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Recalling the Celtic Tiger

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Edited By Eamon Maher, Eugene O'Brien and Brian Lucey

This book looks at various effects, symptoms and consequences of the period in Irish culture known as the Celtic Tiger. It will trace the critical pathway from boom to bust – and up to the current beginnings of a similar, smaller boom – through events, personalities and products. The short entries offer a sense of the lived experience of this seismic period in contemporary Irish society.

While clearly not all aspects of the period could realistically be covered, the book does contain essential information about the central actors, events, themes, and economic trends, which are discussed in a readable and accessible manner. Each entry is linked to the overall Celtic Tiger phenomenon and its immediate aftermath.

The book also provides a comprehensive account of what happened in this period and will be a factual resource for anyone anxious to discover information on the areas most commonly connected to it. All entries are written by experts in the area. The contributors include broadcasters, economists, cultural theorists, sociologists, literary critics, journalists, politicians and writers, each of whom brings particular insights to some aspect of the Celtic Tiger.

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Emergency Liquidity Assistance (ELA) (Megan Greene)

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Megan Greene

Emergency Liquidity Assistance (ELA)

When euro area banks have come under strain, they have borrowed from the ECB via refinancing operations by stumping up collateral in exchange for the loans. When put under severe strain, some of these banks have run out of collateral, and have had to use non-eligible collateral with large haircuts in order to receive loans from the Eurosystem in the form of Emergency Liquidity Assistance (ELA).

Even though a number of ELA programmes existed in the Eurozone at the beginning of the crisis, the ECB did not offer an official description of how they worked until late 2013. ELA programmes are not actually ECB programmes – they are unilaterally issued by a national central bank to banks deemed to be solvent and the ECB is informed within two days of the operation being carried out. The ECB’s governing council can then decide with a two-thirds majority vote to reject the ELA programme for interfering with the objectives of the Eurosystem. If losses are incurred because of ELA programmes, they fall on the national central bank rather than the Eurosystem as a whole.

Irish, Greek and Cypriot banks were the largest recipients of ELA during the euro crisis. Even after its nationalisation in early 2009, Anglo Irish Bank suffered from severe deposit outflows, and so the Central Bank of Ireland decided to shore Anglo Irish up with €11.5 billion in ELA in March 2009. Over the course of...

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