Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
European Central Bank 02 02 - Credit creation EUR 4,470,000,000,000 4,944,690,265,487
European Central Bank 02A 02A - Financial sector lending/funding EUR 4,470,000,000,000 4,944,690,265,487 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020); ECB. https://www.ecb.europa.eu/press/accounts/2020/html/ecb.mg200522~f0355619ae.en.html (accessed 22 May 2020); ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp200604~a307d3429c.en.html ( accessed 9 June 2020).

(i) March 12, estimated EUR3 trillion for the targeted longer-term refinancing operations (TLTROs) which are Eurosystem operations that provide financing to credit institutions. By offering banks long-term funding at attractive conditions they preserve favourable borrowing conditions for banks and stimulate bank lending to the real economy; (ii) March 12, Adding a temporary envelope of additional net asset purchases of EUR120 billion until the end of the year; (iii) March 18, launched a new temporary asset purchase programme of private and public sector securities (Pandemic Emergency Purchase Programme, PEPP) with an overall envelope of EUR 750 billion until the end of 2020. Some self-imposed purchase limits will not apply to the PEPP. A waiver of the eligibility requirements for securities issued by the Greek government will be granted for purchases under PEPP. Based on The European Central Bank is “fully prepared” to provide even more stimulus as soon as June to support an economy that may shrink by a tenth this year due to the COVID-19 pandemic, the accounts of the bank’s April meeting showed on Friday; (iv) expanding the range of eligible assets under the corporate sector purchase programme (CSPP) to non-financial commercial paper; (v) June 4, The PEPP envelope will be increased by EUR600 billion to a total of EUR1,350 billion. The purchases will continue to be conducted in a flexible manner over time, across asset classes and among jurisdictions. This allows the Governing Council to effectively stave off risks to the smooth transmission of monetary policy. The horizon for net purchases under the PEPP will be extended to at least the end of June 2021. In any case, the Governing Council will conduct net asset purchases under the PEPP until it judges that the coronavirus crisis phase is over .

European Central Bank 02B 02B - Support policies for long-term lending EUR EC. https://www.ecb.europa.eu/mopo/implement/omt/html/cspp-qa.en.html (accessed 15 April 2020); EC. https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200409~3aa2815720.en.html (accessed 18 April 2020); EC. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430_1~477f400e39.en.html [accessed 3 May 2020]; EC. https://www.ecb.europa.eu/mopo/implement/omo/html/index.en.html (accessed 30 April 20202); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 18 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 9 May 2020); ECB. https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200728_1~42a74a0b86.en.html (accessed 30 July 2020).

(i) March 12, Lowering the interest rate applied in targeted longer-term refinancing operations (TLTRO III) during the period from June 2020 to June 2021 (25 basis points below the average rate applied in the Eurosystem's main refinancing operations). On April 30, ECB lowered the rate on the third round of targeted longer-term refinancing operations (TLTRO III) to -1% from -0.75%. On the same day, ECB decided to conduct a series of seven pandemic emergency longer-term refinancing operations (PELTROs) to provide liquidity support to the euro area financial system and ensure smooth money market conditions during the pandemic period. No amount/estimate: (ii) relaxation of countercyclical capital buffer (CCyB); (iii) March 20, Flexibility in treatment of non-performing loans (NPLs) to allow banks to fully benefit from public guarantees and moratoriums and of banks' implementation of NPL reduction strategies; (iv) March 27, requirement for banks not to pay dividends until at least 1 October 2020.; (v) see (ii) on CCB in Measure 1; (vi) April 28, the European Commission proposed a number of changes to the Capital Requirements Regulation (Regulation (EU) 575/2013) to provide temporary capital relief to banks. These changes include inter alia extending by 2 years the current transitional arrangements for mitigating the impact of IFRS 9 provisions on regulatory capital, a later date of application of the leverage ratio buffer for global systemically important institutions, a more favourable treatment of publicly guaranteed loans under the NPL prudential backstop (the minimum loss coverage requirement for non-performing loans), and advancing the date of application of capital reduction factors in respect of certain loans to SMEs or in support of infrastructure investments; (vii) No amount/estimate: April 30, New series of non-targeted PELTROs, conducted as fixed rate tender procedures with full allotment, rate fixed at 25bp below refi rate. Operations mature in staggered sequence between July-September 2021; (viii) No amount/estimate: ECB recommended for banks not to pay dividends until January 2021 and clarified that it will not require banks to start replenishing their capital buffers before the peak in capital depletion is reached .

