Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Australia 02 02 - Credit creation AUD 255,000,000,000 158,558,999,891
Australia 02A 02A - Financial sector lending/funding AUD 215,000,000,000 133,686,999,908 RBA. https://www.rba.gov.au/mkt-operations/term-funding-facility/ (accessed 16 April 2020); Department of Treasury. https://treasury.gov.au/sites/default/files/2020-05/Overview-Economic_Response_to_the_Coronavirus_3.pdf (accessed 3 June 2020); Department of Treasury. https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/government-invest-15b-support-sme-lending (accessed 3 June 2020); RBA. https://www.rba.gov.au/covid-19/ (accessed 03 June 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-20.html (accessed 01 September 2020).

(i) April, The government is allocating up to AUD15 billion to invest in residential mortgage-backed securities and asset-backed securities to help funding for small banks and non-bank financial institutions; (ii) April, To allow banks to lend more to small and medium enterprises (SMEs) during the period of disruption caused by COVID-19, RBA has established a Term Funding Facility (TFF) of at least AUD90 billion for SMEs lending (TFF will offer three-year funding to authorized deposit-taking institutions [ADIs]). On September 1, RBA announced an expansion to the TFF. ADIs will have access to additional funding, equivalent to 2% of their outstanding credit, at a fixed rate of 25 basis points for three years. ADIs will be able to draw on this extra funding up until the end of June 2021. As of September 1, ADIs have drawn AUD52 billion under the TFF. The current expansion brings the total amount available under this facility to around AUD200 billion [update].

Australia 02B 02B - Support policies for long-term lending AUD RBA. https://www.rba.gov.au/speeches/2020/sp-gov-2020-03-19.html (accessed 11 April 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-13.html (accessed on 5 May 2020); Australian Prudential Regulation Authority (APRA). https://www.apra.gov.au/news-and-publications/apra-announces-deferral-of-capital-reform-implementation (accessed 3 June 2020); RBA. https://www.rba.gov.au/speeches/2020/sp-dg-2020-06-30.html#fn2 (accessed 01 July 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-17.html (accessed 8 July 2020); APRA. https://www.apra.gov.au/news-and-publications/apra-releases-letter-and-data-on-temporary-loan-repayment-deferrals-due-to (accessed 10 July 2020); APRA. https://www.apra.gov.au/news-and-publications/apra-updates-regulatory-approach-to-loans-subject-to-repayment-deferral (accessed 10 July 2020); APRA. https://www.apra.gov.au/news-and-publications/apra-updates-guidance-on-capital-management-for-banks-and-insurers (accessed 30 July 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-18.html (accessed 06 August 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-20.html (accessed 01 September 2020).

No amount/estimate: (i) March 3 and 19, The policy rate was cut by 25 basis points twice to 0.25% and on May 5, June 2, July 7, August 4, and September 1 [update] the RBA announced that it will maintain the current rates. June 30, While the cash rate target has remained at 25 basis points, the actual cash rate traded in the market has declined to around 13–14 basis points; (ii) April, The Australian Prudential Regulation Authority (APRA) has provided temporary relief from its capital requirement, allowing banks to utilize some of their current large buffers to facilitate ongoing lending to the economy as long as minimum capital requirements are met. On July 9, APRA has issued a letter to ADIs, advising that this measure will be extended to cover a maximum period of 10 months from the start of a repayment deferral, or until 31 March 2021, whichever comes first. On July 29, APRA has updated its capital management guidance for ADIs, i.e. (a) retain at least 50% of earnings when making decisions on capital distributions and raise more capital through dividend reinvestment plans; (b) conduct regular stress testing to inform decision-making and demonstrate ongoing lending capacity; and (c) make use of capital buffers to absorb the impacts of stress, and continue to lend to support households and businesses; (iii) March 30, APRA announced that it is deferring its scheduled implementation of the Basel III reforms in Australia by one year to January 2023.

