|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|European Central Bank||02||02 - Credit creation||EUR||5,014,400,000,000||5,546,902,654,867|
|European Central Bank||02A||02A - Financial sector lending/funding||EUR||5,014,400,000,000||5,546,902,654,867||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). ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr201210_1~e8e95af01c.en.html (accessed 12 December 2020). ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp201210~8c2778b843.en.html (accessed 12 December 2020). ECB. https://www.ecb.europa.eu/press/pr/wfs/html/index.en.html (accessed 30 January 2021).||
(i) 12 March 2020, 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) 12 March 2020, Adding a temporary envelope of additional net asset purchases of EUR120 billion until the end of the year; (iii) 18 March 2020, 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) 4 June 2020, 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; (vi) 10 December 2020, for all future TLTRO III operations, starting from the March 2021 operation, the maximum amount that counterparties will be entitled to borrow is raised from 50% to 55% of their stock of eligible loans. ; (vii) 10 December 2020, increase the envelope of the pandemic emergency purchase programme (PEPP) by EUR500 billion to a total of EUR1,850 billion; (viii) 10 December 2020, net purchases under the asset purchase programme (APP) will continue at a monthly pace of EUR20 billion. The Governing Council continues to expect monthly net asset purchases under the APP to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ECB interest rates. Total purchase under the APP from 1-29 January 2021 amounts to $44.4 billion [update].
|European Central Bank||02B||02B - Support policies for long-term lending||EUR|
|European Central Bank||02B1||02B1 - Interest rate adjustments||EUR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 9 May 2020). ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr201210_1~e8e95af01c.en.html (accessed 12 December 2020).||
(i) 12 March 2020, 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 30 April 2020, 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; (ii) 10 December 2020, extension by an additional 12 months, to June 2022, of period of favourable interest rates for banks that lend to the real economy under TLTRO III. For the period from 24 June 2021 to 23 June 2022, the interest rate on all outstanding TLTRO III operations will remain 50 basis points below the average rate applied in the Eurosystem’s main refinancing operations over the same period. The interest rate on the main refinancing operations is currently 0%.
|European Central Bank||02B2||02B2 - Other policies to support 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 2020); 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). ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp201210~8c2778b843.en.html (accessed 12 December 2020).||
No amount/estimate: (i) relaxation of countercyclical capital buffer (CCyB); (ii) 20 March 2020, 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; (iii) 27 March 2020, requirement for banks not to pay dividends until at least 1 October 2020.; (iv) see (ii) on CCB in Measure 1; (v) 28 April 2020, 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; (vi) No amount/estimate: 30 April 2020, 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; (vii) 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; (viii) 10 December 2020, extend to June 2022 the duration of the set of collateral easing measures adopted by the Governing Council.
|European Central Bank||02C||02C - Loan guarantees||EUR|
|European Central Bank||05||05 - Health and income support||EUR|
|European Central Bank||05A||05A - Health support||EUR|
|European Central Bank||05B||05B - Income support||EUR|
|European Central Bank||05B1||05B1 - Tax and contribution deferrals and policy changes||EUR|
|European Central Bank||05B2||05B2 - Tax and contribution rates reduction||EUR|
|European Central Bank||05B3||05B3 - Subsidies to individuals and households||EUR|
|European Central Bank||05B4||05B4 - Subsidies to businesses||EUR|
|European Central Bank||05B5||05B5 - Indirect income support||EUR|
|European Central Bank||05B6||05B6 - No breakdown (income support)||EUR|
|European Central Bank||05C||05C - No breakdown (health and income support)||EUR|
|European Union||02||02 - Credit creation||EUR||56,675,500,000||62,694,137,168|
|European Union||02A||02A - Financial sector lending/funding||EUR||8,295,000,000||9,175,884,956||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/2020-174-covid-19-eib-group-and-bbva-provide-eur1423-billion-for-smes-and-mid-caps-affected-by-the-crisis (accessed 18 December 2020); EIB. https://www.eib.org/en/press/all/2020-206-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). EIB. https://www.eib.org/en/press/all/2020-289-eur-190m-eib-support-for-romanian-companies-most-impacted-by-covid-19 (accessed 18 December 2020).||
(i) 15 June 2020, 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) 6 July 2020, 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) 1 July 2020, 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) 27 July 2020, 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 2020, 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 mobilize 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) 20 October 2020, The EIB Group is subscribing a total of EUR198 million of the securitization issued by Santander to support SMEs and mid-caps affected by the COVID-19 crisis; (vii) 19 October 2020, The EIB and its subsidiary the European Investment Fund (EIF) have provided the corporate leasing specialist with EUR490 million via a securitization 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); (viii) 22 October 2020, 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 securitization 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; (ix) 22 October 2020, EIB and Erste Bank Serbia signed EUR30 million loan to help fast recovery of SMEs and mid-caps; (xvi) 22 October 2020, 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 program across the country.
