Rosatom-Akkuyu.

lenders still relying on the lifeline from the eurozone’s national central banks. But critics argue it is not transparent and was used for political purposes at the height of the Greek crisis, forcing Athens to take unpopular action to stave off the collapse of banks and the ejection of the country from the currency bloc. Transparency International said this year that the ECB used the ‘technical task’ of ELA to exert pressure on Athens, without publicly communicating the details of its ELA decisions. ELA will be provided for at least 100 basis points above the ECB’s marginal lending rate, which currently stands at 0.25 percent, putting the minimum cost of the emergency loan at 125 basis point, the ECB said in the refreshed ELA guidelines. Banks on ELA must provide a funding plan within two months of receiving ELA and this needs to be updated every quarter while it receives liquidity help, the ECB said. Banks also need to report regulatory capital ratios on a monthly basis and may also need to prepare a recapitalization plan. If ELA, provided by each country’s central bank, is given for more than six months, a detailed exit strategy must also be presented. Any extension of ELA beyond one year requires justification on a monthly basis and also the support of the rate-setting governing council.

Russia’s Rosatom plans to sell a 49 percent stake in the Akkuyu nuclear power plant project to Turkish conglomerate Cengiz-Kolin-Kalyon, the head of Rusatom Energy International said yesterday. Last week, Rosatom won approval from Turkey’s energy watchdog to go ahead with building the $20 billion Akkuyu project. It is expected to be completed by 2023 and meet 6-7 percent of Turkey’s electricity demand.