Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Japan 01 01 - Liquidity Support JPY 99,500,000,000,000 927,368,350,975
Japan 01A 01A - Short-term lending JPY 99,500,000,000,000 927,368,350,975 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 27 May 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020); BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200427a.pdf (accessed 1 May 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200522a.pdf (accessed 26 May 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200616b.pdf (accessed 16 June 2020).

(i) No amount/estimate: Targeted liquidity provision through special funds-supplying operation to provide loans to financial institutions to facilitate financing of corporates. On May 22, the BOJ stated it is providing ample yen and foreign currency funds without setting upper limits including the conduct of the U.S. dollar funds-supplying operations. As of June 16, JPY60 trillion has been provided under special funds-supplying operations. (ii) March 16, An increase in the annual pace of the Bank of Japan’s (BOJ) targeted purchases of commercial paper with an upper limit of JPY2 trillion. On April 27, the maximum amount of additional purchases of commercial paper was increased to JPY7.5 trillion. (iii) May 22, JPY30 trillion for a new fund-provisioning measure to support financing of SMEs.

Japan 01B 01B - Support policies for short-term lending JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020); BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200427a.pdf (accessed 1 May 2020); https://www.boj.or.jp/en/announcements/release_2020/rel200508e.pdf (accessed 12 May 2020). https://www.boj.or.jp/en/announcements/release_2020/rel200508e.pdf (accessed 11 June 2020).

No amount/estimate: (i) Banks have been allowed to draw down the stock of high-quality liquid assets below the minimum liquidity coverage ratio requirement. (ii) April 27, The Bank of Japan (BOJ) strengthened its special funds-supplying operations by (a) expanding the range of eligible collateral to private debt in general, including household debt, and (b) increasing the number of eligible counterparties (to mainly include member financial institutions of central organizations of financial cooperatives). (iii) May 8, Decreased the Benchmark Ratio used to calculate the Macro Add-on Balance in financial institutions' current account balances at the BOJ (to which 0% interest rate is applied) for the May 2020 reserve maintenance period from 32.5% to 30%. On June 9, Decreased the Benchmark Ratio to 28.5% for the June 2020 reserve maintenance period. On July 9, the Benchmark Ratio increased to 31.5% for the July 2020 reserve maintenance period.

Japan 01C 01C - Forex operations JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020).

No amount/estimate: (i) The exchange rate has been allowed to adjust flexibly. (ii) See (i) May 22 in Measure 1A.

Japan 03 03 - Direct long-term lending JPY
Japan 03A 03A - Long-term lending JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020)

Concessional loans from public and private financial institutions (included in the amount of the Emergency Economic Package Against COVID-19; see Measure 5).

Japan 03B 03B - Forbearance JPY
United Kingdom 01 01 - Liquidity Support GBP 41,530,813,690 51,419,394,818
United Kingdom 01A 01A - Short-term lending GBP 29,048,000,000 35,964,394,818 Bank of England. https://bit.ly/2AWBufN (accese 13 April 2020); Bank of England. https://bit.ly/2YWA2lH (accessed 22 May 2020); Bank of England. https://www.bankofengland.co.uk/markets/bank-of-england-market-operations-guide/results-and-usage-data (5 September 2020); Bank of England. https://www.bankofengland.co.uk/markets/market-notices/2020/update-on-the-contingent-term-repo-facility (accessed 22 June 2020; 10 July 2020).

(i) March, Activating a Contingent Term Repo Facility (CTRF) to complement the Bank of England’s (BoE's) existing sterling liquidity facilities. June 19, The Bank of England announced that, in light of more stable funding market conditions and recent usage patterns, it will discontinue 3-month CTRF operations at the end of June 2020. The final operation is on 26 June. As of June 26, cumulative amount allocated since March was GBP11.515 billion; (ii) March 17, The Covid Corporate Financing Facility (CCFF) provided jointly with the Treasury provides lending to businesses with minimum amount GBP1 million per participant. The BoE will purchase commercial papers (CP) of firms of up to one-year maturity, with interest rate set with a fixed spread to the sterling overnight index swap (OIS) rate. The spread is determined based on rating or equivalent assessment. The scheme will operate for at least 12 months and will be financed by the issuance of central bank reserves. The peak sum of CP purchased less any redemptions and sales (reported on a settlement date basis) since the CCFF began in March 2020 was GBP17.533 billion (August 19) [update].