European Central Bank 02C 02C - Loan guarantees EUR
European Central Bank 04 04 - Equity support EUR
European Central Bank 09 09 - International Assistance Provided EUR 29,800,000,000 32,964,601,770
European Central Bank 09A 09A - Swaps EUR 29,800,000,000 32,964,601,770 ECB. https://www.ecb.europa.eu/home/search/html/index.en.html?q=+swap+lines (18 May 2020); ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200625~60373986e5.en.html (accessed 9 July 2020); ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200717_1~f143ca1c56.en.html (accessed 23 July 2020); ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200818~6f97d2eefb.en.html (accessed 27 August 2020); ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200828~412bf7c3fd.en.html (accessed 3 September 2020).

(i) March 20, ECB and Danmarks Nationalbank reactivate swap line EUR24 billion (increased EUR12 billion) to remain in place for as long as needed; (ii) April 15, ECB and Bulgarian National Bank set up new swap line of EUR2 billion to remain in place until end-2020, or as long as needed; (iii) April 22, ECB and Hrvatska narodna banka set up new swap line of EUR2 billion until end-2020, or as long as needed; (iv) No amount/estimate: June 25, Launched a new Eurosystem repurchase (EUREP) facility to provide euro liquidity to non-euro area central banks. The European Central Bank introduced this facility as a precautionary backstop to address pandemic-related euro liquidity needs outside of the euro area. EUREP will allow a broad set of central banks to borrow euros against euro-denominated debt issued by euro area central governments and supranational institutions. EUREP will be available until June 2021. July 17, ECB and Bank of Albania set up a EUR400 million repo line to provide euro liquidity. July 17, ECB and National Bank of Serbia set up a EUR1 billion repo line to provide euro liquidity; (v) August 18, ECB and National Bank of the Republic of North Macedonia set up repo line to remain in place until June 2021 with a size of EUR400 million [update]; (vi) 28 August, ECB and the Hrvatska narodna banka (Croatian National Bank, HNB) as well as the Banca Naţională a României (National Bank of Romania, BNR) have agreed to extend the respective euro liquidity lines by six months until the end of June 2021 [update].

European Central Bank 09B 09B - International loans/grants EUR
European Union 02 02 - Credit creation EUR 53,287,000,000 58,945,796,460
European Union 02A 02A - Financial sector lending/funding EUR 7,200,000,000 7,964,601,770 EIB. https://www.eib.org/en/press/all/2020-145-eib-joins-forces-with-dll-to-provide-up-to-eur400-million-to-finance-the-investments-of-smes-in-spain-and-italy (accessed 19 June 2020); EIB. https://www.eib.org/en/press/all/2020-182-credit-mutuel-alliance-federale-et-la-bei-s-engagent-a-hauteur-de-1-2-milliard-d-euros-pour-soutenir-les-pme-et-eti (accessed 9 July 2020); EIB. https://www.eib.org/en/press/all/2002-206-eib-group-and-banco-santander-consumer-portugal-provide-eur-587-million-for-portuguese-smes-and-mid-caps-affected-by-covid-19-crisis (accessed 27 July 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/qanda_20_946 (accessed 5 September 2020).

(i) June 15, The European Investment Bank (EIB) has provided EUR200 million in financing to DLL, a global asset finance company for equipment and technology, and wholly owned subsidiary of Rabobank, to support small and medium-sized enterprises (SMEs) and contribute to a greener economy; (ii) July 6, EIB granted two lines of credit totaling EUR600 million which will allow Crédit Mutuel Alliance Fédérale to lend more than EUR1.2 billion to French SMEs and mid-caps ; (iii) July 1, The EIB will grant EUR450 million to BBVA, which will in turn add a further EUR450 million, bringing the financing made available to the SMEs and mid-caps in question to EUR900 million; (iv) July 27, EIB joined with Banco Santander Consumer Portugal (BSCP) to support Portuguese small and medium-sized enterprises (SMEs) and mid-caps affected by the COVID-19 crisis with EUR587 million; (v) June, EUR5.3 billion for the Solvency Support Instrument that will work via an EU guarantee provided to the European Investment Bank (EIB) Group under the European Fund for Strategic Investments (EFSI). Solvency support will form a separate window under the EFSI to mobilise private capital. The EIB Group will use this guarantee to provide financing directly or invest, fund or guarantee equity funds, special purpose vehicles, investment platforms or national promotional banks. These intermediary funds or vehicles must be established and operate in the EU. The Solvency Support Instrument should predominantly channel solvency support through financial market intermediaries and only to a lesser degree facilitate direct support to companies by the EIB Group [update].

