Institutions of the European Union (ECB) is the central bank for the eurozone (the states which have adopted the euro) and thus controls monetary policy in that area with an agenda to maintain price stability. It is at the centre of the European System of Central Banks which comprises all EU national banks. The bank is governed by a board of national bank governors and a President. The ECB is located in Frankfurt. The current president is Mario Draghi. The "European Court of Auditors" (ECA), despite its name, has no judicial powers. It ensures that taxpayer funds from the budget of the European Union have
European Central Bank and Anglo Irish Bank in particular which needed around 30 billions euros, a sum the government obviously neither could it borrow from financial markets when its bond yields were soaring to comparable levels with the Greek bonds. Instead, the governments issued a 31bn EUR "promissory note" (an IOU) to Anglo – which it had nationalized. In turn, the bank supplied the promissory note as collateral to the Central Bank or Ireland as collateral, so it could access emergency liquidity assistance (ELA). This way, Anglo was able to repay its bondholders. The operation became very controversial, as it basically shifted Anglo's