Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Switzerland 02 02 - Credit creation CHF/CHE/CHW 42,652,000,000 44,547,274,396
Switzerland 02A 02A - Financial sector lending/funding CHF/CHE/CHW
Switzerland 02B 02B - Support policies for long-term lending CHF/CHE/CHW 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/ (accessed 19 April 2020); Federal Department of Finance. https://www.efd.admin.ch/efd/en/home/dokumentation/nsb-news_list.msg-id-78604.html (accessed 19 April 2020).

No amount/estimate: (i) March 19, The SNB announced that starting April 1 the threshold factor for exempting sight deposits from negative interest rates would be raised from 25 to 30; (ii) March 27, the SNB request for deactivation of the countercyclical capital buffer was approved by the Federal Council; (iii) On the supervisory front, the Swiss Financial Market Supervisory Authority (FINMA) introduced a temporary exclusion of deposits held at the central bank from the calculation of banks’ leverage ratio. FINMA emphasized that the capital released from this relaxation should be used to support liquidity provision and is not to be distributed as dividends or other similar distributions related to 2019; (ii) No amount/estimate: June 29, adjusted the calculation of the special rate for COVID-19 refinancing facility (CRF) as of July 1 2020, the lower limit for the special rate will be reduced to 0% from 0.5%.

Switzerland 02C 02C - Loan guarantees CHF/CHE/CHW 42,652,000,000 44,547,274,396 Federal Council. https://www.efd.admin.ch/efd/en/home/dokumentation/nsb-news_list.msg-id-79695.html (accesssed 02 July 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020, 25 June 2020); Federal Department of Finance. https://www.efd.admin.ch/efd/de/home/dokumentation/nsb-news_list.msg-id-78872.html (accessed 2 May 2020). Federal Council. https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-78944.html (accessed 29 April 2020).

(i) March 13, CHF580 million for loan guarantees to SMEs; (ii) March 20, A guarantee program up to CHF20 billion to support bridging loans to SMEs; (iii) April 3, The Federal Council announced doubling the size of the loan guarantee program from CHF20 billion to CHF40 billion; (iv) April 22, Extended the SME loan guarantee program to include start-ups. The new procedure for startups will begin by April 30, 2020. The federal government can guarantee up to 65% of the loan, and the rest can be covered by cantons. In total, the Confederation can guarantee up to CHF 100 million, and together with the cantons, loans of up to CHF 154 million can be guaranteed. Therefore, the total amount guaranteed has gone up to 100 million; (v) April 29, the FC announced CHF1.9 billion credit guarantee support to airlines and aviation-related businesses to help it through the liquidity crisis; (vi) As of mid-June, the take-up of bridge loans under the federal guarantee program is lower than budgeted; (vii) July 1, FC granted SR Technics Switzerland AG a deficiency guarantee of 60% on a bank loan of CHF 120 million in order to bridge a liquidity shortage. The remaining 40% of the credit risk is assumed by the banks.

Switzerland 02 02 - Credit creation CHF/CHE/CHW 40,580,000,000 42,383,203,483
Switzerland 02A 02A - Financial sector lending/funding CHF/CHE/CHW
Switzerland 02B 02B - Support policies for long-term lending CHF/CHE/CHW 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/ (accessed 19 April 2020); Federal Department of Finance. https://www.efd.admin.ch/efd/en/home/dokumentation/nsb-news_list.msg-id-78604.html (accessed 19 April 2020).

No amount/estimate: (i) March 19, The SNB announced that starting April 1 the threshold factor for exempting sight deposits from negative interest rates would be raised from 25 to 30; (ii) March 27, the SNB request for deactivation of the countercyclical capital buffer was approved by the Federal Council; (iii) On the supervisory front, the Swiss Financial Market Supervisory Authority (FINMA) introduced a temporary exclusion of deposits held at the central bank from the calculation of banks’ leverage ratio. FINMA emphasized that the capital released from this relaxation should be used to support liquidity provision and is not to be distributed as dividends or other similar distributions related to 2019.

Switzerland 02C 02C - Loan guarantees CHF/CHE/CHW 40,580,000,000 42,383,203,483 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 19 April 2020).

(i) March 13, CHF580 million for loan guarantees to SMEs; (ii) March 20, A guarantee program up to CHF20 billion to support bridging loans to SMEs; (iii) April 3, The Federal Council announced doubling the size of the loan guarantee program from CHF20 billion to CHF40 billion.