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 Union 02 02 - Credit creation EUR 56,232,500,000 62,204,092,920
European Union 02A 02A - Financial sector lending/funding EUR 8,358,000,000 9,245,575,221 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); EIB. https://www.eib.org/en/press/all/2020-282-eib-group-and-santander-provide-over-eur900-million-to-support-spanish-smes-affected-by-the-covid-19-crisis (accessed 22 October 2020); EIB. https://www.eib.org/en/press/all/2020-279-italy-eur1-billion-for-smes-and-mid-caps-from-eib-group-and-alba-leasing (accessed 31 October 2020); EIB. https://www.eib.org/en/press/all/2020-291-the-eib-joins-forces-with-ico-and-psa-finance-to-support-spanish-smes-and-mid-caps-affected-by-the-covid-19-crisis (accessed 31 October 2020); EIB. https://www.eib.org/en/press/all/2020-290-eib-and-erste-bank-serbia-signed-eur30-million-loan-to-help-fast-recovery-of-serbian-smes-and-mid-caps (accessed 29 October 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; (vi) October 20, The EIB Group is subscribing a total of EUR198 million of the securitisation issued by Santander to support SMEs and mid-caps affected by the COVID-19 crisis [update]; (vii) October 19, The EIB and its subsidiary the European Investment Fund (EIF) have provided the corporate leasing specialist with EUR490 million via a securitisation financing operation. Alba Leasing has undertaken to double this, increasing the total amount available to almost EUR1 billion (EUR980 million) for projects across all economic sectors, with a particular focus on environmental investments (for which 20% of the resources have been reserved) [update]; (viii) October 22, EIB is joining forces with the Instituto de Crédito Oficial (ICO) and PSA Financial Services Spain, E.F.C., S.A. (PSA Finance) to support Spanish small and medium-sized enterprises (SMEs) and mid-caps affected by the coronavirus crisis. To this end, the EIB and ICO will subscribe several tranches of a securitisation of a loan portfolio originated by PSA Finance, a joint venture between Banque PSA Finance (50%) and Santander Consumer Finance (SCF) (50%) focused on vehicle financing. The EU bank will provide EUR250 million while ICO will contribute EUR100 million [update]; (ix) October 22, EIB and Erste Bank Serbia signed EUR30 million loan to help fast recovery of SMEs and mid-caps [update]; (xvi) October 22, Hundreds of companies across Romania will benefit from EUR190 million of new private sector EIB financing to support sectors most impacted by the economic, social and health impact of COVID-19. CEC Bank, Intesa Sanpaolo Bank Romania, Unicredit and BRD Sogelease to manage accelerated response programme across the country [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); ECB. https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200917~eaa01392ca.en.html (accessed 19 September 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; (iv) No amount/estimate: September 17, The ECB announced today that euro area banks under its direct supervision may exclude certain central bank exposures from the leverage ratio. The move is aimed at easing the implementation of monetary policy. The Capital Requirement Regulation (CRR), as amended by the CRR “quick fix”, allows banking supervisors, after consulting the relevant central bank, to allow banks to exclude central bank exposures from their leverage ratio. Such assets include coins and banknotes as well as deposits held at the central bank .

European Union 02C 02C - Loan guarantees EUR 47,874,500,000 52,958,517,699 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); EIB. https://www.eib.org/en/press/all/2020-253-germany-eib-group-and-commerzbank-join-forces-to-support-small-and-mid-sized-companies-in-covid-crisis (accessed 8 October 2020); EIB. https://www.eib.org/en/press/all/2020-274-eib-approves-eur-5-1-billion-for-covid-19-resilience-clean-energy-rail-transport-and-urban-development (accessed 17 October 2020).

(i) March, The EIB's EUR20 billion in dedicated guarantee schemes to banks based on existing programmes for immediate deployment; (ii) 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; (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 (USD1.1 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) No amount/estimate: 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; (vii) October 1, The EIB Group, consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), has provided a mezzanine tranche guarantee of around EUR125 million to Commerzbank AG on an existing portfolio of loans to small and medium-sized companies (SMEs and mid-caps). The guarantee will release regulatory capital for Commerzbank and will enable it to provide new lending of up to EUR500 million to SMEs and mid-caps in Germany under favourable terms. This is expected to mitigate the impact of the COVID-19 crisis on smaller businesses, self-employed individuals and mid-caps, which are currently experiencing shortages in liquidity ; (viii) October 13, under the new European Guarantee Fund (EGF), approved EUR1.6625 billion guarantee and equity products for companies and health investment in EU member states most impacted by COVID-19 .

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.