United Kingdom 01B 01B - Support policies for short-term lending GBP International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 15 May 2020).

No amount/estimate:(ii) April, The Prudential Regulatory Authority (PRA) set out supervisory expectation that banks should suspend dividends and buybacks until end-2020, cancel outstanding 2019 dividends and pay no cash bonuses to senior staff.

United Kingdom 01C 01C - Forex operations GBP 12,482,813,690 15,455,000,000 Bank of England. https://www.bankofengland.co.uk/markets/bank-of-england-market-operations-guide/results-and-usage-data (accessed 12 June 2020); Bank of England. https://www.bankofengland.co.uk/markets/market-notices/2020/changes-to-the-provision-of-us-dollar-repo-operations-from-july-2020 (accessed 22 June 2020); Bank of England. https://www.bankofengland.co.uk/news/2020/august/us-dollar-liquidity-providing-operations-from-september1-2020 (accessed 27 August 2020).

The peak total amount in the US dollar repo operations from March 18-June 24 was recorded in March 18, with 2 transactions, 7-day & 84-day terms, at USD15.455 billion. June 19, The Bank of England, in coordination with other central banks, has decided to reduce the frequency of 7-day maturity operations which provide liquidity via the standing US dollar liquidity swap line arrangements. The frequency of 7-day US dollar repo operations will be reduced from daily to three times per week commencing 1 July 2020. August 20, The Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve, have jointly decided to further reduce the frequency of their 7-day operations from three times per week to once per week from September 1 [update].

United Kingdom 03 03 - Direct long-term lending GBP 520,000,000 643,813,182
United Kingdom 03A 03A - Long-term lending GBP 520,000,000 643,813,182 Bank of England. https://bit.ly/3fGui67 (accessed 13 April 2020); Bank of England. https://bit.ly/37JL1CO (accessed 13 April 2020); GOV.UK. https://www.gov.uk/government/news/157-billion-investment-to-protect-britains-world-class-cultural-arts-and-heritage-institutions (accessed 12 July 2020).

(i) May 20, Future Fund is launched. To bolster high-tech start-ups, the new GBP500 million Future Fund provides between GBP125,000 and GBP5 million for UK based-business as long as the cash is matched by private investors (i.e. government is committing GBP250 million, with the other GBP250 million expected to be raised by the private sector). The scheme is initially open until September and will be delivered by the British Business Bank. If the government loan is not repaid within three years, it gets automatically converted into an equity stake at 20% discount to the valuation set in the next funding round; (ii) July 5, The package in support for cultural organisations includes GBP270 million of repayable finance.

United Kingdom 03B 03B - Forbearance GBP Financial Conduct Authority (FCA). https://bit.ly/317ekOe (accessed 15 April 2020); FCA. https://www.fca.org.uk/news/press-releases/fca-confirms-further-support-motor-finance-and-high-cost-credit-customers (accessed 16 July 2020).

No amount/estimate: (i) April 9, The Financial Conduct Authority (FCA) introduced a package of targeted temporary measures to support customers affected by coronavirus, including by setting the expectation for firms to offer a payment freeze on loans and credit cards for up to three months; (ii) July 15, The FCA has confirmed the support that will be available for users of motor finance, buy-now pay-later (BNPL), rent-to-own (RTO), pawnbroking and high-cost short-term credit (HCSTC) products, who continue to face payment difficulties due to COVID-19. Measures include: (a) Firms should contact customers if they can resume payments – and if so, agree a plan on how the missed payments could be repaid, (b) For customers with still payment difficulties, firms will freeze or reduce payments to a level they can afford, on their motor finance, BNPL or RTO agreements for a further 3 months, (c) Customers that have not yet had a payment freeze or requested an extension of an existing payment freeze can request this up until 31 October 2020, (d) HCSTC customers can only apply for a payment freeze under this guidance once up to 31 October 2020, (e) The ban on repossessions will continue until 31 October 2020, and (f) Any payment freezes or partial payment freezes offered under this guidance should not have a negative impact on credit files.

