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Emergency Lending Facility
Apart from the Standing Credit Facility and the Credit Auction Arrangement the Bank also has in place an emergency liquidity support facility namely the Emergency Loan Facility (ELF). Whilst the two previous instruments are used as temporary and systemic lack of liquidity in the financial system, the ELF supports banks with severe and persistent liquidity problems which may lead to insolvency and bank runs, thus additionally acting as a safeguard against potentially increased systemic risk and financial instability. Collateral requirements are outlined in by the 'Determining Collateral Haircuts & Market Value' document.