|European Union||02B||02B - Support policies for long-term lending||EUR|
|European Union||02B1||02B1 - Interest rate adjustments||EUR|
|European Union||02B2||02B2 - Other policies to support 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 (accessed 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); EBA https://eba.europa.eu/eba-reactivates-its-guidelines-legislative-and-non-legislative-moratoria (accessed 11 December 2020); ECB. https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr201215~4742ea7c8a.en.html (accessed 4 January 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_2375 (accessed 4 January 2021).||
(i) No amount/breakdown: 22 April 2020, 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: 18 June 2020, 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) 24 July 2020, 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: 17 September 2020, 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; (v) 2 December 2020, the EBA decided to reactivate its Guidelines on legislative and non-legislative moratoria to ensure that loans, which had previously not benefitted from payment moratoria, can now also benefit from them. The role of banks to ensure the continued flow of lending to clients remains of utmost importance and with the reactivation of these Guidelines, the EBA recognizes the exceptional circumstances of the second COVID-19 wave. The EBA revised Guidelines, which will apply until 31 March 2021, include additional safeguards against the risk of an undue increase in unrecognized losses on banks’ balance sheet.; (vi) 15 December 2020, the ECB recommended that banks exercise extreme prudence on dividends and share buy-backs - all banks should consider not distributing any cash dividends or conducting share buy-backs, or to limit such distributions, until 30 September 2021; (vii) 16 December 2020, the EC presented a strategy to prevent a future build-up of non-performing loans (NPL) across the EU and ensure that EU households and businesses continue to have access to the funding they need throughout the crisis. The NPL strategy has four main goals: (i) further develop secondary markets for distressed assets, which will allow banks to move NPLs off their balance sheets, while ensuring further strengthened protection for debtors; (ii) reform the EU’s corporate insolvency and debt recovery legislation, which will help converge the various insolvency frameworks across the EU, while maintaining high standards of consumer protection; (iii) support the establishment and cooperation of national asset management companies (AMCs) at EU level; and (iv) implement precautionary public support measures, where needed, to ensure the continued funding of the real economy under the EU’s Bank Recovery and Resolution Directive and State aid frameworks.
|European Union||02C||02C - Loan guarantees||EUR||48,380,500,000||53,518,252,212||EIB. https://www.eib.org/en/press/all/2020-086-eib-group-will-rapidly-mobilize-eur-40-billion-to-fight-crisis-caused-by-covid-19 (accessed 16 April 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_569 (accessed 16 April 2020); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 18 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); 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); European Finance Network. https://www.european-microfinance.org/news/investeu-program-questions-and-answers (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 (accessed 18 December 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); EIF. https://www.eib.org/en/press/all/2020-298-european-initiative-to-expand-support-of-finnish-smes (accessed 7 November 2020); EIB. https://www.eib.org/en/press/all/2021-020-eib-group-and-btv-join-forces-to-provide-additional-lending-to-smes-and-mid-caps (accessed 22 January 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_21_343 (accessed 3 February 2021).||
(i) March 2020, The EIB's EUR20 billion in dedicated guarantee schemes to banks based on existing programs for immediate deployment; (ii) 6 April 2020, 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) 9 April 2020, 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 mobilize public and private investment through an EU budget guarantee; (v) No amount/estimate: 26 May 2020, 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) 1 July 2020, EIB Group – via the European Investment Fund (EIF), its subsidiary specializing in venture capital for SMEs – has provided BBVA with an EUR87 million guarantee for an SME loan portfolio via synthetic securitization; (vii) 1 October 2020, 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 favorable 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) 13 October 2020, 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; (ix) 4 November 2020, The European Investment Fund's (Part of the EIB Group) has agreed a top-up of EUR350 million with 5 Finnish banks on a loan guarantee scheme to help SMEs obtain financing. The guarantee scheme is a program under the European Union SME Initiative; (x) 19 January 2021, EIB Group synthetic securitization of around EUR130 million to enable BTV to lend more than EUR400 million to small and mid-sized businesses in Austria and Germany in response to COVID-19. The operation is backed by the EFSI guarantee under the Investment Plan for Europe; (xi) 1 February 2021, The EIF signed a guarantee agreement with Reinvent Finance to enable it to provide new financing to operators in the Nordic (i.e. Denmark, Sweden, Norway, Finland and Iceland) film and TV series industry who are facing difficulties as a result of the economic shock brought by the coronavirus pandemic. The guarantee agreement is backed by the EC under the Cultural and Creative Sectors Guarantee Facility (CCS GF) and the EFSI. A total guarantee amount of up to EUR26 million is expected to support 60 transactions in the film and TV series production sector, supporting Nordic creative content to go worldwide [update].
