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The Bank may, where necessary to preserve financial stability, provide emergency liquidity assistance (ELA) to banks or microfinance institutions that meet its solvency and viability criteria, are not subject to liquidation, and are assessed as systemically important or likely to cause financial instability. ELA shall be discretionary, temporary, and subject to terms and conditions determined by the Bank. Assistance shall be granted for a period of up to twelve months and may be extended for a period not exceeding five years, subject to such terms and conditions as the Bank may specify.
