Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Afghanistan 02 02 - Credit creation AFN
Afghanistan 02A 02A - Financial sector lending/funding AFN
Afghanistan 02B 02B - Support policies for long-term lending AFN IMF. (accessed 6 May 2020).

No estimate/amount: (i) The authorities increased the frequency of Financial Stability Committee meetings, enhanced the monitoring of early signs of liquidity stress, and reviewed banks’ business continuity plans; (ii) DAB has suspended administrative penalties and fees, postponed the IFRS-9 implementation to June 2021, and froze loan classifications at the pre-pandemic cutoff of end-February.

Afghanistan 02C 02C - Loan guarantees AFN
Armenia 02 02 - Credit creation AMD 25,000,000,000 51,123,841
Armenia 02A 02A - Financial sector lending/funding AMD 25,000,000,000 51,123,841 JAM News. 16 April 2020).

Allocate a total of AMD25 billion (over USD50 million) to co-finance loans for companies that borrow money from Armenian banks in the national currency to pay salaries, taxes, bills and purchase raw materials. This amount includes subsidy for the interests of these of loans.

Armenia 02B 02B - Support policies for long-term lending AMD IMF. (accessed 2 June 2020).

(i) No amount/estimate: The Central Bank of Armenia (CBA) reduced the policy rate by another 25 bps to 5% on April 28. The interbank market has been active, and the central bank has easily met liquidity needs so far; (ii) June 17, The CBA further reduced the policy rate by 50 bps to 4.5%.

Armenia 02C 02C - Loan guarantees AMD
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. (accessed 16 April 2020); Department of Treasury. (accessed 3 June 2020); Department of Treasury. (accessed 3 June 2020); RBA. (accessed 03 June 2020); RBA. (accessed 01 September 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; (ii) April, 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 September 1, 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 September 1, ADIs have drawn AUD52 billion under the TFF. The current expansion brings the total amount available under this facility to around AUD200 billion [update].

Australia 02B 02B - Support policies for long-term lending AUD RBA. (accessed 11 April 2020); RBA. (accessed on 5 May 2020); Australian Prudential Regulation Authority (APRA). (accessed 3 June 2020); RBA. (accessed 01 July 2020); RBA. (accessed 8 July 2020); APRA. (accessed 10 July 2020); APRA. (accessed 10 July 2020); APRA. (accessed 30 July 2020); RBA. (accessed 06 August 2020); RBA. (accessed 01 September 2020).

No amount/estimate: (i) March 3 and 19, The policy rate was cut by 25 basis points twice to 0.25% and on May 5, June 2, July 7, August 4, and September 1 [update] the RBA announced that it will maintain the current rates. June 30, 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; (ii) April, 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. On July 9, 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. On July 29, 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; (iii) March 30, 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. (accessed 16 April 2020); Department of Treasury. (accessed 3 June 2020); Department of the Treasury. (accessed 22 July 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. On July 20, 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.

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. (accessed 15 April 2020).

EUR9 billion in credit guarantees.

Azerbaijan 02 02 - Credit creation AZN 500,000,000 294,117,647
Azerbaijan 02A 02A - Financial sector lending/funding AZN
Azerbaijan 02B 02B - Support policies for long-term lending AZN IMF. (accessed 24 July 2020); Central Bank of Azerbaijan (CBA). (accessed on 23 June 2020); CBA. (accessed on 23 June 2020); CBA. (accessed 23 June 2020).

No amount/estimate: March 19: (i) The CBA left the refinancing rate unchanged at 7.25%, but raised the floor of the interest rate corridor (within a de facto floor system) by 125 basis points (bps) to 6.75%. May 1, the CBA lowered the ceiling of the interest rate corridor by 100 bps to 8%; (ii) The authorities have announced their intention to extend the blanket deposit guarantee until December 4, 2020 (the interest rate cap for national currency denominated deposits 10% and for foreign currency denominated deposits 2.5%) irrespective of deposits’ amount, currency and banks’ financial standing; (iii) A relation of capital requirements (systemwide and the countercyclical capital buffer) and risk weights on mortgage loans; (iv) April 23, Suspension of inspections of credit institutions; (v) June 19, CBA decided to reduce the discount rate from 7.25% to 7%. The lower limit of the interest rate corridor was set at 6.5%, and the upper limit of the interest rate corridor was set at 7.5%.

Azerbaijan 02C 02C - Loan guarantees AZN 500,000,000 294,117,647 IMF. (accessed 24 July 2020); Caspian News. (accessed 15 April 2020); KPMG. (accessed on 6 May 2020); Ministry of Economy. (accessed 27 July 2020).

April 6, Entrepreneurs get state guarantee for 60% of their new bank loans and the government subsidizes half of the interest on guaranteed loans from the state budget; overall state support at AZN500 million (USD294 million); (ii) No amount/estimate: May, The CBA also announced that it will extend its guarantees on insurance premiums.

