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 1,470,000,000,000 1,626,106,194,690 OECD. (accessed 29 April 2020); ECB. (accessed 22 May 2020); ECB. ( 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. (accessed 15 April 2020); EC. (accessed 18 April 2020); EC. [accessed 3 May 2020]; EC. (accessed 30 April 20202); OECD. (accessed 18 April 2020); IMF. (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 07 07 - Central bank financing government EUR
European Central Bank 07A 07A - Direct lending and reserve drawdown EUR
European Central Bank 07B 07B - Secondary purchase: government securities EUR OECD. (accessed 18 April 2020).

Purchases of government bonds are included in Measure 2 (Encourage Private Credit Creation). The amount could not be disaggregated from the EUR 750 billion PEPP program.

European Union 02 02 - Credit creation EUR 46,000,000,000 50,884,955,752
European Union 02A 02A - Financial sector lending/funding EUR
European Union 02B 02B - Support policies for long-term lending EUR Yale. (accessed 29 April 2020).

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.

European Union 02C 02C - Loan guarantees EUR 46,000,000,000 50,884,955,752 EC. (accessed 16 April 2020); EC. (accessed 19 April 2020); EIB. (accessed 16 April 2020); OECD. (accessed 18 April 2020); European Finance Network. (accessed 19 April 2020); SP Global. (accessed 19 April 2020); EIB. (accessed 1 June 2020).

(i) 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; (ii) The EIB's EUR20 billion in dedicated guarantee schemes to banks based on existing programmes for immediate deployment; (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 ($1.1 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) 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 .

European Union 07 07 - Central bank financing government EUR
European Union 07A 07A - Direct lending and reserve drawdown EUR
European Union 07B 07B - Secondary purchase: government securities EUR
Hong Kong, China 02 02 - Credit creation HKD 50,400,000,000 6,490,579,645
Hong Kong, China 02A 02A - Financial sector lending/funding HKD
Hong Kong, China 02B 02B - Support policies for long-term lending HKD IMF. (accessed 6 May 2020); Hong Kong Monetary Authority. (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 50,400,000,000 6,490,579,645 HKMA. (accessed 6 May 2020). HKMA. (accessed 4 May 2020). The Standard. (accessed 11 June 2020).

(i) Introduction of low-interest loans for small and medium-sized enterprises (SMEs) with 100% (HKD20 billion), 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. [update] (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%. [update]

Hong Kong, China 07 07 - Central bank financing government HKD
Hong Kong, China 07A 07A - Direct lending and reserve drawdown HKD
Hong Kong, China 07B 07B - Secondary purchase: government securities HKD
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. (accessed 21 May 2020).

May 20, The Bank of Mongolia (BoM) has decided to implement the 8% interest rate mortgage program with total investment of MNT240 billion. The central bank will provide fund using the principals 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. (accessed 4 June 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%; 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). (accessed 26 May 2020).

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

Mongolia 07 07 - Central bank financing government MNT
Mongolia 07A 07A - Direct lending and reserve drawdown MNT
Mongolia 07B 07B - Secondary purchase: government securities MNT
People's Republic of China 02 02 - Credit creation CNY 1,613,500,000,000 229,906,423,416
People's Republic of China 02A 02A - Financial sector lending/funding CNY 1,400,000,000,000 199,484,966,088 IMF. (accessed 15 April 2020); Intellasia. (accessed 8 June 2020).

(i) Liquidity injection into the banking system via medium-term lending facility totaling of CNY1 trillion since January of this year [update]; (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.

People's Republic of China 02B 02B - Support policies for long-term lending CNY 213,500,000,000 30,421,457,328 IMF. (accessed 20 May 2020); SCMP. (accessed 8 May 2020); Xinhua. (accessed 15 April 2020); The People's Bank of China. (accessed on 20 May 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 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.

People's Republic of China 02C 02C - Loan guarantees CNY IMF. (accessed 15 April 2020).

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

People's Republic of China 07 07 - Central bank financing government CNY
People's Republic of China 07A 07A - Direct lending and reserve drawdown CNY
People's Republic of China 07B 07B - Secondary purchase: government securities CNY
Republic of Korea 02 02 - Credit creation KRW
Republic of Korea 02A 02A - Financial sector lending/funding KRW
Republic of Korea 02B 02B - Support policies for long-term lending KRW OECD. (accessed 12 May 2020). FSC. (accessed 12 May 2020). BOK. (accessed 28 May 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.

Republic of Korea 02C 02C - Loan guarantees KRW OECD. (accessed 24 April 2020).

In 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) .

Republic of Korea 07 07 - Central bank financing government KRW 3,000,000,000,000 2,458,842,332
Republic of Korea 07A 07A - Direct lending and reserve drawdown KRW
Republic of Korea 07B 07B - Secondary purchase: government securities KRW 3,000,000,000,000 2,458,842,332 IMF. (accessed 1 June 2020).

The BOK is purchasing Korean Treasury Bonds (KRW3 trillion).