Australia 02C 02C - Loan guarantees AUD 40,000,000,000 24,871,999,983 Department of Treasury. https://treasury.gov.au/coronavirus/sme-guarantee-scheme (accessed 16 April 2020); Department of Treasury. https://treasury.gov.au/sites/default/files/2020-05/Overview-Economic_Response_to_the_Coronavirus_3.pdf (accessed 3 June 2020); Department of the Treasury. https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/supporting-small-business-adapt-grow-and-create-jobs (accessed 22 July 2020).

April, Under a new Coronavirus SME Guarantee Scheme, the Government will guarantee 50% of new loans issued by eligible lenders to SMEs with total lending capacity of AUD40 billion. On July 20, The government announced that it plans to expand the SME Guarantee Scheme to help small businesses to adapt, grow and create jobs. The changes include widening the range of investments that can be funded, increasing maximum loan size, and increasing the maximum long term to five years, among others. The second phase of the Scheme will start on October 2020 and will be available until June 2021.

Australia 04 04 - Equity support AUD
Austria 02 02 - Credit creation EUR 9,000,000,000 9,955,752,212
Austria 02A 02A - Financial sector lending/funding EUR
Austria 02B 02B - Support policies for long-term lending EUR
Austria 02C 02C - Loan guarantees EUR 9,000,000,000 9,955,752,212 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).

EUR9 billion in credit guarantees.

Austria 04 04 - Equity support EUR
Belgium 02 02 - Credit creation EUR 53,000,000,000 58,628,318,584
Belgium 02A 02A - Financial sector lending/funding EUR
Belgium 02B 02B - Support policies for long-term lending EUR 1,000,000,000 1,106,194,690 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).

The National Bank of Belgium announced the decision to reduce the counter-cyclical buffer to zero, releasing approximately EUR1 billion worth of capital available to Belgian banks to expand lending.

Belgium 02C 02C - Loan guarantees EUR 52,000,000,000 57,522,123,894 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 April 2020).

(i) EUR50 billion (over 11% of GDP) of guarantees for new bank loans to companies and self-employed; (ii) Regional governments announced further bank-loan guarantees (around EUR2 billion, or 0.4% of GDP); (iii) No amount/estimate: A Reinsurance scheme for short-term trade credit insurance and other socio-economic measures further support these efforts.

Belgium 04 04 - Equity support EUR
Canada 02 02 - Credit creation CAD 518,739,000,000 371,789,285,074
Canada 02A 02A - Financial sector lending/funding CAD 218,739,000,000 156,774,054,829 Bank of Canada. https://www.bankofcanada.ca/markets/market-operations-liquidity-provision/market-operations-programs-and-facilities/canada-mortgage-bond-purchase-program/#marketFunctioning; Bank of Canada. https://www.bankofcanada.ca/markets/market-operations-liquidity-provision/market-operations-programs-and-facilities/provincial-bond-purchase-program/ (all accessed 10 June 2020).

(i) Increase in Mortgage Bonds = CAD8.739 billion (peak September 2) [update] - Canada Mortgage Bond Purchase Program (CMBP) will target CAD 500 million in purchases per week; (ii) CAD 50 billion limit; CAD8.443 billion (peak September 2) [update]. The Provincial Bond Purchase Program (“PBPP” 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”), managed by BMO Global Asset Management Inc. (“BMO GAM” or “the Asset Manager”) and supported by Canadian Imperial Bank of Commerce Mellon (“CIBC Mellon” or “the Custodian”) as a custodian. The program will support the liquidity and efficiency of provincial government funding markets. The program’s parameters may be expanded if conditions warrant. (iii) CAD10 billion limit. Beginning May 26, the Corporate Bond Purchase Program (CBPP) will purchase eligible corporate bonds in the secondary market. The program size will be capped at CAD10 billion and will be restricted to senior secured and unsecured bonds originated by Canadian incorporated companies with a remaining maturity of up to 5 years and a minimum credit rating of BBB or equivalent; Since July 22, bonds purchased through the CBPP were CAD141 million [update]; (iv) CAD150 billion; the government's Insured Mortgage Purchase Program (IMPP) purchases insured mortgage pools through the Canada Mortgage Housing Corporation (CMHC); (v) April 28, The Bank of Canada began offering 24-month repurchase operations (amount included in repurchase operations in 1A).

