Sentence examples for resort function from inspiring English sources
So for France the ECB is unambiguously willing to play a proper lender of last resort function, providing liquidity.
If the central bank really starts carrying out the lender of last resort function, then the crisis can still be reined in, he and others said.
"This was the condition imposed by the euro system on the lender of last resort function exerted by the national bank," he said.
In a speech on Feb. 1, he floated the idea that we should consider: "…to expand the range of financial intermediation activity that is directly backstopped by the central bank's lender of last resort function.
The point here is that we have a couple of centuries' experience with central banking, and that experience clearly shows that the lender of last resort function is crucial.
This "last resort" function was previously managed by the state, and the shadow transport secretary Lilian Greenwood told The Independent that the changes have led to "the absurd situation of contracting out our in-house operator capacity".
While the cluster coordinator had direct control of the cluster lead agency's resources such as funds, emergency field staff and logistics support system and could deploy these to facilitate timely cluster response to emergency situations and effectively fulfil the cluster lead agency provider of last resort functions, it was often difficult to avoid conflict of interest between the two roles.
Or is it something about the absence of a proper lender-of-last-resort function?
While the state can play an important lender-of-last-resort function it must never be the actor of first call.
Another problem is that there is no central bank to provide liquidity in the event of a financial crisis: the lender-of-last-resort function has to be discharged, to the extent that it can be, by the fiscal authorities, or by foreigners.Intelligent discretion in monetary policy is capable of doing better than automatic currency-board adjustment.
Central banks have practiced this lender-of-last-resort function with reckless abandon, provoking bank failures and monetary crises galore.