European Union 02B 02B - Support policies for long-term lending EUR Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_740 (accessedd 19 August 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/IP_20_1382 (accessed 19 August 2020).

(i) No amount/breakdown: April 22, Provided guidance on the use of flexibility in relation to COVID-19 and called for heightened attention to risks. The European Banking Authority (EBA) proposed to introduce the use of a 66% aggregation factor to be applied until December 31, 2020 under the "core approach." EBA intended to delay reporting for the first FRTB-SA figures until September 2021. EBA emphasized flexibility in the prudential requirements available to competent authorities for banks using VaR models. EBA also clarified the prudential application on the definitions of "default" and "forbearance," and how the EBA Guidelines on legislative and non-legislative moratoria on loan repayments apply to securitizations; (ii) No amount/breakdown: June 18, the European Parliament and the European Council adopted the “banking package,” which provides targeted and exceptional legislative changes to the capital requirements regulation (CRR 2), including greater flexibility in the application of the EU’s accounting and prudential rules, which are aimed at facilitating bank lending to support the economy ; (iii) July 24, the EC proposed a Capital Markets Recovery Package with targeted adjustments to capital market rules, which aim to encourage greater investments in the economy, allow for the rapid re-capitalization of companies, and increase banks' capacity to finance the recovery .

European Union 02C 02C - Loan guarantees EUR 46,087,000,000 50,981,194,690 EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_569 (accessed 16 April 2020); EC. https://ec.europa.eu/regional_policy/en/newsroom/news/2020/01/14-01-2020-financing-the-green-transition-the-european-green-deal-investment-plan-and-just-transition-mechanism (accessed 19 April 2020); EIB. https://www.eib.org/en/press/all/2020-086-eib-group-will-rapidly-mobilise-eur-40-billion-to-fight-crisis-caused-by-covid-19 (accessed 16 April 2020); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 18 April 2020); European Finance Network. https://www.european-microfinance.org/news/investeu-programme-questions-and-answers (accessed 19 April 2020); SP Global. https://www.spglobal.com/en/research-insights/articles/covid-19-daily-update-april-16-2020 (accessed 19 April 2020); EIB. https://www.eib.org/en/press/all/2020-126-eib-board-approves-eur-25-billion-pan-european-guarantee-fund-to-respond-to-covid-19-crisis.htm (accessed 1 June 2020); EIB. https://www.eib.org/en/press/all/2020-174-covid-19-eib-group-and-bbva-provide-eur1423-billion-for-smes-and-mid-caps-affected-by-the-crisis (accessed 9 July 2020).

(i) April 6, The EIB redirected EUR1 billion from the EU Budget as a guarantee to the European Investment Fund to incentivize banks to provide liquidity to affected SMEs and midcaps; (ii) The EIB's EUR20 billion in dedicated guarantee schemes to banks based on existing programmes for immediate deployment; (iii) 09 April, EIB proposal to create a EUR25 billion guarantee fund, which will support up to EUR200 billion of financing for companies (especially SMEs) throughout the EU. The scheme will be implemented by the EIB Group, in close partnership with national promotional banks and other financial intermediaries; (iv) No amount/estimate: European Green Deal investments will remain a priority as part of the EU's efforts to kickstart its economy post-crisis. The commission hopes to mobilize at least 1 trillion euros ($1.1 trillion) of sustainable investments in the next 10 years to help the bloc become climate-neutral by 2050. The InvestEU Fund will mobilise public and private investment through an EU budget guarantee; (v) 26 May, The Board of Directors of the EIB has agreed on the structure and business model of the new Pan-European Guarantee Fund (EGF). Member State contributions to the EGF will take the form of guarantees and may include an upfront payment. Such guarantees will cover losses incurred in the operations supported by the EGF. Any losses will be borne pro rata by the participating countries. At least 65% of the financing are earmarked for SMEs. A maximum of 23% will go to companies with 250 or more employees, with restrictions applying to larger companies with more than 3,000 staff. A maximum of 5% of the financing can go to public sector companies and entities active in the area of health. Another 7% of EGF-supported financing can be allocated to venture and growth capital and venture debt in support of SMEs and midcaps; (vi) July 1, EIB Group – via the European Investment Fund (EIF), its subsidiary specialising in venture capital for SMEs – has provided BBVA with an EUR87 million guarantee for an SME loan portfolio via synthetic securitisation.