Canada 02B 02B - Support policies for long-term lending CAD 300,000,000,000 215,015,230,245 Department of Finance Canada. https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Supporting_Financial_Market. BoC https://www.bankofcanada.ca/wp-content/uploads/2020/06/fad-press-release-2020-06-03.pdf (all accessed 10 June 2020). OSFI https://www.osfi-bsif.gc.ca/Eng/fi-if/in-ai/Pages/FRI20200828_let.aspx (Accessed 2 September)

(i) The Office of the Superintendent of Financial Institutions (OSFI) announced it is lowering the Domestic Stability Buffer by 1.25% of risk-weighted assets to 1%, effective immediately. This action will allow Canada’s large banks to inject CAD300 billion of additional lending in to the economy; (ii) June 3, the BoC maintained its targets at 0.5% for the Bank Rate (penalty rate) and 0.25% for both the deposit rate (interest on reserves) and the overnight rate target; (iii) No amount/estimate: August 31, the Office of the Superintendent of Financial Institutions (OSFI) extended regulatory flexibility for insurers for 6 more months, including relaxing requirements for insurers regarding capital requirements for premiums or insured loans that are delinquent or for which a payment deferral has been given. [update]

Canada 02C 02C - Loan guarantees CAD Department of Finance Canada. https://www.canada.ca/en/department-finance/economic-response-plan.html (accessed 10 June 2020).

No amount/estimate: Loan Guarantee for Small and Medium-Sized Enterprises through the Business Credit Availability Program, Export Development Canada (EDC) is working with financial institutions to guarantee 80% of new operating credit and cash flow term loans of up to CAD6.25 million to small and medium-sized enterprises (SMEs).

Canada 04 04 - Equity support CAD 537,000,000 384,877,262 Department of Finance Canada. https://www.canada.ca/en/department-finance/economic-response-plan.html (accessed 10 June 2020).

(i) CAD287 million to support rural businesses and communities by providing them with much-needed access to capital through the Community Futures Network. (ii) CAD250 million to assist innovative, early-stage companies that are unable to access other COVID-19 business supports through the Industrial Research Assistance Program (IRAP).

Denmark 02 02 - Credit creation DKK 295,400,000,000 43,733,630,525
Denmark 02A 02A - Financial sector lending/funding DKK
Denmark 02B 02B - Support policies for long-term lending DKK 200,000,000,000 29,609,770,159 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 14 May 2020).

No amount/estimate: (i) The DN increased the policy rate by 15bps to -0.6 %; (ii) March 12, DKK200 billion in additional liquidity after Danish authorities reduced the countercyclical capital buffer from 1% to 0% and cancel the planned increases meant to take effect later; (ii) March 30, A joint statement by the government and the financial sector commits banks and mortgage banks to support households with additional loans and payment holidays. Banks and insurance companies are urged by the DFSA not to pay out dividends or buy back shares; (iii) the DN also increased the interest rate on the previously announced 1-week loans to -0.35 %.

Denmark 02C 02C - Loan guarantees DKK 95,400,000,000 14,123,860,366 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 24 June 2020).

(i) March 17, DKK1.20 billion credit guarantee for Scandinavian Airlines. Total support credit guarantee to the airlines amounting to SEK3.5 billion equally split between the Danish and Swedish governments; (ii) March 19, DKK35.7 billion loan guarantees scheme for large firms; (iii) DKK25 billion loan guarantee scheme for SMEs; (iv) DKK1.25 liquidity guarantee in new loans to SMEs with export activities; (v) DKK2.25 billion government guarantee for the Travel Guarantee Fund, to be repaid by the travel industry in the coming years; (vi) April 18, DKK30 billion government guarantee (to insurance companies) for companies' trade and export activities; (vii) No amount/estimate: May 20, For startups, loan guarantees by the Ministry of Finance on 70 % of new corporate loans that are issued to cover losses directly relating to COVID-19.

