March 28, 2011

The European Central Bank is putting the finishing touches on a new facility that will give troubled euro zone banks liquidity over a longer time frame, throwing a lifeline to Ireland’s ailing banks.

A euro zone central banking source told Reuters on Saturday that the plan will initially be “tailor made for Irish banks” and was likely to be announced next week to dovetail with the results of fresh stress tests on the country’s lenders.

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“This will replace the ELA (Emergency Liquidity Assistance) that is currently being provided by the Irish central bank,” the source said speaking on the condition of anonymity.

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