|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Australia||01||01 - Liquidity Support||AUD|
|Australia||01A||01A - Short-term lending||AUD||Reserve Bank of Australia (RBA). https://www.rba.gov.au/speeches/2020/sp-gov-2020-03-19.html (accessed 6 May 2020); RBA. https://www.rba.gov.au/covid-19/ (accessed 03 June 2020).||
No amount/estimate: April, To support liquidity, the Reserve Bank of Australia (RBA) will conduct one-month and three-month repo operations daily until further notice.
|Australia||01B||01B - Support policies for short-term lending||AUD||RBA. https://www.rba.gov.au/media-releases/2020/mr-20-13.html (accessed on 6 May 2020); RBA. https://www.rba.gov.au/covid-19/ (accessed 03 June 2020).||
No amount/estimate: May, To assist with the smooth functioning of Australian capital markets, the RBA has broadened the range of eligible collateral for open market operations to include securities issued by non-bank corporations with an investment grade.
|Australia||01C||01C - Forex operations||AUD||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020).||
No amount/estimate: April, The exchange rate has been allowed to adjust flexibly to absorb economic shocks.
|Austria||01||01 - Liquidity Support||EUR|
|Austria||01A||01A - Short-term lending||EUR|
|Austria||01B||01B - Support policies for short-term lending||EUR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).||
No amount/estimate: The Oesterreichische Nationalbank (OeNB) has declared readiness to supply sufficient cash to banks, ATM operators, and the economy in response to increased withdrawals. Working hours were extended to meet the increased demand.
|Austria||01C||01C - Forex operations||EUR|
|Belgium||01||01 - Liquidity Support||EUR|
|Belgium||01A||01A - Short-term lending||EUR|
|Belgium||01B||01B - Support policies for short-term lending||EUR|
|Belgium||01C||01C - Forex operations||EUR|
|Canada||01||01 - Liquidity Support||CAD||261,201,000,000||187,207,310,518|
|Canada||01A||01A - Short-term lending||CAD||261,201,000,000||187,207,310,518||Canada Mortgage ad Housing Corporation. https://www.cmhc-schl.gc.ca/en/finance-and-investing/mortgage-loan-insurance/the-resource/covid19-understanding-mortgage-payment-deferral; Bank of Canada. https://www.bankofcanada.ca/2020/06/bank-canada-announces-changes-term-repo-operations-bankers-acceptance-purchase-facility (all accessed 10 June 2020).||
All amounts are peak value since March 4; BoC has not announced limits for any facility. (i) CAD38.766 billion (April 8 peak) - Bankers' Acceptance Purchase Facility (BAPF); (ii) CAD7.629 billion (July 1 peak) [update]: The Provincial Money Market Purchase (PMMP) program is an asset purchase facility that will acquire provincially-issued money market securities through the primary issuance market. This program will support a liquid and well-functioning market for short-term provincial borrowing. Under the PMMP, the Bank will purchase up to 40% of each offering of directly-issued provincial money market securities with terms to maturity of 12 months or less. This includes treasury bills and short-term promissory notes of all Canadian provinces. The 40% limit may be adjusted if market conditions warrant. The Bank will make its first purchases under the PMMP on Wednesday, March 25. This facility, combined with the Bank’s other recent actions, will provide a material amount of support to provincial funding markets; (iii) CAD2.993 billion (April 29 peak): The Commercial Paper Purchase Program (“CPPP” or “the program”) will be structured as a direct purchase program into a separate account held by the Bank of Canada (“BoC” or “the Bank”). The program will purchase CP new issuance in the primary market via dealers and after issuance from eligible counterparties in the secondary market. The program will purchase from eligible issuers up to three-month CAD-denominated CP, including asset-backed CP (“ABCP”). Draws can be rolled during the operation of the program; (iv) CAD211.227 billion (June 10 peak): (CTRF) Term Repo Facility and other term repos. Up to 1 month repos; Standing Liquidity Facility and Standing Term Liquidity Facility; March 4 level was CAD14.518 billion, so peak = 211.227 - 14.518 = CAD196.709 billion; (v) Advances = CAD9.904B (April 15 peak); (vi) No amount/estimate; the Canada Emergency Business Account (CEBA) will provide interest-free loans of up to CAD 40,000 to small businesses and not-for-profits; (vii) Farm Credit Canada will provide an additional CAD5 billion in lending to producers, agribusiness, and food processors; (viii) Canadian Dairy Commission's borrowing limit increased by CAD200 million; (viii) June 3, Effective June 6, the BoC will reduce the frequency of BAPF operations to bi-weekly; (ix) June 3, Effective June 15 the BoC will reduce the frequency of its Term Repo operations from twice to once per week, and the number of maturity points will be reduced from 4 to 2; (x) Farm Credit Canada was authorized by the government to provide an additional CAD5 billion in lending to producers, agribusiness, and food processors.
