank presented details of emergency assistance to banks in the eurozone, which comes as the bloc's monetary authority was lambasted for its decisions that were not transparent enough.
The ECB reiterated Monday the Emergency Liquidity Assistance would be rendered to financial institutions with liquidity challenges. It has pledge to take necessary measures to clear how it determines when a lender needs financial aid.
Under the terms, banks that will receive the ELA need to submit a funding proposal within two months after the first provision of the said assistance and provided the firm is receiving it, on top of monthly reports on its capital.
