Finally and perhaps most importantly, I would once more like to emphasize that structural reforms are essential to make resolution of systemically important financial institution ex ante credible, even in the midst of a systemic crisis.
With this in mind, the BRRD explicitly requires resolution authorities to exclude the use of extraordinary liquidity support when developing resolution plans. In fact, the bank should ideally be able to repay any emergency liquidity support before resolution. It’s all in the name: ELA is intended for emergency situations.