Hong Kong, China 02 02 - Credit creation HKD 70,400,000,000 9,066,206,488
Hong Kong, China 02A 02A - Financial sector lending/funding HKD
Hong Kong, China 02B 02B - Support policies for long-term lending HKD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020); Hong Kong Monetary Authority. https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2020/20200330e1.pdf (accessed 15 April 2020).

No amount/estimate: (i) Under the currency board arrangement, the Base Rate was adjusted downward to 1.5% and 0.86% on March 4 and March 16, respectively, according to a pre-set formula, following the downward shifts in the target range for the United States (US) federal funds rate. (ii) The jurisdictional countercyclical capital buffer was reduced further from 2% to 1% on March 16. (iii) The implementation of the various requirements under the Basel III framework have also been deferred.

Hong Kong, China 02C 02C - Loan guarantees HKD 70,400,000,000 9,066,206,488 HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/04/20200418-3/ (accessed 6 May 2020). HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/05/20200529-8/ (accessed 4 May 2020). The Standard. https://www.thestandard.com.hk/section-news/section/2/219763/HK-export-insurer-doubles-credit-limit (accessed 11 June 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/09/20200902/20200902_164321_258.html?type=category&name=covid19 (accessed 4 September 2020). HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/09/20200915-7/ (accessed 17 September 2020).

(i) Introduction of low-interest loans for small and medium-sized enterprises (SMEs) with 100%, 90% and 80% guarantees from authorities. On May 29, authorities announced enhancements to the 80% and 90% guarantee products by raising the maximum loan amounts, extending coverage to listed companies and duration to 12 months; guaranteed loans and new applications are eligible for interest subsidy for up to 12 months. On September 2, the period of application was extended to March 31, 2021. On September 15, the maximum loan amounts were further increased and the repayment period extended from 3 years to 5 years along with a further increase in the total guarantee commitment to HKD70 billion (from the increased HKD50 billion previously and HKD20 billion originally). (ii) June 8, HKG400 million guarantee from the Anti-Epidemic Fund for the 100% Credit Limit Top-Up Scheme where the Hong Kong Export Credit Insurance Corporation increases buyers' credit limits of its policyholders by 100%.

Hong Kong, China 04 04 - Equity support HKD 19,500,000,000 2,511,236,172 News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200609/20200609_161908_002.html?type=category&name=covid19 (accessed 11 June 2020).

June 9, HKG27.3 billion investment in Cathay Pacific Airways via government-owned Aviation 2020, comprising preference shares with detachable warrants of HKG19.5 billion and a bridging loan of HKG7.8 billion.

Mongolia 02 02 - Credit creation MNT 347,504,234,118 126,066,338
Mongolia 02A 02A - Financial sector lending/funding MNT 240,000,000,000 87,066,338 Mongolian News Agency. https://montsame.mn/en/read/226090 (accessed 21 May 2020).

May 20, The BOM has decided to implement the 8% interest rate mortgage program with total investment of MNT240 billion. The central bank will provide the fund using the principal's repayment of its mortgage-backed securities, and commercial banks will provide funding of not less than the sum provided by BOM to mortgage loans. The program is expected to run from May 2020 until the end of this year.

Mongolia 02B 02B - Support policies for long-term lending MNT IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); Mongolian News Agency. https://montsame.mn/en/read/228302 (accessed 12 June 2020); Bank of Mongolia. https://www.mongolbank.mn/eng/news.aspx?tid=1&id=2552 (accessed 16 July 2020); BOM. https://www.mongolbank.mn/eng/news.aspx?tid=1&id=2600 (accessed 15 September 2020).

No amount/estimate: The BOM (i) reduced the policy rate twice - March 11 by 100 bps to 10% and April 13 by 100 bps to 9%. June 26, BOM announced that it will keep its policy rate unchanged. On September 14, the BOM announced the lowering of its policy rate to 8%; and (ii) narrowed the policy rate corridor to ±1%. March 18, The BOM and the Financial Regulatory Commission implemented temporary financial forbearance measures on prudential requirements, loan classifications, and restructuring standards.

Mongolia 02C 02C - Loan guarantees MNT 107,504,234,118 39,000,000 Asian Development Bank (ADB). https://www.adb.org/sites/default/files/project-documents/54174/54174-001-rrp-en.pdf (accessed 26 May 2020).

April, Guarantees to support vulnerable businesses amounting to USD39 million.

