Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
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. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (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. http://www.oecd.org/coronavirus/en/#country-tracker (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.

Japan 02 02 - Credit creation JPY 10,500,000,000,000 97,862,991,811
Japan 02A 02A - Financial sector lending/funding JPY 10,500,000,000,000 97,862,991,811 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 19 May 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200427a.pdf (accessed 26 May 2020).

March 16, An increase in the annual pace of the Bank of Japan’s (BOJ) targeted purchases of corporate bonds with an upper limit of JPY3 trillion, respectively. On April 27, the maximum amount of additional purchases of corporate bonds was increased to JPY7.5 trillion.

Japan 02B 02B - Support policies for long-term lending JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020); BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200427a.pdf (accessed 1 May 2020).

No amount/estimate: (i) The government expanded the volume of concessional loan facilities (interest free without collateral) primarily for micro, small, and medium enterprises affected by COVID-19 through the Japan Finance Corporation and other institutions; (ii) The government will also enhance access to loans with the same conditions from local financial institutions, such as local banks; (iii) To support borrowers during this period of stress, the Financial Services Agency has reassured that banks can assign zero risk weights to loans guaranteed with public guarantee schemes, use their regulatory capital as needed to support funding of affected businesses, and draw down their capital conservation and systemically important bank buffers to support credit supply; (iv) April 27, In relation to Measure 1B, the BOJ applied a positive interest rate of 0.1 percent to the outstanding balances of current accounts held by financial institutions at the Bank that correspond to the amounts outstanding of loans provided through special funds-supplying operation.

Japan 02C 02C - Loan guarantees JPY
Sweden 02 02 - Credit creation SEK 820,075,000,000 83,380,357,588
Sweden 02A 02A - Financial sector lending/funding SEK 765,000,000,000 77,780,658,543 Riksbank. https://bit.ly/2Yz55Vy (accessed 20 June 2020); Riksbank. https://bit.ly/37IEaJY (accessed 5 September 2020); Riksbank. https://bit.ly/2VhMaMM (accessed 26 June 2020); Riksbank. https://www.riksbank.se/en-gb/monetary-policy/monetary-policy-instruments/purchases-of-covered-bonds/ (5 September 2020); Riksbank. https://www.riksbank.se/en-gb/monetary-policy/monetary-policy-instruments/purchases-of-municipal-bonds/ (5 September 2020); Riksbank. https://www.riksbank.se/en-gb/press-and-published/notices-and-press-releases/press-releases/2020/further-measures-to-alleviate-the-economic-consequences-of-the-pandemic/ (accessed 2 July 2020); Riksbank. https://www.riksbank.se/sv/press-och-publicerat/nyheter-och-pressmeddelanden/pressmeddelanden/2020/riksbanken-inleder-kopen-av-foretagsobligationer-i-september/ (accessed 3 September 2020)

(i) On March 13, the Riksbank decided to lend up to SEK500 billion to banks to safeguard the supply of credit to companies, to prevent them from being knocked out as a result of the spread of the coronavirus. To encourage banks, the loans will be granted at a variable interest rate equivalent to the Riksbank's repo rate, at present 0%, and they will have a maturity of 2 years. As of August 28, loans for onward lending amounted to SEK164.5 billion [update]; (ii) March 20, The Riskbank will purchase mortgage and other covered bonds issued in Swedish kronor in the secondary market, with maturities of more than one year. Until 30 September 2020, the Riksbank is offering to purchase covered bonds for SEK145 billion. July 1, The Riksbank is offering to purchase covered bonds for SEK210 billion until 31 December 2020. As of August 28, total purchases of covered bonds amounted to SEK125 billion [update]; (iii) May 15, Until 30 September 2020, the Riksbank is offering to purchase municipal bonds for SEK30 billion in the secondary market. The purchases are part of the bond-purchasing programme adopted on 16 March 2020 and that runs until the end of December 2020. July 2, the Riksbank is offering to purchase municipal bonds for SEK45 billion until 31 December 2020. As of August 28, total purchases of municipal bonds amounted to SEK25 billion; (iv) September 1, Riksbank's Executive Board has decided to begin purchases of corporate bonds in the week beginning September 14, 2020. Between 1 September 2020 and 30 June 2021, the Riksbank would offer to purchase corporate bonds at a nominal amount of SEK10 billion. The purchases strengthen the Riksbank's ability to act if the supply of credit to companies deteriorates further as a result of the COVID-19 pandemic. The purchases will be made on the secondary market and include non-subordinated corporate bonds issued by companies with a credit rating corresponding to Baa3 / BBB- or higher with a remaining maturity of up to five years [update].

Sweden 02B 02B - Support policies for long-term lending SEK International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 21 May 2020); Finansinspektionen. https://www.fi.se/en/published/news/2020/esrb-recommendation-on-distribution/ (accessed 30 June 2020); Riksbank. https://www.riksbank.se/en-gb/press-and-published/notices-and-press-releases/press-releases/2020/further-measures-to-alleviate-the-economic-consequences-of-the-pandemic/ (accessed 2 July 2020).

