|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Cook Islands||02||02 - Credit creation||NZD|
|Cook Islands||02A||02A - Financial sector lending/funding||NZD|
|Cook Islands||02B||02B - Support policies for long-term lending||NZD|
|Cook Islands||02C||02C - Loan guarantees||NZD|
|Cook Islands||04||04 - Equity support||NZD|
|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.
|Federated States of Micronesia||02||02 - Credit creation||USD|
|Federated States of Micronesia||02A||02A - Financial sector lending/funding||USD|
|Federated States of Micronesia||02B||02B - Support policies for long-term lending||USD|
|Federated States of Micronesia||02C||02C - Loan guarantees||USD|
|Federated States of Micronesia||04||04 - Equity support||USD|
|Fiji||02||02 - Credit creation||FJD||60,000,000||27,228,172|
|Fiji||02A||02A - Financial sector lending/funding||FJD||60,000,000||27,228,172||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).||
The Reserve Bank of Fiji raised its Natural Disaster and Rehabilitation Facility to FJD60 million to include businesses affected by epidemics or pandemics, renaming it the Disaster Rehabilitation and Containment Facility.
|Fiji||02B||02B - Support policies for long-term lending||FJD||International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020).||
No amount/estimate: The Reserve Bank of Fiji reduced the overnight policy rate to 0.25% from 0.5% on March 18 to counter the economic impact of COVID-19.
|Fiji||02C||02C - Loan guarantees||FJD||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).||
No amount/estimate: The Reserve Bank of Fiji expanded the SME Credit Guarantee Scheme to assist small entities.
|Fiji||04||04 - Equity support||FJD|
|Kiribati||02||02 - Credit creation||AUD|
|Kiribati||02A||02A - Financial sector lending/funding||AUD|
|Kiribati||02B||02B - Support policies for long-term lending||AUD|
|Kiribati||02C||02C - Loan guarantees||AUD|
|Kiribati||04||04 - Equity support||AUD|
|Marshall Islands||02||02 - Credit creation||USD|
|Marshall Islands||02A||02A - Financial sector lending/funding||USD|
|Marshall Islands||02B||02B - Support policies for long-term lending||USD|
|Marshall Islands||02C||02C - Loan guarantees||USD|
|Marshall Islands||04||04 - Equity support||USD|
|Nauru||02||02 - Credit creation||AUD|
|Nauru||02A||02A - Financial sector lending/funding||AUD|
|Nauru||02B||02B - Support policies for long-term lending||AUD|
|Nauru||02C||02C - Loan guarantees||AUD|
|Nauru||04||04 - Equity support||AUD|
|Niue||02||02 - Credit creation||NZD|
|Niue||02A||02A - Financial sector lending/funding||NZD|