Mongolia 04 04 - Equity support MNT
People's Republic of China 02 02 - Credit creation CNY 3,123,500,000,000 445,065,208,267
People's Republic of China 02A 02A - Financial sector lending/funding CNY 1,410,000,000,000 200,909,858,702 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020); Intellasia. https://www.intellasia.net/coronavirus-china-needs-gdp-growth-of-about-3-per-cent-in-2020-to-meet-job-goals-analysts-say-785701 (accessed 8 June 2020); PBC. http://www.pbc.gov.cn/en/3688110/3688172/4048269/4065313/index.html (accessed 6 August 2020); PBC. http://www.pbc.gov.cn/en/3688110/3688172/4048269/4078434/index.html (accessed 3 September 2020).

(i) Liquidity injection into the banking system via medium-term lending facility totaling of CNY1 trillion since January of this year ; (ii) June 8, the PBOC, to start buying up to CNY400 billion (US$56.1 billion) of loans that local lenders have provided to small businesses, giving local banks the ability to increase small business lending by as much as CNY1 trillion yuan; (iii) July 30, PBOC conducted a central bank bills swap (CBS) operation on July 30, 2020 in order to improve the liquidity of bank-issued perpetual bonds, support banks to replenish capital through perpetual bond issuance, and enable the financial sector to better serve the real economy. The operation registered RMB5 billion, with a term of three months and a rate of 0.10 percent; (iv) August 27, PBOC conducted a CNY5 billion CBS operation with a term of three months at a rate of 0.10 percent .

People's Republic of China 02B 02B - Support policies for long-term lending CNY 1,713,500,000,000 244,155,349,565 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 20 May 2020); SCMP. https://www.scmp.com/economy/china-economy/article/3083268/china-coronavirus-stimulus-what-measures-have-been-used (accessed 8 May 2020); Xinhua. http://www.xinhuanet.com/english/2020-02/06/c_138761254.htm (accessed 15 April 2020); The People's Bank of China. http://www.pbc.gov.cn/en/3688110/3688181/4024042/index.html (accessed on 20 May 2020); The State Council The People's Republic of China. http://english.www.gov.cn/policies/policywatch/202006/19/content_WS5eebf19bc6d0a6946639c58f.html (accessed 19 June 2020); PBOC. http://www.pbc.gov.cn/en/3688229/3688335/3883798/index.html (accessed 24 June 2020); The State The State Council The People's Republic of China. http://english.www.gov.cn/policies/policywatch/202007/02/content_WS5efd1797c6d05a0f89706839.html (accesed 11 July 2020); PBOC. http://www.pbc.gov.cn/en/3688110/3688172/4048269/4106897/index.html (accessed 10 October 2020).

(i) Reduction of the 1-year medium-term lending facility (MLF) rate and targeted MLF rate by 30 and 20 bps, respectively; (ii) Reduction of the interest on excess reserves from 72 to 35 bps; (iii) Flexibility in the implementation of the asset management reform; (iv) The PBOC and the China Banking and Insurance Regulatory Commission (CBIRC) allows the sale of coronavirus-relief bonds by financial institutions. China Development Bank issued the first batch of special bonds to fight the virus, equivalent of CNY13.5 billion at 1.65% for the purpose of emergency funding for affected firms; (v) No amount/estimate: tolerance for higher NPLs for loans by epidemic-hit sectors and SMEs and reduced NPL provision coverage requirements ; (iii) May 15, The PBOC lowered the reserve requirement ration (RRR) by 0.5 percentage points, for rural financial institutions and urban commercial banks operating solely within provincial-level administrative regions. This marks the second phase, of RRR reduction for these types of banks, releasing about RMB200 billion of long-term funds; (iv) June 17, The State Council encouraged financial institutions to provide CNY1.5 trillion (about $212 billion) worth of benefits to firms through cuts in interest rates and other methods this year. In order to support such firms, government at all levels have adopted policies like conducting differentiated supervision, increasing credit availability and mitigating loan risks ; (v) No amount/estimate: PBOC announced the Loan Prime Rate (LPR) on June 22, 2020 as follows: the one-year LPR is 3.85% and the above-five-year LPR is 4.65%. The rates are effective until the next release; (vi) The one-year interest rate charged by the PBOC's lending to financial institutions that take deposits - called the re-lending rate - decreased by 0.25 percentage point to 2.25 percent (aimed especially at increasing cheaper credit for agricultural and small firms). The rediscount rate dropped by the same extent to 2 percent. The bank also lowered the interest rates of re-lending for financial stability purposes by 0.5 percentage point to 1.75 percent; (vii) September 30, the PBOC and the and the China Banking and Insurance Regulatory Commission (CBIRC) issued the Notice on Establishing Mechanism of Countercyclical Capital Buffer, which shall come into force as of September 30, 2020. It specifies the provision methods, coverage and evaluation mechanism of countercyclical capital buffer in PRC, on the basis of the country’s reality and by referring to international practices as well as the relevant requirements put forward by the Basel Committee on Banking Supervision (BCBS). In the meantime, in line with current systemic financial risk assessments and pandemic containment needs, it is clarified that the ratio for countercyclical capital buffer shall be initially set at zero and banking financial institutions shall be free from extra capital management requirements .