No amount/estimate: (i) On 24 March, the Financial Supervisory Authority (FSA) stressed that it expects credit institutions to stop this year's dividend payments and use the earnings to further strengthen their capital; (ii) Reduction of lending rate for overnight loans by 55 basis points (from 0.75% to 0.2%) while leaving the repo rate unchanged at 0%; (iii) Temporary recognition of all credit institutions under the supervision of the FSA as counterparties, enabling them to access the new lending facility; (iv) Easing of countercyclical capital buffer by 2.5 percentage points; (v) Extension of the phase-in period for the banks to comply with the new minimum requirements for own funds and eligible liabilities (MREL) until 2024 (from 2022); (vi) June 30, The FSA has urged supervised banks and credit institutions to refrain from paying dividends or buying back shares; (vi) No amount/estimate, July 1: (a) Cut on the interest rate on the standing loan facility from the repo rate plus 0.2 percentage points to the repo rate plus 0.1 percentage points; (b) Cut on the interest rate and offer longer maturities on the weekly extraordinary loans to banks-the interest rate is cut from the repo rate plus 0.2 percentage points to the repo rate, and loans are offered at maturities of three months and six months; (c) Extend the maturity on loans to banks for onward lending to companies from two to up to four years; (d) Cut the interest supplement that applies if the requirement for onward lending to Swedish companies is not met, from 0.20 percentage points to 0.10 percentage points.

Sweden 02C 02C - Loan guarantees SEK 55,075,000,000 5,599,699,045 OECD. http://www.oecd.org/coronavirus/en/ (accessed 21 May 2020); Riksgalden. https://bit.ly/2Cl9Rx7 (accessed 17 May 2020); Ministry of Enterprise and Innovation. https://bit.ly/3elHixL (accessed 4 June 2020)

(i) SEK5 billion in guarantee for airlines; (ii) SEK50 billion increase of the ceiling for credit guarantees from EKN (the agency which insures export companies and banks against the risk of non-payment in export transactions) (to SEK500 billion from SEK450 billion), same amount as during the 2008 financial crisis, and the coverage is extended to sea shipping; (iii) SEK75 million of government guarantees on 70% of new bank loans to companies experiencing financial difficulty but otherwise robust; (iv) May 5, Within the SEK5 billion guarantee for airlines already computed, the Debt Office issued a credit guarantee of SEK1.5 billion to Scandinavian Airlines System Aktiebolag (together with Denmark, for the same amount); (v) May 27, Together with the Centre Party and the Liberal Party, the Government proposed an additional SEK400 million for Almi Invest. The additional funding is aimed at bridging the crisis in small innovative businesses and avoiding the loss of structural capital and intangible assets in the life science sector and others. The amount will be added to the package once approved.

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.

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.

Japan 02B 02B - Support policies for long-term lending JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020).

No amount/estimate: (i) The government expanded the volume of concessional loan facilities (interest free without collateral) primarily for micro, small, and medium enterprises affected by COVID-19 through the Japan Finance Corporation and other institutions; (ii) The government will also enhance access to loans with the same conditions from local financial institutions, such as local banks; (iii) To support borrowers during this period of stress, the Financial Services Agency has reassured that banks can assign zero risk weights to loans guaranteed with public guarantee schemes, use their regulatory capital as needed to support funding of affected businesses, and draw down their capital conservation and systemically important bank buffers to support credit supply.

Japan 02C 02C - Loan guarantees JPY
Sweden 02 02 - Credit creation SEK 605,075,000,000 61,520,433,945
Sweden 02A 02A - Financial sector lending/funding SEK 550,000,000,000 55,920,734,900 Riksbank. https://bit.ly/2Yz55Vy (accessed 15 June 2020).

(i) On March 13, the Riksbank decided to lend up to SEK500 billion to banks to safeguard the supply of credit to companies, to prevent them from being knocked out as a result of the spread of the coronavirus. To encourage banks, the loans will be granted at a variable interest rate equivalent to the Riksbank's repo rate, at present 0%, and they will have a maturity of 2 years; (ii) March 20, The Riskbank will purchase mortgage and other covered bonds issued in Swedish kronor in the secondary market, with maturities of more than one year. As of April 17, amount purchased was equivalent to SEK50 billion.

Sweden 02B 02B - Support policies for long-term lending SEK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 17 April 2020).

No amount/estimate: (i) Reduction of lending rate for overnight loans by 55 basis points (from 0.75 to 0.2%) while leaving the repo rate unchanged at 0%); (ii) Temporary recognition of all credit institutions under the supervision of the Swedish FSA as counterparties, enabling them to access the new lending facility; (iii) Easing of countercyclical capital buffer by 2.5 percentage points; (iv) extension of the phase-in period for the banks to comply with the new minimum requirements for own funds and eligible liabilities (MREL) until 2024 (from 2022); (v) the Swedish FSA has urged supervised banks and credit institutions to refrain from paying dividends or buying back shares.

Sweden 02C 02C - Loan guarantees SEK 55,075,000,000 5,599,699,045 OECD. http://www.oecd.org/coronavirus/en/ (accessed 17 April 2020)

(i) SEK5 billion in guarantee for airlines; (ii) SEK50 billion increase of the ceiling for credit guarantees from EKN (the agency which insures export companies and banks against the risk of non-payment in export transactions) (to SEK500 billion from SEK450 billion), same amount as during the 2008 financial crisis, the coverage is extended to sea shipping; (iii) SEK75 million of government guarantees on 70% of new bank loans to companies experiencing financial difficulty but otherwise robust.