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

(i) April 2020, The government is allocating up to AUD15 billion to invest in residential mortgage-backed securities and asset-backed securities to help funding for small banks and non-bank financial institutions; (ii) April 2020, To allow banks to lend more to small and medium enterprises (SMEs) during the period of disruption caused by COVID-19, RBA has established a Term Funding Facility (TFF) of at least AUD90 billion for SMEs lending (TFF will offer three-year funding to authorized deposit-taking institutions [ADIs]). On 1 September 2020, RBA announced an expansion to the TFF. ADIs will have access to additional funding, equivalent to 2% of their outstanding credit, at a fixed rate of 25 basis points for three years. ADIs will be able to draw on this extra funding up until the end of June 2021. As of 1 September 2020, ADIs have drawn AUD52 billion under the TFF. The current expansion brings the total amount available under this facility to around AUD200 billion.

Australia 02B 02B - Support policies for long-term lending AUD
Australia 02B1 02B1 - Interest rate adjustments AUD RBA. https://www.rba.gov.au/speeches/2020/sp-gov-2020-03-19.html (accessed 11 April 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-13.html (accessed on 5 May 2020); RBA. https://www.rba.gov.au/speeches/2020/sp-dg-2020-06-30.html#fn2 (accessed 01 July 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-17.html (accessed 8 July 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-18.html (accessed 06 August 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-20.html (accessed 01 September 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-24.html (accessed 07 October 2020); RBA. https://www.rba.gov.au/speeches/2020/sp-gov-2020-11-03.html (accessed 04 November 2020).

No amount/estimate: (i) 3 March 2020 and 19 March 2020, The policy rate was cut by 25 basis points twice to 0.25%. 5 May 2020, 2 June 2020, 7 July 2020, 4 August 2020, 1 September 2020, and 6 October 2020, the RBA announced that it will maintain the current rates. 30 June 2020, While the cash rate target has remained at 25 basis points, the actual cash rate traded in the market has declined to around 13–14 basis points. 3 November 2020, The RBA announced a reduction in the cash rate to 10 basis points; (ii) 3 November 2020, The RBA reduced the interest rate on new drawings under the TFF to 10 basis points, from the current 25 basis points.

Australia 02B2 02B2 - Other policies to support long-term lending AUD Australian Prudential Regulation Authority (APRA). https://www.apra.gov.au/news-and-publications/apra-announces-deferral-of-capital-reform-implementation (accessed 3 June 2020); APRA. https://www.apra.gov.au/news-and-publications/apra-releases-letter-and-data-on-temporary-loan-repayment-deferrals-due-to (accessed 10 July 2020); APRA. https://www.apra.gov.au/news-and-publications/apra-updates-regulatory-approach-to-loans-subject-to-repayment-deferral (accessed 10 July 2020); APRA. https://www.apra.gov.au/news-and-publications/apra-updates-guidance-on-capital-management-for-banks-and-insurers (accessed 30 July 2020);

No amount/estimate: (i) April 2020, The Australian Prudential Regulation Authority (APRA) has provided temporary relief from its capital requirement, allowing banks to utilize some of their current large buffers to facilitate ongoing lending to the economy as long as minimum capital requirements are met. 9 July 2020, APRA has issued a letter to ADIs, advising that this measure will be extended to cover a maximum period of 10 months from the start of a repayment deferral, or until 31 March 2021, whichever comes first. 29 July 2020, APRA has updated its capital management guidance for ADIs, i.e. (a) retain at least 50% of earnings when making decisions on capital distributions and raise more capital through dividend reinvestment plans; (b) conduct regular stress testing to inform decision-making and demonstrate ongoing lending capacity; and (c) make use of capital buffers to absorb the impacts of stress, and continue to lend to support households and businesses; (ii) 30 March 2020, APRA announced that it is deferring its scheduled implementation of the Basel III reforms in Australia by one year to January 2023.