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. (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. (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.

Canada 02 02 - Credit creation CAD 518,739,000,000 371,789,285,074
Canada 02A 02A - Financial sector lending/funding CAD 218,739,000,000 156,774,054,829 Bank of Canada.; Bank of Canada. (all accessed 10 June 2020).

(i) Increase in Mortgage Bonds = CAD8.739 billion (peak September 2) [update] - Canada Mortgage Bond Purchase Program (CMBP) will target CAD 500 million in purchases per week; (ii) CAD 50 billion limit; CAD8.443 billion (peak September 2) [update]. 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 May 26, 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 July 22, bonds purchased through the CBPP were CAD141 million [update]; (iv) CAD150 billion; the government's Insured Mortgage Purchase Program (IMPP) purchases insured mortgage pools through the Canada Mortgage Housing Corporation (CMHC); (v) April 28, The Bank of Canada began offering 24-month repurchase operations (amount included in repurchase operations in 1A).

Canada 02B 02B - Support policies for long-term lending CAD 300,000,000,000 215,015,230,245 Department of Finance Canada. BoC (all accessed 10 June 2020). OSFI (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) June 3, 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; (iii) No amount/estimate: August 31, 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. [update]

Canada 02C 02C - Loan guarantees CAD Department of Finance Canada. (accessed 10 June 2020).

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).

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 IMF. (accessed 14 May 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 95,400,000,000 14,123,860,366 OECD. (accessed 24 June 2020).

(i) March 17, 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) March 19, 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) April 18, DKK30 billion government guarantee (to insurance companies) for companies' trade and export activities; (vii) No amount/estimate: May 20, 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.

Finland 02 02 - Credit creation EUR 86,080,000,000 95,221,238,938
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. (accessed 15 April 2020); KPMG. (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 4,080,000,000 4,513,274,336 IMF. (accessed 15 April 2020); Finnvera. (accessed 18 May 2020); MInistry of Finance, Finland. (accessed 24 May 2020); Ministry of Finance. (acccessed 19 June 2020); DBEI. (accessed 16 July 2020).

(i) Mar 20, EUR600 million of state guarantee for Finnair. On May 20, the fund was finally established for a maximum loan guarantee fund of EUR540 million (the EU Commission authorized only a 90% guarantee on loan, nevertheless, added in the amounts column is the EUR600 million, the total loans available under this fund) ; (ii) EUR600 million of state guarantee for shipping companies; (iii) No amount/estimate: May 7, Finnvera (official export credit agency) increased its guarantee share for SME loans from 80% to 90%; (iv) June 11, EUR880 million, state guarantee for loans and interest from the Employment Fund; (v) July 14, The new COVID-19 Credit Guarantee Scheme (CGS) amounting to EUR2 billion will make low cost loans available to businesses impacted by the pandemic. It will ensure that SMEs, primary producers and small Mid-Caps can access liquidity to keep their businesses operating, as the economy continues to reopen and more and more people get back to work. It will be available for a wide range of products including overdrafts, term loans and working capital .

France 02 02 - Credit creation EUR 330,200,000,000 365,265,486,726
France 02A 02A - Financial sector lending/funding EUR
France 02B 02B - Support policies for long-term lending EUR IMF. (accessed 15 April 2020); Banque de France. (accessed 6 August 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; (iii) June 28, L'ACPR, Banque de France, required financial institutions under its supervision to follow the recent EU directive and refrain until January 1, 2021 from paying dividends, buying back shares or granting new variable remuneration to the main risk takers within them .

France 02C 02C - Loan guarantees EUR 330,200,000,000 365,265,486,726 OECD. (accessed 15 April 2020) EC. (accessed 2 May 20200; Le Figaro (accessed 2 May 2020); European Commission (accessed 14 May 2020); Economie. (accessed 4 July 2020).

(i) 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; (ii) EUR15 billion (from EUR12 billion) in specific guarantees for export insurance and credit insurance ; (iii) April 29, EUR5 billion loan guarantee for Renault; (iv) May 6, EUR4 billion state guarantee on loans and a subordinated shareholder loan to Air France-KLM by the French state; (v) No amount/estimate: June 6, the State guarantee system for credit insurance is strongly reinforced to allow companies to keep their cover. This measure is very important for construction companies whose cash flow is very dependent on inter-company credit. The measure will be implemented immediately by decree for SMEs and medium-sized enterprises; (vi) EUR6.2 billion loan guarantees for tourism industry .

Georgia 02 02 - Credit creation GEL 930,000,000 305,847,382
Georgia 02A 02A - Financial sector lending/funding GEL 600,000,000 197,320,891 IMF. (accessed 7 May 2020).

May 7, Commercial banks will gain access to a long-term financial resource of GEL600 million.