|European Union||05||05 - Health and income support||EUR||16,446,000,000||18,192,477,876|
|European Union||05A||05A - Health support||EUR||11,319,000,000||12,521,017,699||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020); EC. https://www.consilium.europa.eu/en/press/press-releases/2020/09/11/addressing-covid-19-council-approves-6-2-billion-budget-increase-for-2020/ (accessed 12 September 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1671 (accessed 21 September 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1680 (accessed 21 September 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1416 (accessed 1 August 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1829 (accessed 10 October 2020); EIB. https://www.eib.org/en/press/all/2020-271-covid-19-eib-provides-eur50-million-to-navarre-to-strengthen-its-health-response-to-covid-19 (accessed 15 October 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_2041 (accessed 20 January 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_2136 (accessed 21 November 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_2200 (accessed 28 November 2020); Council of the EU. https://www.consilium.europa.eu/en/press/press-releases/2020/12/07/council-greenlights-temporary-vat-relief-on-covid-19-vaccines-and-test-kits/ (accessed 7 December 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_21_50 (accessed 15 January 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_21_51 (accessed 20 January 2021).||
(i) 13 March 2020, EUR800 million of the EU Solidarity Fund will be available by including a public health crisis within its scope, with a view of mobilizing it if needed for the hardest-hit EU member states; (ii) 19 March 2020, The European Commission (EC) decided to create a European civil protection stockpile of medical equipment (initial budget of EUR50 million, proposed to increase to EUR80 million) with a 90% Commission grant; (iii) 2 April 2020, The EC presented legislative proposals for an Emergency Support Instrument for the healthcare sector, (EUR3 billion) from the EU budget. 11 September 2020, The EC agreed to add EUR6.2 billion to the EU 2020 budget to address the impact of the COVID-19-crisis and to fund inter alia the vaccine strategy. The revised budget increases payments for the Emergency Support Instrument (ESI) by EUR1.09 billion to ensure the development and deployment of a COVID-19 vaccine. The Commission will use this money as a down-payment for pre-ordering vaccine doses. 18 September 2020, EU allocates EUR150 million for the transport of essential medical items through the ESI and entered into a contract with Sanofi-GSK to purchase up to 300 million doses of the Sanofi-GSK vaccine; (iv) EUR63 million, EC secures EU access to Remdesivir (first European treatment authorized for COVID-19); (v) No amount/estimate: 8 October 2020, the EC approved a third contract with a pharmaceutical company, Janssen Pharmaceutica NV, one of the Janssen Pharmaceutical Companies of Johnson & Johnson. Once the vaccine has proven to be safe and effective against COVID-19, the contract allows EU Member States to purchase vaccines for 200 million people. They will also have the possibility to purchase vaccines for an additional 200 million people; (vi) 13 October 2020, EIB is providing EUR50 million to the Autonomous Community of Navarre, Spain to strengthen its capacity to respond to the COVID-19 health crisis. The EU bank financing will enable the Spanish region to adapt its healthcare infrastructure to meet the additional costs generated by the pandemic; (vii) No amount/estimate: 11 November 2020, In order to step up the fight against the COVID-19 pandemic and future health emergencies, The EC is taking the first steps towards building the European Health Union. The Commission is putting forward a set of proposals to strengthen the EU's health security framework, and to reinforce the crisis preparedness and response role of key EU agencies; (viii) No amount/estimate: 17 November 2020, The EC approves a fifth contract with CureVac for the initial purchase of 225 million doses of potential vaccine; (ix) No amount/estimate: 25 November 2020, The EC approved a sixth contract under the EU Vaccines Strategy, with the pharmaceutical company Moderna. The contract provides for the initial purchase of 80 million doses on behalf of all EU Member States; (x) 7 December 2020: The Council of Europe adopted amendments to the directive on the common system of value added tax (VAT) to allow member states to temporarily exempt COVID-19 vaccines and testing kits, as well as closely related services, from VAT; (xi) 11 January 2021, The EC supports blood services to increase COVID-19 convalescent plasma collection with grants amounting to EUR36 million financed through the ESI; (xii) No amount/estimate: 12 January 2020, The EC concluded exploratory talks with the pharmaceutical company Valneva with a view to purchasing its potential vaccine against COVID-19. The envisaged contract with Valneva would provide for the possibility for all EU Member States to purchase together 30 million doses, and they could further purchase up to 30 million more doses.