European Union 04 04 - Equity support EUR 549,000,000 607,300,885 EIB. https://www.eib.org/en/press/all/2020-103-eib-backs-eur5-billion-investment-to-mitigate-economic-impact-of-coronavirus-and-support-medical-technology (accessed 29 April 2020); Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1007 (accessed 12 June 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1507 (accessed 27 August 2020).

(i) April 8, The Commission is launching ESCALAR, a new investment approach, developed together with the European Investment Fund (EIF), that will support venture capital and growth financing for promising companies. In its pilot phase, ESCALAR will provide up to EUR300 million backed by the European Fund for Strategic Investments (EFSI); (ii) April 24, EIB also approved an equity investment worth EUR75 million for the German company Curevac, through the EIB's Infectious Disease Financing Facility; (iii) June 8, EUR174 million equity investments from the European Innovation Council (EIC) Accelerator Pilot funding to innovative startups and SMEs; (iv) June, EUR5.3 billion for the Solvency Support Instrument that will work via an EU guarantee provided to the European Investment Bank (EIB) Group under the European Fund for Strategic Investments (EFSI). Solvency support will form a separate window under the EFSI to mobilise private capital. The EIB Group will use this guarantee to provide financing directly or invest, fund or guarantee equity funds, special purpose vehicles, investment platforms or national promotional banks. These intermediary funds or vehicles must be established and operate in the EU. The Solvency Support Instrument should predominantly channel solvency support through financial market intermediaries and only to a lesser degree facilitate direct support to companies by the EIB Group [update].

European Union 09 09 - International Assistance Provided EUR 478,919,700,000 529,778,429,204
European Union 09A 09A - Swaps EUR
European Union 09B 09B - International loans/grants EUR 478,919,700,000 529,778,429,204 Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 2020); EIB. https://www.eib.org/en/press/all/2020-164-coronavirus-global-response-eib-and-commission-pledge-additional-eur4-9-billion (accessed 14 July 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/IP_20_1344 (accessed 18 July 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1374 (accessed 23 July 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1343 (accessed 23 July 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1403 (accessed 27 July 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1457 (accessed 15 August 2020); EIB. https://www.eib.org/en/press/all/2020-218-eib-and-afreximbank-direct-eur-300m-of-support-to-african-covid-response (accessed 19 August 2020); European Parliament. https://www.europarl.europa.eu/RegData/etudes/BRIE/2019/637893/EPRS_BRI(2019)637893_EN.pdf (accessed 5 September 2020).

