The scale of these developments was remarkable. During this decade, banking assets grew enormously, to anywhere from one and a half times to six times national GDP in Canada, the United States, the United Kingdom, and Europe. In all countries besides Canada, much of this growth was financed by increased leverage.
So, what was the situation in March 2013? The Central Bank of Cyprus had been providing ELA to the two largest banks, which the central bank, as the supervisor, had deemed solvent.