Denmark 04 04 - Equity support DKK 17,437,889,398 2,581,659,486 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 July 2020). European Commission. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1488 (accessed 22 July 2020)

(i) April 18, DKK3.5 billion in loans and equity provided to entrepreneurs and venture firms. The state investment fund (Vaekstfonden) will provide risky capital to start-ups and venture firm, facing difficulties in financing as private investors withdraw from the market. Available in 2020 only; (ii) June 15, DKK10 billion from a new government-backed fund to act as an investor of last resort with the possibility of recapitalizing large and important firms at risk of bankruptcy; (iii) Together with Sweden, planned recapitalization of SAS (a Dutch airline) through an equity injection. Last August 17, the European Commission (EC) approved this measure. Denmark is expected to provide approximately EUR583 million of the recapitalization funds.

Finland 02 02 - Credit creation EUR 86,080,000,000 95,221,238,938
Finland 02A 02A - Financial sector lending/funding EUR
Finland 02B 02B - Support policies for long-term lending EUR 82,000,000,000 90,707,964,602 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020); KPMG. https://home.kpmg/xx/en/home/insights/2020/04/finland-government-and-institution-measures-in-response-to-covid.html (accessed 16 April 2020).

(i) EUR52 billion in lending capacity due to the 1 ppt reduction in the structural buffer requirements of all credit institutions by removing the systemic risk buffer and adjusting institution-specific requirements; (ii) EUR30 billion in lending capacity due to the decisions of the macroprudential supervisors of other countries.

Finland 02C 02C - Loan guarantees EUR 4,080,000,000 4,513,274,336 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020); Finnvera. https://www.finnvera.fi/finnvera/uutishuone/uutiset/finnve (accessed 18 May 2020); MInistry of Finance, Finland. https://vm.fi/artikkeli/-/asset_publisher/valtioneuvosto-myonsi-valtiontakausjarjestelyn-finnairin-lainalle (accessed 24 May 2020); Ministry of Finance. https://vm.fi/artikkeli/-/asset_publisher/valtio-takaa-tyollisyysrahaston-lainoja (acccessed 19 June 2020); DBEI. https://dbei.gov.ie/en/News-And-Events/Department-News/2020/July/14072020.html (accessed 16 July 2020).

(i) Mar 20, EUR600 million of state guarantee for Finnair. On May 20, the fund was finally established for a maximum loan guarantee fund of EUR540 million (the EU Commission authorized only a 90% guarantee on loan, nevertheless, added in the amounts column is the EUR600 million, the total loans available under this fund) ; (ii) EUR600 million of state guarantee for shipping companies; (iii) No amount/estimate: May 7, Finnvera (official export credit agency) increased its guarantee share for SME loans from 80% to 90%; (iv) June 11, EUR880 million, state guarantee for loans and interest from the Employment Fund; (v) July 14, The new COVID-19 Credit Guarantee Scheme (CGS) amounting to EUR2 billion will make low cost loans available to businesses impacted by the pandemic. It will ensure that SMEs, primary producers and small Mid-Caps can access liquidity to keep their businesses operating, as the economy continues to reopen and more and more people get back to work. It will be available for a wide range of products including overdrafts, term loans and working capital .