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

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

Australia 07 07 - Central bank financing government AUD 150,000,000,000 93,269,999,936
Australia 07A 07A - Direct lending and reserve drawdown AUD
Australia 07B 07B - Secondary purchase: government securities AUD 150,000,000,000 93,269,999,936 RBA. https://www.rba.gov.au/media-releases/2020/mr-20-13.html (accessed on 14 May 2020); RBA. https://www.rba.gov.au/covid-19/ (accessed 3 June 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-17.html (accessed 8 July 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-20.html (accessed 01 September 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-24.html (accessed 07 October 2020); RBA. https://www.rba.gov.au/speeches/2020/sp-gov-2020-11-03.html (accessed 04 November 2020).

(i) April 2020, The RBA has announced yield targeting on 3-year government bonds at 0.25% through purchases of government bonds in the secondary market. On 5 May 2020, RBA has purchased AUD50 billion of Australia Government securities (AGS) and semis in the secondary market. 5 May, 2 June, 7 July, 1 September, and 6 October 2020, the RBA announced that it will maintain the current policy setting. 3 November 2020, RBA announced that it will reduce the 3-year yield target rate from 0.25% to 0.10%; (ii) 3 November 2020, The RBA announced that it intends to purchase AUD100 billion of government bonds issued by the Australian Government as well as by the states and territories over the next six months.

Austria 02 02 - Credit creation EUR 9,000,000,000 9,955,752,212
Austria 02A 02A - Financial sector lending/funding EUR
Austria 02B 02B - Support policies for long-term lending EUR
Austria 02B1 02B1 - Interest rate adjustments EUR
Austria 02B2 02B2 - Other policies to support long-term lending EUR
Austria 02C 02C - Loan guarantees EUR 9,000,000,000 9,955,752,212 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).

EUR9 billion in credit guarantees.

Austria 07 07 - Central bank financing government EUR
Austria 07A 07A - Direct lending and reserve drawdown EUR
Austria 07B 07B - Secondary purchase: government securities EUR
Belgium 02 02 - Credit creation EUR 53,000,000,000 58,628,318,584
Belgium 02A 02A - Financial sector lending/funding EUR
Belgium 02B 02B - Support policies for long-term lending EUR 1,000,000,000 1,106,194,690
Belgium 02B1 02B1 - Interest rate adjustments EUR
Belgium 02B2 02B2 - Other policies to support long-term lending EUR 1,000,000,000 1,106,194,690 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 November 2020).

(i) The National Bank of Belgium announced the decision to reduce the counter-cyclical buffer to zero, releasing approximately EUR1 billion worth of capital available to Belgian banks to expand lending; (ii) As of 11 November 2020, Belgian authorities have also retracted a decision to increase the buffer by 0.5%, and provided guidance that this would remain unchanged until mid-2021.

Belgium 02C 02C - Loan guarantees EUR 52,000,000,000 57,522,123,894 Belgian Government. https://news.belgium.be/fr/le-gouvernement-federal-se-prononce-en-faveur-dun-vaste-plan-de-soutien-socio-economique (accessed 11 November 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 April 2020).

(i) EUR50 billion (over 11% of GDP) of guarantees for new bank loans to companies and self-employed; (ii) Regional governments announced further bank-loan guarantees (around EUR2 billion, or 0.4% of GDP); (iii) No amount/estimate: A Reinsurance scheme for short-term trade credit insurance and other socio-economic measures further support these efforts; (iv) 6 November 2020, Extension of the SME guarantee scheme and the credit insurance guarantee scheme until 30 June 2021.

Belgium 07 07 - Central bank financing government EUR
Belgium 07A 07A - Direct lending and reserve drawdown EUR
Belgium 07B 07B - Secondary purchase: government securities EUR
Canada 02 02 - Credit creation CAD 559,729,000,000 401,167,532,700
Canada 02A 02A - Financial sector lending/funding CAD 219,729,000,000 157,483,605,089 Bank of Canada. https://www.bankofcanada.ca/markets/market-operations-liquidity-provision/market-operations-programs-and-facilities/canada-mortgage-bond-purchase-program/#marketFunctioning; Bank of Canada. https://www.bankofcanada.ca/markets/market-operations-liquidity-provision/market-operations-programs-and-facilities/provincial-bond-purchase-program/ (all accessed 10 June 2020).