For EU Member States: (i) 9 April, EU finance ministers decided to establish Pandemic Crisis Support credit lines within the framework of the European Stability Mechanism (ESM). Access granted will be 2% of the respective country's GDP as of end-2019, as a benchmark (about EUR 240 billion in total). The credit line will be available until the COVID-19 crisis is over. The only requirement to access the credit line is that euro area Member States requesting support would commit to use this credit line to finance direct and indirect healthcare, cure and prevention related costs due to the COVID 19 crisis. On May 15, the Board of Governors of the ESM approved the establishment of Pandemic Crisis Support; (ii) No amount/estimate: European Green Deal investments will remain a priority as part of the EU's efforts to kickstart its economy post-crisis. One of the three sources of funds for this initiative is a public sector loan facility with the European Investment Bank backed by the EU budget to mobilise between EUR25 and EUR30 billion of investments. For investments in, for instance, district heating networks and renovation of buildings; (iii) EUR100 billion to finance the short-term unemployment mechanisms through the loans provided by the EU Commision to EU member states (SURE mechanism) backed by EUR 25 billion of guarantees voluntarily committed by Member States to the EU budget. On May 20, a Regulation establishing SURE entered into force. Countries will be able to use loans also in support of some health-related measures, esp. in the workplace. SURE will become available once all Member States have provided the required guarantees proportionally to gross national income, and will remain available until end-2022 (with the possibility to adjust this deadline). On August 24, the European Commission has presented proposals to the Council for decisions to grant financial support of EUR81.4 billion to 15 Member States under the SURE instrument. Once the Council approves these proposals, the financial support will be provided in the form of loans granted on favourable terms from the EU to Member States. These loans will assist Member States in addressing sudden increases in public expenditure to preserve employment. Specifically, they will help Member States to cover the costs directly related to the financing of national short-time work schemes, and other similar measures they have put in place as a response to the coronavirus pandemic, in particular for the self-employed [update]; (iv) March, EUR37 billion unallocated funds of cohesion policy funding 2014-2020 will be eligible for Coronavirus crisis related expenditure within the Corona Response Investment Initiative. Member States can use them to support public investment for hospitals, SMEs, labor markets, and stressed regions. The Coronavirus Response Investment Initiative Plus (CRII+), proposed on 2 April, complements the CRII by further enhancing flexibility in the use of cohesion funds. This enhanced flexibility is inter alia provided through transfer possibilities across the three cohesion policy funds (the European Regional Development Fund, European Social Fund and Cohesion Fund), transfers between the different categories of regions (e.g. less vs more developed), flexibility regarding thematic concentration, the possibility for a 100% EU co-financing rate for the accounting year 2020-2021, and simplified procedural steps; (v) European Green Deal investments will remain a priority as part of the EU's efforts to kickstart its economy post-crisis. One of its three sources of funding is a grant, the A Just Transition Fund, which will receive EUR7.5 billion of fresh EU funds. In order to tap into their share of the Fund, Member States will, in dialogue with the Commission, have to identify the eligible territories through dedicated territorial just transition plans. They will also have to commit to match each euro from the Just Transition Fund with money from the European Regional Development Fund and the European Social Fund Plus and provide additional national resources. Taken together, this will provide between EUR30 and EUR50 billion of funding. It will, for example, support workers to develop skills and competences for the job market of the future and help SMEs, start-ups and incubators to create new economic opportunities in these regions. It will also support investments in the clean energy transition, for example in energy efficiency. Another source of funds for this initiative is a public sector loan facility with the European Investment Bank backed by the EU budget to mobilise between EUR25 and EUR30 billion of investments. It will be used for loans to the public sector, for instance for investments in district heating networks and renovation of buildings. For Non-EU Member States (i) July, The EU will secure financial support to partner countries amounting to more than EUR15.9 billion (increased from EUR15.6) from existing external action resources; April 4, (ii) The European Investment Bank announced details of a comprehensive response to the coronavirus pandemic outside the EU that will provide up to EUR6.7 billion in the coming months. This financing is part of the Team Europe response and supported by guarantees from the EU budget. It will both strengthen urgent health investment and accelerate long-standing support for private sector investment that reflects financing needs in more than 100 countries around the world. August 5, EIB is directing EUR 300m of financing to support the resilience and recovery of African nations in response to the COVID-19 pandemic; (iii) March 31, Added a new package of almost EUR240 million to the EU Regional Trust Fund in Response to the Syrian Crisis; (iv) July 16, EUR15 million humanitarian funding for Haiti; (v) July 29, The European Commission (EC) is providing EUR64.7 million in humanitarian aid for countries in the southern Africa region to help support people in need dealing with the coronavirus pandemic, extreme weather conditions such as persistent drought in the region and other crises; (vi) 11 August, EUR3 billion macro-financial assistance (MFA) programmes for ten enlargement and neighbourhood partners (Albania, Bosnia and Herzegovina, Georgia, Jordan, Kosovo, Moldova, Montenegro, North Macedonia, Tunisia and Ukraine), aimed to help them limit the economic fallout of the coronavirus pandemic. The MFA funds will be made available for 12 months in the form of loans on highly favourable terms to help these countries cover their immediate, urgent financing needs; (vii) June, EUR1 billion for the European Fund for Sustainable Development (EFSD) which is one of the EU financial instruments that promote a pro-active development aid policy. It is part of the complex European external investment plan to support investments primarily in the EU neighbourhood and Africa [update].

European Central Bank 02 02 - Credit creation EUR 4,470,000,000,000 4,944,690,265,487
European Central Bank 02A 02A - Financial sector lending/funding EUR 1,470,000,000,000 1,626,106,194,690 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020); ECB. https://www.ecb.europa.eu/press/accounts/2020/html/ecb.mg200522~f0355619ae.en.html (accessed 22 May 2020); ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp200604~a307d3429c.en.html ( accessed 9 June 2020).

