Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Australia 02 02 - Credit creation AUD 110,000,000,000 68,397,999,953
Australia 02A 02A - Financial sector lending/funding AUD 90,000,000,000 55,961,999,961 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020); RBA. https://www.rba.gov.au/mkt-operations/term-funding-facility/ (accessed 11 April 2020).

(i) April, 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 (See Measure 9: No breakdown); (ii) 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]).

Australia 02B 02B - Support policies for long-term lending AUD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020); RBA. https://www.rba.gov.au/speeches/2020/sp-gov-2020-03-19.html (accessed 11 April 2020).

No amount/estimate: (i) March 3 and 19, The policy rate was cut by 25 basis points twice to 0.25%; (ii) The Australian Prudential Regulation Authority (APRA) has (a) 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, and (b) March 30, 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 20,000,000,000 12,435,999,991 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020); Organisation for Economic Co-operation and Development (OECD). http://www.oecd.org/coronavirus/en/ (accessed 11  April 2020); Department of the Treasury, Government of Australia. https://treasury.gov.au/coronavirus/sme-guarantee-scheme (accessed 16 April 2020).

April, 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 (2% of GDP) (AUD20 billion of the total AUD40 biilion is lumped in the AUD194 billion package. See Measure 9: No breakdown).

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 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.

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 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).

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.

Belgium 02C 02C - Loan guarantees EUR 52,000,000,000 57,522,123,894 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 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).

Canada 02 02 - Credit creation CAD 150,000,000,000 107,507,615,123
Canada 02A 02A - Financial sector lending/funding CAD 150,000,000,000 107,507,615,123 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020).

Under the Insured Mortgage Purchase Program, the government will purchase up to CAD150 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation (CMHC).

Canada 02B 02B - Support policies for long-term lending CAD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020).

No amount/estimate: (i) March, BoC reduced the overnight policy rate by 150 bps (to 0.25%); (ii) Office of the Superintendent of Financial Institutions (OSFI), the bank regulator, lowered the Domestic Stability Buffer for D-SIBs to 1% of risk weighted assets (previously 2.25%).

Canada 02C 02C - Loan guarantees CAD
Denmark 02 02 - Credit creation DKK 264,650,000,000 39,178,386,380
Denmark 02A 02A - Financial sector lending/funding DKK
Denmark 02B 02B - Support policies for long-term lending DKK 200,000,000,000 29,607,698,001 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).

No amount/estimate: (i) The DN increased the policy rate by 15bps to -0.6 %; (ii) March 12, 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) March 30, 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) the DN also increased the interest rate on the previously announced 1-week loans to -0.35 %.

Denmark 02C 02C - Loan guarantees DKK 64,650,000,000 9,570,688,379 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 30 April 2020).

(i) 17 March, DKK1.20 billion credit guarantee for Scandinavian Airlines. Total support credit guarantee to the airlines amounting to DKK3.5 billion equally split between the Danish and Swedish governments; 19 March (ii) DKK35.7 billion loan guarantees scheme for large firms; (iii) DKK25 billion loan guarantee scheme for SMEs; (iv) DKK1.25 billion liquidity guarantee in new loans to SMEs with export activities; (v) DKK 1.5 billion government guarantee for the Travel Guarantee Fund, to be repaid by the travel industry in the coming years.

Finland 02 02 - Credit creation EUR 83,200,000,000 92,035,398,230
Finland 02A 02A - Financial sector lending/funding EUR
Finland 02B 02B - Support policies for long-term lending EUR 82,000,000,000 90,707,964,602 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020); KPMG. https://home.kpmg/xx/en/home/insights/2020/04/finland-government-and-institution-measures-in-response-to-covid.html (accessed 16 April 2020).

(i) EUR52 billion in lending capacity due to the 1 ppt reduction in the structural buffer requirements of all credit institutions by removing the systemic risk buffer and adjusting institution-specific requirements; (ii) EUR30 billion in lending capacity due to the decisions of the macroprudential supervisors of other countries.

