Rohde says resolution offers ‘genuine alternative’ to granting emergency liquidity

Lars Rohde, governor, National Bank of Denmark

National Bank of Denmark governor Lars Rohde warned banks not to assume the central bank will always offer emergency liquidity assistance (ELA), in a speech on December 7.

Amid wide-ranging remarks to the annual meeting of the Danish Bankers' Association, Rohde said Denmark's framework for recovery and resolution offered the central bank a "genuine alternative" to providing emergency liquidity.

The resolution framework implies banks should be able to restore their own liquidity position "to a

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