Currently there is approx €49bn outstanding in ELA issued by the Central Bank of Ireland, which is reported in the ‘other assets’ column of the CBI’s monthly financial statement (Xcel). (The current total of that column is €51bn, but there has always been a general balance of at least €2bn there since 2003, so safe to take that off the total.)
ELA has recently gained some traction in the market, most particularly after this notefrom Willem Buiter at Citi (massive H/T to ftAlphaville )
So, has the Irish Central Bank taken on €49bn worth of dodgy assets that is likely to blow up in its face, and should the €49bn be added to the Irish national debt, as it is the Irish state (via the minister for finance) that is ultimately on the hook for any Central bank losses?
Also, an excellent summary of the progress in macroeconomics since the publication of the General Theory 75 years ago is here.