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The Bank of Spain said extraordinary lending to banks is "insignificant" as a proportion of its balance sheet, responding to a Wall Street Journal report that it offered emergency loans that bypass usual ECB operations.
"Liquidity provision to banks other than ordinary monetary policy operations represents an insignificant fraction of total lending," the Madrid-based central bank said in an e-mailed statement today.
The Bank of Spain may have made about €400 million of loans through the so-called emergency liquidity assistance program, the Journal reported today, citing analysts. The Bank of Spain doesn't publish figures or comment on the ELA. Data on its website show "other claims on euro-zone credit institutions" amounted to €402 million in July.
