This applies for asset management vehicles, too. As regards their access to emergency liquidity assistance, the relevant central bank assesses the situation of each entity according to that central bank’s national framework. However, in most cases, such entities are unlikely to obtain access to ELA if there are doubts as to their solvency, or if this would raise monetary financing concerns.
However, in the two most recent survey rounds, in which there was a very marked tightening of credit standards, additional factors were in play: the impact of the deterioration in the general economic situation and the increasing importance of industry or firm-specific developments.