Finland 04 04 - Equity support EUR 710,500,000 785,951,327 MEE. https://tem.fi/artikkeli/-/asset_publisher/ensimmaiset-valtionavustukset-kunnille-yksinyrittajien-tukemiseksi (accessed 3 May 2020); https://vm.fi/en/article/-/asset_publisher/10616/hallitus-paatti-vuoden-2020-neljannesta-lisatalousarvioesityksesta (accessed 9 June 2020); European Sting. https://europeansting.com/2020/06/10/state-aid-commission-approves-e286-million-finnish-measure-to-recapitalise-finnair/ (accessed 15 June 2020); Ministry of Economic Affairs and Employment of Finland. https://tem.fi/artikkeli/-/asset_publisher/nordfuel-oy-n-haapaveden-biojalostamohankkeelle-24-5-miljoonaa-euroa-uusiutuvan-energian-suurten-demohankkeiden-investointitukea (accessed 19 June 2020).

(i) June 6, Further capital funding of EUR250 million is proposed for Tesi (Finnish Industry Investment Ltd), to increase equity financing for companies ; (ii) June 6, Capital funding of EUR 150 million is proposed for strengthening the balance sheet of Finnish Minerals Group ; (iii) June 10, The EU Commission approved Finland's plans to contribute to the recapitalisation of Finnair, amounting to EUR286 million through the subscription of new shares by the State in the rights issue launched by Finnair on 10 June 2020 in the context of the coronavirus outbreak ; (iv) June 15, EUR24.5 million of investment support for NordFuel Oy's Haapevesi biorefinery project for large renewable energy demo projects .

France 02 02 - Credit creation EUR 330,200,000,000 365,265,486,726
France 02A 02A - Financial sector lending/funding EUR
France 02B 02B - Support policies for long-term lending EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020); Banque de France. https://acpr.banque-france.fr/communique-de-presse/lacpr-appelle-les-institutions-financieres-sous-sa-supervision-suivre-la-recommandation-esrb202007 (accessed 6 August 2020).

(i) No amount/estimate: April, Reducing the counter-cyclical bank capital buffer to 0% (an increase from 0.25 percent to 0.5 percent, effective April); (ii) credit mediation to support renegotiation of SMEs’ bank loans; (iii) June 28, L'ACPR, Banque de France, required financial institutions under its supervision to follow the recent EU directive and refrain until January 1, 2021 from paying dividends, buying back shares or granting new variable remuneration to the main risk takers within them .

France 02C 02C - Loan guarantees EUR 330,200,000,000 365,265,486,726 OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020) EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_779 (accessed 2 May 20200; Le Figaro https://www.lefigaro.fr/flash-eco/le-gouvernement-annonce-390-millions-d-euros-pour-le-transport-routier-20200417 (accessed 2 May 2020); European Commission https://ec.europa.eu/commission/presscorner/detail/en/IP_20_796 (accessed 14 May 2020); Economie. https://www.economie.gouv.fr/3-projet-loi-finances-rectificative-plfr-iii-2020# (accessed 4 July 2020).

(i) EUR300 billion in the state guarantee mechanism for new liquidity loans granted by credit institutions between 16 March and 31 December 2020 to companies registered in France; (ii) EUR15 billion (from EUR12 billion) in specific guarantees for export insurance and credit insurance ; (iii) April 29, EUR5 billion loan guarantee for Renault; (iv) May 6, EUR4 billion state guarantee on loans and a subordinated shareholder loan to Air France-KLM by the French state; (v) No amount/estimate: June 6, the State guarantee system for credit insurance is strongly reinforced to allow companies to keep their cover. This measure is very important for construction companies whose cash flow is very dependent on inter-company credit. The measure will be implemented immediately by decree for SMEs and medium-sized enterprises; (vi) EUR6.2 billion loan guarantees for tourism industry .

France 04 04 - Equity support EUR 22,270,000,000 24,634,955,752 OECD. https://www.oecd.org/coronavirus/en/ (update as of 14 May 2020); Economie. https://www.economie.gouv.fr/3-projet-loi-finances-rectificative-plfr-iii-2020# (accessed 4 July 2020).

