This can be characterised as performing a role of lender of last resort, a traditional function of central banks since the 19th century.6 In the face of impairments in private funding markets, the ECB stepped in and provided unlimited liquidity to all banks subject to adequate collateral.
In late 2011 the banking sector faced a new severe liquidity squeeze and two large extraordinary liquidity provision operations were conducted, amounting to € trillion, for a three year maturity but payable after one year.