(i) Increase in Mortgage Bonds = CAD9.729 billion (peak 9 December 2020) - Canada Mortgage Bond Purchase Program (CMBP) will target CAD500 million in purchases per week; (ii) CAD50 billion limit; CAD14.977 billion (peak 6 January 2021). The Provincial Bond Purchase Program (“PBPP” or “the program”) will be structured as a direct purchase program into a separate account held by the Bank of Canada (“BoC” or “the Bank”), managed by BMO Global Asset Management Inc. (“BMO GAM” or “the Asset Manager”) and supported by Canadian Imperial Bank of Commerce Mellon (“CIBC Mellon” or “the Custodian”) as a custodian. The program will support the liquidity and efficiency of provincial government funding markets. The program’s parameters may be expanded if conditions warrant. (iii) CAD10 billion limit. Beginning 26 May 2020, the Corporate Bond Purchase Program (CBPP) will purchase eligible corporate bonds in the secondary market. The program size will be capped at CAD10 billion and will be restricted to senior secured and unsecured bonds originated by Canadian incorporated companies with a remaining maturity of up to 5 years and a minimum credit rating of BBB or equivalent; since 25 November 2020, bonds purchased through the CBPP were CAD181 million; (iv) CAD150 billion; the government's Insured Mortgage Purchase Program (IMPP) purchases insured mortgage pools through the Canada Mortgage Housing Corporation (CMHC); (v) 28 April 2020, The Bank of Canada began offering 24-month repurchase operations (amount included in repurchase operations in 1A). (vi) As of 6 January 2021, the PBPP and CBPP are authorized for a combined CAD60 billion in purchases, while combined purchases to date are CAD15.158 billion, leaving CAD44.842 billion unutilized. [update]

Canada 02B 02B - Support policies for long-term lending CAD 300,000,000,000 215,015,230,245
Canada 02B1 02B1 - Interest rate adjustments CAD Department of Finance Canada. https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Supporting_Financial_Market. BoC https://www.bankofcanada.ca/wp-content/uploads/2020/06/fad-press-release-2020-06-03.pdf (all accessed 10 June 2020). BoC https://www.bankofcanada.ca/2020/10/fad-press-release-2020-10-28/ (accessed Oct 31). BoC https://www.bankofcanada.ca/2020/12/fad-press-release-2020-12-09/ (accessed 20 December 2020)

(i) 3 June 2020, the BoC maintained its targets at 0.5% for the Bank Rate (penalty rate) and 0.25% for both the deposit rate (interest on reserves) and the overnight rate target; (ii) 28 October 2020, the BoC announced that it will maintain its overnight rate target at the lower bound (interest on reserves) rate of 0.25% until "the 2% inflation target is sustainably achieved. In our current projection, this does not happen until 2023"; (iii) 28 October 2020, the BoC announced that its quantitative easing program (QE) will continue purchasing government securities, though "total purchases will be gradually reduced to at least CAD4 billion per week," a reduction from the previous rate of CAD5 billion per week; (iv) 9 December 2020, the BoC announced that the policy rate will remain at the current levels until the inflation objective is achieved. [update]

Canada 02B2 02B2 - Other policies to support long-term lending CAD 300,000,000,000 215,015,230,245 Department of Finance Canada. https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Supporting_Financial_Market. OSFI https://www.osfi-bsif.gc.ca/Eng/fi-if/in-ai/Pages/FRI20200828_let.aspx (Accessed 2 September).

(i) The Office of the Superintendent of Financial Institutions (OSFI) announced it is lowering the Domestic Stability Buffer by 1.25% of risk-weighted assets to 1%, effective immediately. This action will allow Canada’s large banks to inject CAD300 billion of additional lending in to the economy; (ii) No amount/estimate: 31 August 2020, the Office of the Superintendent of Financial Institutions (OSFI) extended regulatory flexibility for insurers for 6 more months, including relaxing requirements for insurers regarding capital requirements for premiums or insured loans that are delinquent or for which a payment deferral has been given.

