With respect to liquidity provision, the intervention of the Bank of Greece has been critical in ensuring continuous liquidity provision to banks using one of the oldest tools available, that of the lender of last resort. On various occasions, the Bank of Greece has provided Emergency Liquidity Assistance (ELA) to the banking system.
This has helped preserve financial stability and contributed to the avoidance of a banking crisis. With respect to managing and assisting recapitalization, resolution and restructuring, the Bank, in the context of the adjustment programmes, aimed at strengthening viable institutions and winding down non-viable institutions, whilst safeguarding financial stability. To this end, viability assessments and capital needs assessments were undertaken.