21/10/2013 (Agence Europe) - Light shed on ELA emergency lending. On Friday 18 October, the European Central Bank published details of the functioning of the ELA programme to grant emergency finance from central banks in the eurozone to banks unable to provide the usual guarantees for normal ECB financing. ELA was widely used by the Cypriot central bank to ensure the financing of the country's main banks while details of the financial sector's bailout were being arranged. For further...