|European Union||05B||05B - Income support||EUR||327,000,000||361,725,664|
|European Union||05B1||05B1 - Tax and contribution deferrals and policy changes||EUR|
|European Union||05B2||05B2 - Tax and contribution rates reduction||EUR|
|European Union||05B3||05B3 - Subsidies to individuals and households||EUR||179,000,000||198,008,850||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).||
Mobilized European Globalisation Adjustment Fund to support dismissed workers and those self-employed (up to EUR179 million available in 2020).
|European Union||05B4||05B4 - Subsidies to businesses||EUR||148,000,000||163,716,814||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 21 May 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1221 (accessed 9 July 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1872 (accessed 15 October 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1007 (accessed 12 June 2020).||
(i) No amount/estimate: 19 March 2020, EU Commission intends to allow State aid for struggling businesses and enable Member States to use the full flexibility foreseen under State aid rules. On 8 May 2020, the European Commission adopted a second amendment to extend the scope of the State aid Temporary Framework to recapitalization and subordinated debt measures to further support the economy in the context of the coronavirus outbreak. The amended Temporary Framework will be in place until the end of December 2020, except for recapitalization measures which has an extended period by the end of June 2021. The Commission will assess before these dates if they need to be extended. 29 June 2020, third amendment to the State aid extends Temporary Framework to enable Member States to provide public support under the Temporary Framework to all micro and small companies, even if they were already in financial difficulty on 31 December 2019; 13 October 2020, EC has decided to prolong and extend the scope of the State aid Temporary Framework adopted on 19 March 2020 to support the economy in the context of the coronavirus outbreak. All sections of the Temporary Framework are prolonged for six months until 30 June 2021, and the section to enable recapitalization support is prolonged for three months until 30 September 2021; (ii) 8 June 2020, European Innovation Council (EIC) Accelerator Pilot fund issued grants of EUR148 million to innovative companies.
|European Union||05B5||05B5 - Indirect income support||EUR|
|European Union||05B6||05B6 - No breakdown (income support)||EUR|
|European Union||05C||05C - No breakdown (health and income support)||EUR||4,800,000,000||5,309,734,513||EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_997 (accessed 12 June 2020); ESF. https://esf.ie/en/covid-19/react-eu/ (accessed 5 September 2020).||
(i) June 2020, EUR4.8 billion (in grants from the amended 2020 annual EU budget) for REACT-EU that will provide additional funding for the most important sectors that will be crucial to lay the basis for a sound recovery. This will involve investment to support job maintenance, including through short-time work schemes and support for the self-employed. The funds can also be used to support job creation and youth employment measures, to health care systems and the provision of working capital and investment support for small and medium-sized enterprises. Such support will be available across economic sectors, including for the much-affected tourism and culture sectors. The additional support will also serve to invest in the European Green Deal and digital transition, as an enhancement to the significant investment in those areas that is already taking place through EU cohesion policy.
|Turkmenistan||02||02 - Credit creation||TMT|
|Turkmenistan||02A||02A - Financial sector lending/funding||TMT|
|Turkmenistan||02B||02B - Support policies for long-term lending||TMT|
|Turkmenistan||02B1||02B1 - Interest rate adjustments||TMT|
|Turkmenistan||02B2||02B2 - Other policies to support long-term lending||TMT|
|Turkmenistan||02C||02C - Loan guarantees||TMT|
|Turkmenistan||05||05 - Health and income support||TMT|
|Turkmenistan||05A||05A - Health support||TMT||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 November 2020).||
(i) No amount/estimate: The Government announced that a bonus salary of 20%, 15%, and 10% will be given to healthcare professionals working in the remote rural facilities, frontline facilities, and other rural facilities, respectively.
|Turkmenistan||05B||05B - Income support||TMT|
|Turkmenistan||05B1||05B1 - Tax and contribution deferrals and policy changes||TMT|