Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
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 Nikkei Asian Review. https://asia.nikkei.com/Economy/Nissan-s-record-loan-guarantee-spotlights-lack-of-transparency?utm_campaign=RN%20Free%20newsletter&utm_medium=JP%20update%20newsletter%20free&utm_source=NAR%20Newsletter&utm_content=article%20link&del_type=4&pub_date=20200908090000&seq_num=2&si=02106253 (accessed 8 September 2020).

No amount/estimate: As of July 2020, loan guarantees from the Japan Finance Corp. for JPY130 billion in emergency response loans extended by the Development Bank of Japan to Nissan Motor between March and July. [update]

United Kingdom 02 02 - Credit creation GBP 430,000,000,000 532,383,977,273
United Kingdom 02A 02A - Financial sector lending/funding GBP 100,000,000,000 123,810,227,273 Bank of England. https://bit.ly/3fGui67 (accessed 13 April 2020); Bank of England. https://bit.ly/37JL1CO (accessed 13 April 2020); Bank of England. https://www.bankofengland.co.uk/markets/bank-of-england-market-operations-guide/results-and-usage-data (accessed 18 September 2020).

March 11, Introducing a new Term Funding scheme with additional incentives for Small and Medium-sized Enterprises (TFSME), financed by the issuance of central bank reserves. The Term Funding Scheme offers four-year funding at or very close to the Bank Rate. Estimated size of the scheme is GBP100 billion. As of September 16, current loans made through the Term Funding Scheme with additional incentives for SMEs amounted to GBP34.724 billion [update].

United Kingdom 02B 02B - Support policies for long-term lending GBP IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 19 April 2020); OECD. http://www.oecd.org/coronavirus/en/ (acessed 15 May 2020); Bank of England. https://bit.ly/2YQdcfr (accessed 15 May 2020); Bank of England. https://bit.ly/3fNCXUB (accessed 15 May 2020); Bank of England. https://bit.ly/2AW7VLb (accessed 12 June 2020).

No amount/estimate: (i) Policy rate reductions: From 0.75% to 0.1% in two steps on 11 and 19 March; (ii) April, reducing the UK countercyclical buffer rate to 0% from a pre-existing path toward 2% by December 2020, with guidance that it will remain there for at least 12 months; (iii) May 4, The Prudential Regulation Authority (PRA) is offering a modification by consent for banks subject to the UK Leverage Ratio Part of the PRA Rulebook to exclude loans under the COVID-19 Bounce Back Loan scheme (BBLS) from the leverage ratio total exposure measure, if they choose to do so; (iv) May 7, the PRA announced its intention to alleviate unwarranted pressure on firms by setting all Pillar 2A requirements as a nominal amount, instead of a percentage of total Risk Weighted Assets (RWAs). As well as avoiding an absolute increase in Pillar 2A capital requirements in the current stress, this would reduce Pillar 2A, as well as the threshold at which firms are subject to maximum distributable amount (MDA) restrictions, as a share of a firm’s RWAs in the capital stack if RWAs increase; (v) May 7, The dates for the major UK banks and building societies to submit their first reports on their preparations for resolution and publicly disclose a summary of these reports have been extended by a year. These firms will now be required to submit their first reports to the PRA by October 2021 and make public disclosures by June 2022; (vi) June 4, the Bank of England informs all regulated UK Financial Market Infrastructures and Specified Providers that when considering any distribution of shareholders or making decisions on variable remuneration they should pay close attention to the additional risks and potential financial and operational demands due to COVID-19, and that they should discuss with the BOE in advance of making any distribution to shareholders.

