摘要：Emergency Lending Assistance (ELA) is a last-resort collateralized loanor advance provided by the Bank of Canada, at its discretion, to eligiblefinancial institutions (FIs) and financial market infrastructures (FMIs) thatare facing serious liquidity problems. After consulting with relevant stakeholders, the Bank revised its ELApolicy in December 2015. The revisions aim to ensure the policy remainseffective given ongoing changes in the Canadian financial system andlessons learned from the 2007–09 global financial crisis. The updated ELA policy clarifies the role that ELA can play as a temporarysource of liquidity in supporting the recovery and resolution of eligible FIs.It also expands the list of eligible collateral to include mortgages, whichcan significantly increase an eligible institution’s capacity to borrow underELA. Recent revisions also provide greater clarity for the eligibility criteriaand conditions for the provision of ELA to provincially regulated deposittakinginstitutions and FMIs.
