The ECB’s position on the matter has been constant: the provision of central bank liquidity – be it through monetary policy credit operations or emergency liquidity assistance, should not be automatically assumed in resolution planning. Resolution measures should be financed by contributions from shareholders and creditors of the bank, or by the State or at Union level, but not by central banks.
This obviously does not mean that an entity otherwise in compliance with central bank requirements for the provision of liquidity cannot access such liquidity. 2. Guiding principles and different objectives behind the provision of liquidity Before going into the specifics, it is important to distinguish between the actorsproviding the liquidity; the objectives for which the liquidity is provided; and the beneficiaries of the liquidity.