Finland 02C 02C - Loan guarantees EUR 1,200,000,000 1,327,433,628 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).

(i) Mar 20, EUR600 million of state guarantee for Finnair; (ii) EUR600 million of state guarantee for shipping companies.

France 02 02 - Credit creation EUR 300,000,000,000 331,858,407,080
France 02A 02A - Financial sector lending/funding EUR
France 02B 02B - Support policies for long-term lending EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).

(i) No amount/estimate: April, Reducing the counter-cyclical bank capital buffer to 0% (an increase from 0.25 percent to 0.5 percent, effective April); (ii) credit mediation to support renegotiation of SMEs’ bank loans.

France 02C 02C - Loan guarantees EUR 300,000,000,000 331,858,407,080 OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).

EUR300 billion in the state guarantee mechanism for new liquidity loans granted by credit institutions between 16 March and 31 December 2020 to companies registered in France.

Germany 02 02 - Credit creation EUR 463,000,000,000 512,168,141,593
Germany 02A 02A - Financial sector lending/funding EUR
Germany 02B 02B - Support policies for long-term lending EUR International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020).

No amount/estimate: April 1, Release of the countercyclical capital buffer for banks from 0.25% to zero.

Germany 02C 02C - Loan guarantees EUR 463,000,000,000 512,168,141,593 Federal Ministry of Finance. https://www.bundesfinanzministerium.de/Web/EN/Meta/QuickAccess/quickaccess.html%20And%20other (accessed 17 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#G (accessed 17 April 2020).

(i) March 23, EUR400 billion under the WSF to provide guarantees to companies' debt (up to 60 months); and (ii) EUR63 billion in guarantees by Länder.

Ireland 02 02 - Credit creation EUR
Ireland 02A 02A - Financial sector lending/funding EUR
Ireland 02B 02B - Support policies for long-term lending EUR OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).

No amount/estimate: the Central Bank has cut the Counter Cyclical Capital Buffer from 1% to 0%. This decision will free up bank capital that can be used to provide credit, and to restructure and extend the loans of bank customers, both individuals and SMEs.

Ireland 02C 02C - Loan guarantees EUR
Italy 02 02 - Credit creation EUR 431,480,000,000 477,300,884,956
Italy 02A 02A - Financial sector lending/funding EUR
Italy 02B 02B - Support policies for long-term lending EUR OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).

See Non-lending actions of Measure 1.

Italy 02C 02C - Loan guarantees EUR 431,480,000,000 477,300,884,956 OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020); Reuters. https://www.reuters.com/article/health-coronavirus-italy-decree/update-1-italy-announces-guarantees-for-bank-loans-worth-over-400-bln-euros-idUSL8N2BU5T8 (accessed 16 April 2020); http://www.mef.gov.it/covid-19/.

(i) EUR10 billion state guarantee for new loans for medium-large firms (based in 500 million 1:20); (ii) EUR21.48 billion for the SMEs Guarantee Fund (based in 1.5 billion 1:14 aprox); (iii) April 9, EUR400 billion in guarantees including EUR200 billion from Treasury to shield banks from losses on 90% of loans to companies of all sizes, and EUR200 billion guarantees from Cassa Depositi e Prestiti CDP (Italy's state lender) and its export agency Sace; (iv) no amount/estimate: further guarantees for firms most affected by the virus. Facilitate guarantees for self-employed workers, freelancers and individual entrepreneurs.

Japan 02 02 - Credit creation JPY 2,000,000,000,000 18,640,569,869
Japan 02A 02A - Financial sector lending/funding JPY 2,000,000,000,000 18,640,569,869 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020).

March 16, An increase in the annual pace of the Bank of Japan’s (BOJ) targeted purchases of commercial paper and corporate bonds with an upper limit of JPY2 trillion.