摘要：Central banks have traditionally had a role as lender of last resort (LLR). This means that the central bankcan supply extraordinary liquidity to an individual bank or the banking system when demand for liquiditycannot be met from other sources. This role has changed over time for Norges Bank. In the course of the past30 years, the stance on extending loans on special terms (S-loans) to banks has become more restrictive. Thisis partly attributable to the liberalisation of credit markets and increased opportunities for banks to raisefunds in the market. Following the banking crisis, Norges Bank's attitude to providing extraordinary liquid-ity for the individual bank has remained unchanged. The Executive Board's most recent review of the Bank'srole as LLR, in March 2004, confirms that extraordinary provision of liquidity should be reserved for situa-tions in which financial stability may be threatened without such support. The review also clarified the Bank'sreaction to different types of liquidity problems and its criteria for granting S-loans