(i) March 12, Adding a temporary envelope of additional net asset purchases of EUR120 billion until the end of the year; (ii) March 18, launched a new temporary asset purchase programme of private and public sector securities (Pandemic Emergency Purchase Programme, PEPP) with an overall envelope of EUR 750 billion until the end of 2020. Some self-imposed purchase limits will not apply to the PEPP. A waiver of the eligibility requirements for securities issued by the Greek government will be granted for purchases under PEPP. Based on The European Central Bank is “fully prepared” to provide even more stimulus as soon as June to support an economy that may shrink by a tenth this year due to the COVID-19 pandemic, the accounts of the bank’s April meeting showed on Friday; (iii) expanding the range of eligible assets under the corporate sector purchase programme (CSPP) to non-financial commercial paper; (iv) June 4, The PEPP envelope will be increased by EUR600 billion to a total of EUR1,350 billion. The purchases will continue to be conducted in a flexible manner over time, across asset classes and among jurisdictions. This allows the Governing Council to effectively stave off risks to the smooth transmission of monetary policy. The horizon for net purchases under the PEPP will be extended to at least the end of June 2021. In any case, the Governing Council will conduct net asset purchases under the PEPP until it judges that the coronavirus crisis phase is over [update].

European Central Bank 02B 02B - Support policies for long-term lending EUR 3,000,000,000,000 3,318,584,070,796 EC. https://www.ecb.europa.eu/mopo/implement/omt/html/cspp-qa.en.html (accessed 15 April 2020); EC. https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200409~3aa2815720.en.html (accessed 18 April 2020); EC. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430_1~477f400e39.en.html [accessed 3 May 2020]; EC. https://www.ecb.europa.eu/mopo/implement/omo/html/index.en.html (accessed 30 April 20202); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 18 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 9 May 2020).

(i) March 12, Lowering the interest rate applied in targeted longer-term refinancing operations (TLTRO III) during the period from June 2020 to June 2021 (25 basis points below the average rate applied in the Eurosystem's main refinancing operations). The targeted longer-term refinancing operations (TLTROs) are Eurosystem operations that provide financing to credit institutions. By offering banks long-term funding at attractive conditions they preserve favourable borrowing conditions for banks and stimulate bank lending to the real economy. It is estimated that the facility could provide up to around EUR3 trillion in at a negative rate, which can be as low as -0.75%, the lowest rate ECB ever offered. On April 30, ECB lowered the rate on the third round of targeted longer-term refinancing operations (TLTRO III) to -1% from -0.75%. On the same day, ECB decided to conduct a series of seven pandemic emergency longer-term refinancing operations (PELTROs) to provide liquidity support to the euro area financial system and ensure smooth money market conditions during the pandemic period. No amount/estimate: (ii) relaxation of countercyclical capital buffer (CCyB); (iii) March 20, Flexibility in treatment of non-performing loans (NPLs) to allow banks to fully benefit from public guarantees and moratoriums and of banks' implementation of NPL reduction strategies; (iv) March 27, requirement for banks not to pay dividends until at least 1 October 2020.; (v) see (ii) on CCB in Measure 1; (vi) April 28, the European Commission proposed a number of changes to the Capital Requirements Regulation (Regulation (EU) 575/2013) to provide temporary capital relief to banks. These changes include inter alia extending by 2 years the current transitional arrangements for mitigating the impact of IFRS 9 provisions on regulatory capital, a later date of application of the leverage ratio buffer for global systemically important institutions, a more favourable treatment of publicly guaranteed loans under the NPL prudential backstop (the minimum loss coverage requirement for non-performing loans), and advancing the date of application of capital reduction factors in respect of certain loans to SMEs or in support of infrastructure investments; (vii) No amount/estimate: April 30, New series of non-targeted pandemic emergency longer-term refinancing operations, conducted as fixed rate tender procedures with full allotment, rate fixed at 25bp below refi rate. Operations mature in staggered sequence between July-September 2021.

European Central Bank 02C 02C - Loan guarantees EUR
European Central Bank 04 04 - Equity support EUR
European Central Bank 09 09 - International Assistance Provided EUR 28,000,000,000 30,973,451,327
European Central Bank 09A 09A - Swaps EUR 28,000,000,000 30,973,451,327 ECB. https://www.ecb.europa.eu/home/search/html/index.en.html?q=+swap+lines (18 May 2020).

