last resort. This paper reviews the various ways that central banks provided emergency liquidity assistance (ELA) during … liquidity assistance since 2007 has largely adhered to Bagehot's dictums of lending freely against good collateral to solvent …

During the 2007-09 financial crisis, there were severe reductions in the liquidity of financial markets, runs on the … Reserve, in its role as lender of last resort (LOLR), injected extraordinary amounts of liquidity. In the aftermath, lawmakers … introduction of liquidity regulations. These changes were motivated in part by the argument that central bank lending entails …

such systems are operated by central banks and are liquidity intensive. Central banks often provide inexpensive liquidity … to facilitate settlement. This leads to a number of policy questions about the provision of such liquidity. To answer …: the cost of intraday liquidity, a participant's exposure to settlement risk, and system design. Incorporating all three …