People's Republic of China 02C 02C - Loan guarantees CNY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).

No amount/estimate: Increased fiscal support for credit guarantees.

People's Republic of China 04 04 - Equity support CNY 200,000,000,000 28,497,852,298 Caixin Global. https://www.caixinglobal.com/2020-06-17/in-depth-the-billion-dollar-plan-to-replenish-smaller-chinese-banks-capital-101568814.html (accessed 19 June 2020).

Policymakers are planning to allow local governments to replenish the capital of certain small and midsize banks to the tune of about CNY200 billion ($28.2 billion) in an effort to defuse bad-debt risks.

Republic of Korea 02 02 - Credit creation KRW 300,000,000,000 245,884,233
Republic of Korea 02A 02A - Financial sector lending/funding KRW IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020). BOK. https://www.bok.or.kr/eng/bbs/B0000308/view.do?nttId=10058185&menuNo=400380&pageIndex=1 (accessed 27 May 2020).
Republic of Korea 02B 02B - Support policies for long-term lending KRW OECD. https://www.oecd.org/coronavirus/en/ (accessed 12 May 2020). FSC. http://www.fsc.go.kr/downManager?bbsid=BBS0048&no=152204 (accessed 12 May 2020). BOK. https://www.bok.or.kr/eng/bbs/E0000634/view.do?nttId=10058434&menuNo=400069 (accessed 28 May 2020). FSC. http://www.fsc.go.kr/eng/new_press/releases.jsp?menu=01&bbsid=BBS0048 (accessed 14 August 2020).

No amount/estimate: (i) March 17, The BOK lowered the interest rate on the Bank Intermediated Lending Support Facility to 0.25% (from 0.5%-0.75%) and lowered the Base Rate by 50 basis points (bps), from 1.25% to 0.75%. On May 28, the Base Rate was further reduced by 25 bps to a record low 0.5%. (ii) May 6, The Korea Financial Services Commission (FSC) postponed the implementation of margin requirements for non-centrally cleared OTC derivative transactions to help ease compliance burdens on financial institutions amid the COVID 19 crisis. (iii) August 5, The FSC lifted administrative sanctions and granted a 30-day extension on the reporting deadline to companies that applied for sanctions exemptions due to pandemic-related disruptions.

Republic of Korea 02C 02C - Loan guarantees KRW 300,000,000,000 245,884,233 OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020).

(i) March 17: The National Assembly approved loans and guarantees for small businesses (Note that the amount is included in (ii.a) of Non-health under Measure 5). (ii) June 19, KRW300 billion in guarantees by the Korea Credit Guaranteee Fund as part of a financial aid package for the auto industry.

Republic of Korea 04 04 - Equity support KRW 10,700,000,000,000 8,769,870,985 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 May 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 11 May 2020).

(i) March 24, The government announced the creation of a stock market stabilisation fund (KRW10.7 trillion).

Taipei,China 02 02 - Credit creation TWD
Taipei,China 02A 02A - Financial sector lending/funding TWD
Taipei,China 02B 02B - Support policies for long-term lending TWD Central bank press release. https://www.cbc.gov.tw/en/cp-448-106421-c1b88-2.html (accessed 8 May 2020); Cental bank press release. https://www.cbc.gov.tw/en/cp-448-114975-fbb83-2.html (accessed 19 June 2020); Central bank press release. https://www.cbc.gov.tw/en/cp-448-121447-565c9-2.html (accessed 18 September 2020).

No amount/estimate: March 20, The discount rate, the rate on accommodations with collateral, and the rate on accommodations without collateral will be reduced by 0.25 percentage points to 1.125%, 1.5%, and 3.375%, respectively; June 18, The discount rate, the rate on refinancing of secured loans, and the rate on temporary accommodations were kept unchanged at 1.125%, 1.50%, and 3.375%, respectively; September 17, the Monetary Board kept the discount rate, the rate on refinancing of secured loans, and the rate on temporary accommodations unchanged at 1.125%, 1.50%, and 3.375%, respectively.

Taipei,China 02C 02C - Loan guarantees TWD
Taipei,China 04 04 - Equity support TWD
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 Union 02 02 - Credit creation EUR 46,000,000,000 50,884,955,752
European Union 02A 02A - Financial sector lending/funding EUR