ECB publishes rules on ELA in a bid to "increase transparency"
ECB out with an agreement on Emergency Lending Assistance 19 June
Says the ECB:
This document presents a definition of emergency liquidity assistance (ELA) and describes the allocation of responsibilities, costs, and risks for ELA operations, as well as a framework for provision and exchanges of information and the control of liquidity effects to prevent any provision of ELA from interfering with the objectives and tasks of the European System of Central Banks (ESCB).
Furthermore this document acknowledges that ELA must be in compliance with the prohibition of monetary financing (Art. 123 of the Treaty of the Functioning of the European Union (TFEU).
For those of you having trouble getting to sleep here's the ideal remedy.
ECB issues rules on ELA