Emergency Liquidity Assistance (ELA) refers to the provision of liquidity support by a central bank to financial institutions that are experiencing stress or are unable to obtain funds from the open market. ELA is typically used under extraordinary circumstances when a bank faces insolvency risks not attributable to normal business operations but rather to external shocks or systemic crises. The assistance can be offered in various forms, such as loans or purchase of assets. The goal of ELA is to help stabilize the financial system and restore confidence among depositors and investors.