United Kingdom 02C 02C - Loan guarantees GBP 330,000,000,000 408,573,750,000 Organisation for Economic Co-operation and Development (OECD). http://www.oecd.org/coronavirus/en/ (accessed 19 April 2020; 15 May 2020; 22 May 2020); GOV.UK. https://www.gov.uk/government/news/larger-businesses-to-benefit-from-loans-of-up-to-200-million (accessed 23 May 2020); Office for Budget Responsbility. https://obr.uk/coronavirus-analysis/ (accessed 5 June 2020)

March, GBP330 billion of temporary state loans and guarantee scheme for businesses. The Coronavirus Business Interruption Loan Scheme (CBILS) (17 March) will provide loans of up to GBP5 million for small and medium-sized businesses. The CBILS provides support to smaller businesses, with financing up to GBP5 million, wherein the government will provide the lender a partial guarantee (80%). As of 31 May, GBP8.9 billion had been approved. Starting July 30, businesses with fewer than 50 employees and a turnover of less than GBP 9 million can apply to CBILS In addition, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to GBP25 million to larger firms with an annual turnover of between GBP45 million and GBP500 million (3 March). The CLBILS will provide a government guarantee of 80% to enable banks to make loans of up to GBP25 million to larger firms with an annual turnover of between GBP45 million and GBP500 million. May 19, Extended maximum loan size available through the CLBILS from GBP50 million to GBP200 million. Companies receiving help through the CLBILS were also asked to agree to not pay dividends and to exercise restraint on senior pay. As of 31 May, GBP1.1 billion had been approved under under CLBILS. May 4, Bounce Back Loan Scheme (BBLS) is launched to help small firms get finance, with a 100% government-backed guarantee. As of May 31, GBP21.3 billion had been approved under BBLS, covering nearly 700,000 loans.

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
United Kingdom 02 02 - Credit creation GBP 430,000,000,000 532,383,977,273
United Kingdom 02A 02A - Financial sector lending/funding GBP 100,000,000,000 123,810,227,273 Bank of England. https://bit.ly/3fGui67 (accessed 13 April 2020); Bank of England. https://bit.ly/37JL1CO (accessed 13 April 2020); Bank of England. https://www.bankofengland.co.uk/markets/bank-of-england-market-operations-guide/results-and-usage-data (5 September 2020).

March 11, Introducing a new Term Funding scheme with additional incentives for Small and Medium-sized Enterprises (TFSME), financed by the issuance of central bank reserves. The Term Funding Scheme offers four-year funding at or very close to the Bank Rate. Estimated size of the scheme is GBP100 billion. As of September 2, current loans made through the Term Funding Scheme with additional incentives for SMEs amounted to GBP33.606 billion [update].

United Kingdom 02B 02B - Support policies for long-term lending GBP IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 19 April 2020); OECD. http://www.oecd.org/coronavirus/en/ (acessed 15 May 2020); Bank of England. https://bit.ly/2YQdcfr (accessed 15 May 2020); Bank of England. https://bit.ly/3fNCXUB (accessed 15 May 2020); Bank of England. https://bit.ly/2AW7VLb (accessed 12 June 2020).

No amount/estimate: (i) Policy rate reductions: From 0.75% to 0.1% in two steps on 11 and 19 March; (ii) April, reducing the UK countercyclical buffer rate to 0% from a pre-existing path toward 2% by December 2020, with guidance that it will remain there for at least 12 months; (iii) May 4, The Prudential Regulation Authority (PRA) is offering a modification by consent for banks subject to the UK Leverage Ratio Part of the PRA Rulebook to exclude loans under the COVID-19 Bounce Back Loan scheme (BBLS) from the leverage ratio total exposure measure, if they choose to do so; (iv) May 7, the PRA announced its intention to alleviate unwarranted pressure on firms by setting all Pillar 2A requirements as a nominal amount, instead of a percentage of total Risk Weighted Assets (RWAs). As well as avoiding an absolute increase in Pillar 2A capital requirements in the current stress, this would reduce Pillar 2A, as well as the threshold at which firms are subject to maximum distributable amount (MDA) restrictions, as a share of a firm’s RWAs in the capital stack if RWAs increase; (v) May 7, The dates for the major UK banks and building societies to submit their first reports on their preparations for resolution and publicly disclose a summary of these reports have been extended by a year. These firms will now be required to submit their first reports to the PRA by October 2021 and make public disclosures by June 2022; (vi) June 4, the Bank of England informs all regulated UK Financial Market Infrastructures and Specified Providers that when considering any distribution of shareholders or making decisions on variable remuneration they should pay close attention to the additional risks and potential financial and operational demands due to COVID-19, and that they should discuss with the BOE in advance of making any distribution to shareholders.

