ELA
an emergency central bank loan to a bank: against collateral, at a penalty rate
In more detail
An emergency loan from the central bank to a bank, against collateral and at a raised rate.
It was invented back in the nineteenth century on a formula: in a panic, lend freely, against good collateral, at a penalty price. The generosity puts out the panic, the penalty scares off those hoping to profit, and the collateral protects the lender.
In the academy “ELA” is not a definition but an operation: you post it yourself and watch what it does to the balance sheet.