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The Bank of Spain brushes aside as insignificant reports it has activated an emergency lending...
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Wednesday, September 5, 2012, 9:47 AM ETThe Bank of Spain brushes aside as insignificant reports it has activated an emergency lending program (ELA) to fund the deposit-losing banking system. Under an ELA, banks can borrow directly from their national central bank, bypassing the ECB and its (already loose) collateral requirements. Previously, Greece, Ireland, and Portugal have used the ELA.
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