United Kingdom 02C 02C - Loan guarantees GBP 330,000,000,000 408,573,750,000 Organisation for Economic Co-operation and Development (OECD). http://www.oecd.org/coronavirus/en/ (accessed 19 April 2020; 15 May 2020; 22 May 2020); GOV.UK. https://www.gov.uk/government/news/larger-businesses-to-benefit-from-loans-of-up-to-200-million (accessed 23 May 2020); Office for Budget Responsbility. https://obr.uk/coronavirus-analysis/ (accessed 5 June 2020)

March, GBP330 billion of temporary state loans and guarantee scheme for businesses. The Coronavirus Business Interruption Loan Scheme (CBILS) (17 March) will provide loans of up to GBP5 million for small and medium-sized businesses. The CBILS provides support to smaller businesses, with financing up to GBP5 million, wherein the government will provide the lender a partial guarantee (80%). As of 31 May, GBP8.9 billion had been approved. Starting July 30, businesses with fewer than 50 employees and a turnover of less than GBP 9 million can apply to CBILS In addition, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to GBP25 million to larger firms with an annual turnover of between GBP45 million and GBP500 million (3 March). The CLBILS will provide a government guarantee of 80% to enable banks to make loans of up to GBP25 million to larger firms with an annual turnover of between GBP45 million and GBP500 million. May 19, Extended maximum loan size available through the CLBILS from GBP50 million to GBP200 million. Companies receiving help through the CLBILS were also asked to agree to not pay dividends and to exercise restraint on senior pay. As of 31 May, GBP1.1 billion had been approved under under CLBILS. May 4, Bounce Back Loan Scheme (BBLS) is launched to help small firms get finance, with a 100% government-backed guarantee. As of May 31, GBP21.3 billion had been approved under BBLS, covering nearly 700,000 loans.

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
United Kingdom 02 02 - Credit creation GBP 430,000,000,000 532,383,977,273
United Kingdom 02A 02A - Financial sector lending/funding GBP 100,000,000,000 123,810,227,273 Bank of England. https://www.bankofengland.co.uk/markets/market-notices/2020/term-funding-scheme-market-notice-mar-2020 (accessed 13 April 2020); Bank of England. https://www.bankofengland.co.uk/news/2020/march/boe-measures-to-respond-to-the-economic-shock-from-covid-19 (accessed 13 April 2020).

March 11, Introducing a new Term Funding scheme with additional incentives for Small and Medium-sized Enterprises (TFSME), financed by the issuance of central bank reserves. The Term Funding Scheme offers four-year funding at or very close to the Bank Rate. Estimated size of the scheme is GBP100 billion.

United Kingdom 02B 02B - Support policies for long-term lending GBP IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 19 April 2020); OECD. http://www.oecd.org/coronavirus/en/ (acessed 19 April 2020).

No amount/estimate: (i) Policy rate reductions: From 0.75% to 0.1% in two steps on 11 and 19 March; (ii) April, reducing the UK countercyclical buffer rate to 0% from a pre-existing path toward 2% by December 2020, with guidance that it will remain there for at least 12 months.

United Kingdom 02C 02C - Loan guarantees GBP 330,000,000,000 408,573,750,000 Organisation for Economic Co-operation and Development (OECD). http://www.oecd.org/coronavirus/en/ (accessed 19 April 2020).

(i) March, GBP330 billion (14.9% of GDP) of temporary state loans and guarantee scheme for businesses. This includes the Coronavirus Corporate Financing Facility (20 March) and the Coronavirus Business Interruption Loan Scheme (CBILS) (17 March). CBILS will provide loans of up to GBP5 million for small and medium-sized businesses (see reference in Measure 3). In addition, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to GBP25 million to larger firms with an annual turnover of between GBP45 million and GBP500 million (3 March) (see reference in Measure 2).