Japan 01 01 - Liquidity Support JPY
Japan 01A 01A - Short-term lending JPY International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020).

No amount/estimate: Targeted liquidity provision through special funds-supplying operation to provide loans to financial institutions to facilitate financing of corporates and temporary increase of targeted purchases of commercial papers.

Japan 01B 01B - Support policies for short-term lending JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020).

No amount/estimate: Banks have been allowed to draw down the stock of high-quality liquid assets below the minimum liquidity coverage ratio requirement.

Japan 01C 01C - Forex operations JPY

No amount/estimate: The exchange rate has been allowed to adjust flexibly.

Japan 03 03 - Direct long-term lending JPY
Japan 03A 03A - Long-term lending JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020).

Concessional loans from public and private financial institutions (included in the amount of the Emergency Economic Package Against COVID-19 of JPY108.2 trillion).

Japan 03B 03B - Forbearance JPY
United Kingdom 01 01 - Liquidity Support GBP 12,482,813,690 15,455,000,000
United Kingdom 01A 01A - Short-term lending GBP Bank of England. https://www.bankofengland.co.uk/news/2020/march/the-covid-corporate-financing-facility (accesed 13 April 2020).

(i) March, Activating a Contingent Term Repo Facility (CTRF) to complement the Bank of England’s (BoE's) existing sterling liquidity facilities. (ii) March 17, The Covid Corporate Financing Facility (CCFF) provided jointly with the Treasury provides lending to businesses with minimum amount GBP1 million per participant. The BoE will purchase commercial papers (CP) of firms of up to one-year maturity, with interest rate set with a fixed spread to the sterling overnight index swap (OIS) rate. The spread is determined based on rating or equivalent assessment. The scheme will operate for at least 12 months and will be financed by the issuance of central bank reserves.

United Kingdom 01B 01B - Support policies for short-term lending GBP International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 18 April 2020).

No amount/estimate:(ii) April, The Prudential Regulatory Authority (PRA) set out supervisory expectation that banks should suspend dividends and buybacks until end-2020, cancel outstanding 2019 dividends and pay no cash bonuses to senior staff.

United Kingdom 01C 01C - Forex operations GBP 12,482,813,690 15,455,000,000 Bank of England. https://www.bankofengland.co.uk/markets/bank-of-england-market-operations-guide/results-and-usage-data (accessed 12 June 2020).

The peak total amount in the US dollar repo operations was recorded in March 18, with 2 transactions, 7-day and 84-day terms, at USD15.455 billion.

United Kingdom 03 03 - Direct long-term lending GBP 250,000,000 309,405,941
United Kingdom 03A 03A - Long-term lending GBP 250,000,000 309,405,941 Bank of England. https://www.bankofengland.co.uk/markets/market-notices/2020/term-funding-scheme-market-notice-mar-2020 (accessed 13 April 2020); Bank of England. https://www.bankofengland.co.uk/news/2020/march/boe-measures-to-respond-to-the-economic-shock-from-covid-19 (accessed 13 April 2020).

(i) May 20, Future Fund is launched. To bolster high-tech start-ups, the new GBP500 million Future Fund provides between GBP125,000 and GBP5 million for UK based-business as long as the cash is matched by private investors (i.e. government is committing GBP250 million, with the other GBP250 million expected to be raised by the private sector). The scheme is initially open until September and will be delivered by the British Business Bank. If the government loan is not repaid within three years, it gets automatically converted into an equity stake at 20% discount to the valuation set in the next funding round; (ii) July 5, The package in support for cultural organisations includes GBP270 million of repayable finance.

United Kingdom 03B 03B - Forbearance GBP Financial Conduct Authority. https://www.fca.org.uk/print/news/press-releases/fca-confirms-temporary-financial-relief-customers-impacted-coronavirus (accessed 15 April 2020)

No amount/estimate: April 9, The Financial Conduct Authority (FCA) introduced a package of targeted temporary measures to support customers affected by coronavirus, including by setting the expectation for firms to offer a payment freeze on loans and credit cards for up to three months.