(i) March 20, ECB and Danmarks Nationalbank reactivate swap line EUR24 billion (increased EUR12 billion) to remain in place for as long as needed; (ii) April 15, ECB and Bulgarian National Bank set up new swap line of EUR2 billion to remain in place until end-2020, or as long as needed; (ii) April 22, ECB and Hrvatska narodna banka set up new swap line of EUR2 billion until end-2020, or as long as needed.

European Central Bank 09B 09B - International loans/grants EUR
European Union 02 02 - Credit creation EUR 46,000,000,000 50,884,955,752
European Union 02A 02A - Financial sector lending/funding EUR
European Union 02B 02B - Support policies for long-term lending EUR Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 2020).

No amount/breakdown: April 22, Provided guidance on the use of flexibility in relation to COVID-19 and called for heightened attention to risks. The European Banking Authority (EBA) proposed to introduce the use of a 66% aggregation factor to be applied until December 31, 2020 under the "core approach." EBA intended to delay reporting for the first FRTB-SA figures until September 2021. EBA emphasized flexibility in the prudential requirements available to competent authorities for banks using VaR models. EBA also clarified the prudential application on the definitions of "default" and "forbearance," and how the EBA Guidelines on legislative and non-legislative moratoria on loan repayments apply to securitizations.

European Union 02C 02C - Loan guarantees EUR 46,000,000,000 50,884,955,752 EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_569 (accessed 16 April 2020); EC. https://ec.europa.eu/regional_policy/en/newsroom/news/2020/01/14-01-2020-financing-the-green-transition-the-european-green-deal-investment-plan-and-just-transition-mechanism (accessed 19 April 2020); EIB. https://www.eib.org/en/press/all/2020-086-eib-group-will-rapidly-mobilise-eur-40-billion-to-fight-crisis-caused-by-covid-19 (accessed 16 April 2020); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 18 April 2020); European Finance Network. https://www.european-microfinance.org/news/investeu-programme-questions-and-answers (accessed 19 April 2020); SP Global. https://www.spglobal.com/en/research-insights/articles/covid-19-daily-update-april-16-2020 (accessed 19 April 2020); EIB. https://www.eib.org/en/press/all/2020-126-eib-board-approves-eur-25-billion-pan-european-guarantee-fund-to-respond-to-covid-19-crisis.htm (accessed 1 June 2020).

(i) April 6, The EIB redirected EUR1 billion from the EU Budget as a guarantee to the European Investment Fund to incentivize banks to provide liquidity to affected SMEs and midcaps; (ii) The EIB's EUR20 billion in dedicated guarantee schemes to banks based on existing programmes for immediate deployment; (iii) 09 April, EIB proposal to create a EUR25 billion guarantee fund, which will support up to EUR200 billion of financing for companies (especially SMEs) throughout the EU. The scheme will be implemented by the EIB Group, in close partnership with national promotional banks and other financial intermediaries; (iv) No amount/estimate: European Green Deal investments will remain a priority as part of the EU's efforts to kickstart its economy post-crisis. The commission hopes to mobilize at least 1 trillion euros ($1.1 trillion) of sustainable investments in the next 10 years to help the bloc become climate-neutral by 2050. The InvestEU Fund will mobilise public and private investment through an EU budget guarantee; (v) 26 May, The Board of Directors of the EIB has agreed on the structure and business model of the new Pan-European Guarantee Fund (EGF). Member State contributions to the EGF will take the form of guarantees and may include an upfront payment. Such guarantees will cover losses incurred in the operations supported by the EGF. Any losses will be borne pro rata by the participating countries. At least 65% of the financing are earmarked for SMEs. A maximum of 23% will go to companies with 250 or more employees, with restrictions applying to larger companies with more than 3,000 staff. A maximum of 5% of the financing can go to public sector companies and entities active in the area of health. Another 7% of EGF-supported financing can be allocated to venture and growth capital and venture debt in support of SMEs and midcaps .

European Union 04 04 - Equity support EUR 549,000,000 607,300,885 EIB. https://www.eib.org/en/press/all/2020-103-eib-backs-eur5-billion-investment-to-mitigate-economic-impact-of-coronavirus-and-support-medical-technology (accessed 29 April 2020); Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1007 (accessed 12 June 2020).