(i) EUR20 billion for the temporary increase in state-ownership for some firms facing exceptional difficulties; (ii) June 5, EUR150 million worth of investment funds for companies developing sovereign technologies of the future whose risk associated with investment is high (quantum, health, cybersecurity, artificial intelligence, etc.) and of start-ups at any stage of development; (iii) EUR200 million equity support to SMEs in the aeronautics sector ; (iv) EUR1.3 billion equity investments in the tourism industry ; (v) EUR270 million to EUR620 million equity support under the Programme de soutien à l’innovation majeure PSIM (EUR120 million) & French Tech Souveraineté (EUR150 million, extendable up to a maximum of EUR500 million) .

Germany 02 02 - Credit creation EUR 483,840,000,000 535,221,238,938
Germany 02A 02A - Financial sector lending/funding EUR
Germany 02B 02B - Support policies for long-term lending EUR International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020) ; Bundesministerium der Finanzen. https://www.bundesfinanzministerium.de/Content/DE/Pressemitteilungen/Finanzpolitik/2020/07/2020-07-29-PM-Risikoreduzierungsgesetz.html (accessed 6 August 2020).

(i) No amount/estimate: April 1, Release of the countercyclical capital buffer for banks from 0.25% to zero; (ii) No amount/estimate: July 29, The Federal Cabinet passed a draft law to strengthen the stability of the banking sector and protect taxpayers and investors. Large banks will have to maintain loss buffers of at least 8% of their total assets, which cushion losses in the event of a crisis (https://bit.ly/3gxzoTh).

Germany 02C 02C - Loan guarantees EUR 483,840,000,000 535,221,238,938 Federal Ministry of Finance. https://bit.ly/3el63tR (accessed 17 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#G (accessed 17 April 2020); Federal Ministry of Economy and Energy. https://www.bmwi.de/Redaktion/DE/Pressemitteilungen/2020/20200707-altmaier-mit-5-punkte-massnahmepaket-unterstuetzen-wir-deutsche-exportwirtschaft.html (accessed 12 July 2020); European Commission. https://bit.ly/2PMOtoh (accessed 8 August 2020).

(i) March 23, EUR400 billion under the WSF to provide guarantees to companies' debt (up to 60 months) and EUR63 billion in guarantees by Länder; (ii) July 7, The federal government supports the financing of German exports with export credit guarantees (annual guarantee volume is EUR20 billion). This is part of the package of measures announced to support the export industry; (iii) July 31, European Commission approves EUR840 million German guarantee scheme to cover vouchers issued by travel operators for cancelled travel packages booked prior to 8 March 2020. Any traveller that accepts a voucher issued by a travel operator will be able to either use it or receive a full refund (https://bit.ly/2PMOtoh).

Germany 04 04 - Equity support EUR 112,000,000,000 123,893,805,310 Federal Ministry of Finance. https://bit.ly/3el63tR (accessed 17 April 2020); Federal Ministry for Economic Affairs and Energy. https://bit.ly/3ehnpbi (accessed 17 April 2020); Bruegel. https://bit.ly/3eeLoYx (accessed 16 April 2020); Deutsche Welle. https://bit.ly/3hFEEFj (accessed 17 April 2020); Finance Yahoo. https://yhoo.it/3gjTIHQ (accessed 25 May 2020); Federal Ministry of Finance. https://bit.ly/2YPVHf6 (accessed 31 May 2020).

(i) March 23, EUR100 billion under the WSF to directly acquire equity of larger affected companies and strengthen their capital position. May 25, Lufthansa gets a EUR9 billion support, of which EUR6 billion will be equity; (ii) April 1, EUR2 billion to expand venture capital financing to start-ups, new technology companies, and small businesses during the coronavirus crisis; and (iii) EUR10 billion fund by the state of Bavaria to buy stakes in struggling companies.

Ireland 02 02 - Credit creation EUR 2,000,000,000 2,212,389,381
Ireland 02A 02A - Financial sector lending/funding EUR