Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
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.

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.