(i) April 8, The Commission is launching ESCALAR, a new investment approach, developed together with the European Investment Fund (EIF), that will support venture capital and growth financing for promising companies. In its pilot phase, ESCALAR will provide up to EUR300 million backed by the European Fund for Strategic Investments (EFSI); (ii) April 24, EIB also approved an equity investment worth EUR75 million for the German company Curevac, through the EIB's Infectious Disease Financing Facility; (iii) June 8, EUR174 million equity investments from the European Innovation Council (EIC) Accelerator Pilot funding to innovative startups and SMEs [update].

European Union 09 09 - International Assistance Provided EUR 21,040,000,000 23,274,336,283
European Union 09A 09A - Swaps EUR
European Union 09B 09B - International loans/grants EUR 21,040,000,000 23,274,336,283 Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 2020).

April 4, (i) The EU will secure financial support to partner countries amounting to more than EUR15.6 billion from existing external action resources; (ii) The European Investment Bank announced details of a comprehensive response to the coronavirus pandemic outside the EU that will provide up to EUR5.2 billion in the coming months. This financing is part of the Team Europe response and supported by guarantees from the EU budget. It will both strengthen urgent health investment and accelerate long-standing support for private sector investment that reflects financing needs in more than 100 countries around the world; (iii) March 31, Added a new package of almost EUR240 million to the EU Regional Trust Fund in Response to the Syrian Crisis.

European Central Bank 02 02 - Credit creation EUR 3,870,000,000,000 4,280,973,451,327
European Central Bank 02A 02A - Financial sector lending/funding EUR 870,000,000,000 962,389,380,531 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).

(i) March 12, Adding a temporary envelope of additional net asset purchases of EUR120 billion until the end of the year; March 18, (ii) Furthermore, launching a new temporary asset purchase programme of private and public sector securities (Pandemic Emergency Purchase Programme, PEPP) with an overall envelope of EUR 750 billion until the end of 2020. Some self-imposed purchase limits will not apply to the PEPP. A waiver of the eligibility requirements for securities issued by the Greek government will be granted for purchases under PEPP; (iii) expanding the range of eligible assets under the corporate sector purchase programme (CSPP) to non-financial commercial paper.

European Central Bank 02B 02B - Support policies for long-term lending EUR 3,000,000,000,000 3,318,584,070,796 EC. https://www.ecb.europa.eu/mopo/implement/omt/html/cspp-qa.en.html (accessed 15 April 2020); EC. https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200409~3aa2815720.en.html (accessed 18 April 2020); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 18 April 2020).

March 12, (i) Lowering the interest rate applied in targeted longer-term refinancing operations (TLTRO III) during the period from June 2020 to June 2021 (25 basis points below the average rate applied in the Eurosystem's main refinancing operations). The targeted longer-term refinancing operations (TLTROs) are Eurosystem operations that provide financing to credit institutions. By offering banks long-term funding at attractive conditions they preserve favourable borrowing conditions for banks and stimulate bank lending to the real economy. It is estimated that the facility could provide up to around EUR3 trillion in at a negative rate, which can be as low as -0.75%, the lowest rate ECB ever offered; No amount/estimate: (ii) relaxation of countercyclical capital buffer (CCyB); (iii) March 20, Flexibility in treatment of non-performing loans (NPLs) to allow banks to fully benefit from public guarantees and moratoriums and of banks' implementation of NPL reduction strategies; (iv) March 27, requirement for banks not to pay dividends until at least 1 October 2020; (v) See (ii) on CCB in Measure 1.

European Central Bank 02C 02C - Loan guarantees EUR
European Central Bank 04 04 - Equity support EUR
European Central Bank 09 09 - International Assistance Provided EUR 28,000,000,000 30,973,451,327
European Central Bank 09A 09A - Swaps EUR 28,000,000,000 30,973,451,327 ECB. https://www.ecb.europa.eu/home/search/html/index.en.html?q=+swap+lines (20 April 2020).

(i) March 20, ECB and Danmarks Nationalbank reactivate swap line EUR24 billion (increased EUR12 billion) to remain in place for as long as needed; (ii) April 15, ECB and Bulgarian National Bank set up new swap line of EUR2 billioN to remain in place until end-2020, or as long as needed; (ii) April 22, ECB and Hrvatska narodna banka set up new swap line of EUR2 billion until end-2020, or as long as needed.

European Central Bank 09B 09B - International loans/grants EUR
European Union 02 02 - Credit creation EUR 46,000,000,000 50,884,955,752
European Union 02A 02A - Financial sector lending/funding EUR