Canada 02C 02C - Loan guarantees CAD 40,000,000,000 28,668,697,366 Department of Finance Canada. https://www.canada.ca/en/department-finance/economic-response-plan.html (accessed 10 June 2020).

(i) No amount/estimate: Loan Guarantee for Small and Medium-Sized Enterprises through the Business Credit Availability Program, Export Development Canada (EDC) is working with financial institutions to guarantee 80% of new operating credit and cash flow term loans of up to CAD6.25 million to small and medium-sized enterprises (SMEs); Canadian Government reports on 11 August 2020 that the amount of loan guarantees is CAD40 billion.

Canada 07 07 - Central bank financing government CAD 348,918,000,000 250,075,613,689
Canada 07A 07A - Direct lending and reserve drawdown CAD 115,008,000,000 82,428,238,667

BoC purchases of T-bills were in the primary market as they were auctioned; As of 6 January 2021, current T-bill holdings have increased by CAD27.694 billion since the end of February 2020, with the maximum increase occurring on 29 July 2020 at CAD115.008 billion. [update]

Canada 07B 07B - Secondary purchase: government securities CAD 233,910,000,000 167,647,375,022 Bank of Canada. https://www.bankofcanada.ca/rates/banking-and-financial-statistics/bank-of-canada-assets-and-liabilities-weekly-formerly-b2/ (accessed 10 June 2020).

(i) Government of Canada Bond Purchase Program (GBPP): Purchases will begin with a minimum of CAD5 billion per week across the yield curve. The program will be adjusted as conditions warrant but will continue until the economic recovery is well underway; on 28 October 2020, BoC announced purchases would gradually decline to CAD4 billion per week; As of 6 January 2021, the increase in government bonds owned by BoC has risen to CAD230.394 billion since the purchases in response to COVID-19 began, which is also the peak figure [update]; (ii) 3 June 2020, Bank of Canada began purchasing Government of Canada Real Return Bonds; as of 6 January 2021, the purchased amount is CAD3.516 billion, which is also the peak value (pre-COVID BoC did not hold government real return bonds). [update]

Denmark 02 02 - Credit creation DKK 295,400,000,000 43,733,630,525
Denmark 02A 02A - Financial sector lending/funding DKK
Denmark 02B 02B - Support policies for long-term lending DKK 200,000,000,000 29,609,770,159
Denmark 02B1 02B1 - Interest rate adjustments DKK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 14 May 2020).

No amount/estimate: The DN increased the policy rate by 15bps to -0.6%.

Denmark 02B2 02B2 - Other policies to support long-term lending DKK 200,000,000,000 29,609,770,159 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 14 May 2020).

(i) 12 March 2020, DKK200 billion in additional liquidity after Danish authorities reduced the countercyclical capital buffer from 1% to 0% and cancel the planned increases meant to take effect later; (ii) No amount/estimate: 30 March 2020, A joint statement by the government and the financial sector commits banks and mortgage banks to support households with additional loans and payment holidays. Banks and insurance companies are urged by the DFSA not to pay out dividends or buy back shares; (iii) No amount/estimate: The DN also increased the interest rate on the previously announced 1-week loans to -0.35%.

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

(i) 17 March 2020, DKK1.20 billion credit guarantee for Scandinavian Airlines. Total support credit guarantee to the airlines amounting to SEK3.5 billion equally split between the Danish and Swedish governments; (ii) 19 March 2020, DKK35.7 billion loan guarantees scheme for large firms; (iii) DKK25 billion loan guarantee scheme for SMEs; (iv) DKK1.25 liquidity guarantee in new loans to SMEs with export activities; (v) DKK2.25 billion government guarantee for the Travel Guarantee Fund, to be repaid by the travel industry in the coming years; (vi) 18 April 2020, DKK30 billion government guarantee (to insurance companies) for companies' trade and export activities; (vii) No amount/estimate: 20 May 2020, For startups, loan guarantees by the Ministry of Finance on 70% of new corporate loans that are issued to cover losses directly relating to COVID-19.