|Canada||01B||01B - Support policies for short-term lending||CAD||Bank of Canada. https://www.bankofcanada.ca/2020/04/assets-eligible-collateral-standing-liquidity-facility-090420/; Bank of Canada. https://www.bankofcanada.ca/2020/06/bank-canada-announces-changes-term-repo-operations-bankers-acceptance-purchase-facility/ (all accessed 10 June 2020).||
No amount/estimate. (i) Most recent collateral policies, assets aligible as Collateral under the Bank of Canada’s Standing Liquidity Facility (SLF), provides access to liquidity to those institutions that participate directly in the Large Value Transfer System (LVTS).(ii) On April 9, the Bank widened the eligibility requirements of term asset-backed securities accepted as collateral; (iii) April 24, the Bank included term repurchase agreements up to 90 days in its Standing Term Liquidity Facility (STLF); (iii) June 3, eligible securities for collateral in Term Repo operations will be reduced to exclude all large value transaction settlement (LVTS) members' bankers' acceptances or bearer deposit notes (including own name).
|Canada||01C||01C - Forex operations||CAD|
|Denmark||01||01 - Liquidity Support||DKK||2,211,659,372||327,433,628|
|Denmark||01A||01A - Short-term lending||DKK||2,211,659,372||327,433,628||European Commission. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_810 (accessed 14 May 2020).||
May 5, EUR296 million in investment or working capital loans to startups to be provided only until the end of the year.
|Denmark||01B||01B - Support policies for short-term lending||DKK||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).||
(i) March 20, The (Danmarks Nationalbank) DN announced the launch of an ‘extraordinary lending facility’ which will make full-allotment, 1-week, collateralized loans available to banks at -0.5 % interest rate. Starting March 27, this facility will also include 3-month variable rate loans; (ii) March 24, The DN announced the auction of USD liquidity; (iii) the Danish Financial Stability Authority (DFSA) also announced a case by case relaxation of regulation on the LCR requirement.
|Denmark||01C||01C - Forex operations||DKK||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 May 2020).||
Denmark’s krone is pegged to the Euro. The fixed exchange rate policy has served Denmark well. The DN has stated its objective of preserving the peg.
|Finland||01||01 - Liquidity Support||EUR||2,000,000,000||2,212,389,381|
|Finland||01A||01A - Short-term lending||EUR||2,000,000,000||2,212,389,381||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).||
March, (i) EUR1 billion of the Bank of Finland's support liquidity by investing in short-term Finnish corporate commercial paper; (ii) EUR1 billion for the State Pension Fund investments in commercial paper.
|Finland||01B||01B - Support policies for short-term lending||EUR|
|Finland||01C||01C - Forex operations||EUR|
|France||01||01 - Liquidity Support||EUR|
|France||01A||01A - Short-term lending||EUR||OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).||
No amount/estimate: Wider access to Banque de France refinancing for SMEs.
|France||01B||01B - Support policies for short-term lending||EUR|
|France||01C||01C - Forex operations||EUR|
|Germany||01||01 - Liquidity Support||EUR||457,000,000,000||505,530,973,451|
|Germany||01A||01A - Short-term lending||EUR||457,000,000,000||505,530,973,451||Federal Ministry of Finance. https://www.bundesfinanzministerium.de/Web/EN/Meta/QuickAccess/quickaccess.html%20And%20other (accessed 17 April 2020); Federal Ministry of Finance. https://www.bundesfinanzministerium.de/Content/EN/Pressemitteilungen/2020/2020-03-23-supplementary-budget.html (accessed 17 April 2020).||
March 23: (i) EUR100 billion within the Economic Stabilisation Fund (WSF) for the refinancing of large Kreditanstalt für Wiederaufbau (KfW) loans; (ii) EUR357 billion increase of the KfW guarantee framework (roughly EUR465 billion) to around EUR822 billion available through guarantee loans and to set up new ones and expand liquidity assistance programs.
|Germany||01B||01B - Support policies for short-term lending||EUR|
|Germany||01C||01C - Forex operations||EUR|
|Ireland||01||01 - Liquidity Support||EUR|
|Ireland||01A||01A - Short-term lending||EUR|
|Ireland||01B||01B - Support policies for short-term lending||EUR|
|Ireland||01C||01C - Forex operations||EUR|
|Italy||01||01 - Liquidity Support||EUR||2,000,000,000||2,212,389,381|
|Italy||01A||01A - Short-term lending||EUR||2,000,000,000||2,212,389,381||Mipaaf. https://www.politicheagricole.it/flex/cm/pages/ServeBLOB.php/L/IT/IDPagina/15564 (accessed 12 June 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1478 (accessed 19 August 2020).||
No amount/estimate: June 9, beneficiary farms can submit applications for advance payments to receive an equal amount 70% of the value of the company's securities portfolio. The measure corresponds to the need to provide immediate liquidity to farms taking into account the emergency period resulting from Covid-19; (ii) August 13, EUR2 billion to support trade credit insurance for all companies so that they can secure their commercial exchanges. This will help them address their liquidity needs and continue their activities during and after the crisis. Trade credit insurance protects companies supplying goods and services against the risk of nonpayment by their clients. Given the economic impact of the coronavirus outbreak, the risk of insurers not being willing to issue this insurance has become higher. .
|Italy||01B||01B - Support policies for short-term lending||EUR||OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).||
No amount/estimate: less significant banks and non-bank intermediaries are allowed to operate temporarily below the level of the Pillar 2 Guidance, the capital conservation buffer and the liquidity coverage ratio. Their deadline to submit their revised non-performing loan reduction plans is postponed to 30 June. Other reporting and inspection deadlines are delayed.
|Italy||01C||01C - Forex operations||EUR|
|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.