Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Australia 02A 02A - Financial sector lending/funding AUD 215,000,000,000 133,686,999,908 RBA. https://www.rba.gov.au/mkt-operations/term-funding-facility/ (accessed 16 April 2020); Department of Treasury. https://treasury.gov.au/sites/default/files/2020-05/Overview-Economic_Response_to_the_Coronavirus_3.pdf (accessed 3 June 2020); Department of Treasury. https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/government-invest-15b-support-sme-lending (accessed 3 June 2020); RBA. https://www.rba.gov.au/covid-19/ (accessed 03 June 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-20.html (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].

Austria 02A 02A - Financial sector lending/funding EUR
Belgium 02A 02A - Financial sector lending/funding EUR
Canada 02A 02A - Financial sector lending/funding CAD 218,739,000,000 156,774,054,829 Bank of Canada. https://www.bankofcanada.ca/markets/market-operations-liquidity-provision/market-operations-programs-and-facilities/canada-mortgage-bond-purchase-program/#marketFunctioning; Bank of Canada. https://www.bankofcanada.ca/markets/market-operations-liquidity-provision/market-operations-programs-and-facilities/provincial-bond-purchase-program/ (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).

Denmark 02A 02A - Financial sector lending/funding DKK
Finland 02A 02A - Financial sector lending/funding EUR
France 02A 02A - Financial sector lending/funding EUR
Germany 02A 02A - Financial sector lending/funding EUR
Ireland 02A 02A - Financial sector lending/funding EUR
Italy 02A 02A - Financial sector lending/funding EUR
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.

Luxembourg 02A 02A - Financial sector lending/funding EUR
Netherlands 02A 02A - Financial sector lending/funding EUR
New Zealand 02A 02A - Financial sector lending/funding NZD 3,000,000,000 1,814,442,966 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/05/term-lending-facility-details-outlined-to-promote-business-lending (accessed on 12 May 2020); RBNZ. https://www.rbnz.govt.nz/covid-19 (accessed 08 May 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/05/large-scale-asset-purchases-expanded (accessed 14 May 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/08/changes-to-term-lending-facility (accessed 24 August 2020).

(i) No amount/estimate: April, The RBNZ is introducing a Term Lending Facility (TLF), a longer-term funding scheme for banks at low interest rates for up to 3 years duration. On May 04, further details have been announced, i.e., under the facility, RBNZ will offer to lend funds to banks at the official cash rate of 0.25%, and will be available to use for six months, starting from May 26 and ending on October 29. On August 20, RBNZ announced that the term has been extended to five years from three years [update]; (ii) April 7, The RBNZ announced that it has added NZD3 billion (equivalent to 30% on issue) of Local Government Funding Agency (LGFA) debt to the Large-Scale Asset Program (LSAP) (See Measure 10 notes: No breakdown).

Norway 02A 02A - Financial sector lending/funding NOK
Portugal 02A 02A - Financial sector lending/funding EUR
Spain 02A 02A - Financial sector lending/funding EUR
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].

Switzerland 02A 02A - Financial sector lending/funding CHF/CHE/CHW
Turkey 02A 02A - Financial sector lending/funding TRY
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 States 02A 02A - Financial sector lending/funding USD 2,124,557,000,000 2,124,557,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020); FED. https://www.federalreserve.gov/monetarypolicy/smccf.htm (accessed May 30); FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200429a.htm (accessed 29 April 2020); FED. https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm, https://www.federalreserve.gov/newsevents/pressreleases/monetary20200608a.htm (both accessed 07 September 2020).

(i) April 8, the Federal Reserve's Paycheck Protection Program Lending Facility (PPPLF) authorizes each of the 12 Federal Reserve Banks to establish and operate the PPPLF, which lends to eligible lenders against loans extended through the Small Business Administration's (SBA) Paycheck Protection Program (PPP) established by the CARES Act; there is no upper limit to the amount of loans the PPPLF can purchase; as of August 19, the PPPLF had USD67.8 billion in loans outstanding according to the Federal Reserve's weekly reporting; the peak figure of USD68.503 billion was reported by the Fed on July 22 [update]; (ii) April 9, the Federal Reserves Secondary Market Credit Facility (SMCCF) will through the New York Federal Reserve lend to a special purpose vehicle (SPV), which will purchase investment-grade (rated as of March 22) corporate bonds in the secondary market; the US Treasury will take the first USD25 billion in losses as per the CARES Act authorization; combined authorized amount for the SMCCF and the PMCCF (in 3A) is USD750 billion; as of August 19, the PMCCF and SMCCF combined have USD12.304 billion in loans outstanding, which is also the peak loan value from the Federal Reserve's weekly reports [update]; (iii) April 9, The Federal Reserve's Main Street New Loan Facility will include the Main Street Expanded Lending Facility (MSELF) and Main Street Priority Loan Facility (MSPLF); it will lend to a special purpose vehicle (SPV) that will purchase 95% of eligible loans to small and medium-sized businesses made by eligible lenders; the SPV receives up to a USD75 billion equity investment from the US Treasury under the CARES Act; total loans authorized for purchase by the Main Street Lending facilities is USD600 billion; June 8, the Federal Reserve's MSPLF and MSELF were expanded to include more small and medium sized businesses--the changes include lowering the minimum size of certain loans from USD500 thousand to USD250 thousand, increasing the maximum size and delaying principal payments for 2 years rather than 1; July 17, the Federal Reserve Board modified the MSLF to provide greater access to credit for nonprofit organizations including educational institutions, hospitals, and social service organizations; as of August 19, the MSLF has USD472 million in loans outstanding, which is also the peak figure for the program [update]; (iv) May 12, the Federal Reserve re-established the Term Asset-Backed Securities Loan Facility (TALF) to help stabilize private issuance of asset-backed securities; the New York Federal Reserve will lend to a special purpose vehicle (SPV) that will then make the loans; the US Treasury under the CARES Act will take the first USD10 billion in losses as per the CARES Act; the TALF SPV will lend to eligible financial institutions and investment funds for up to 3 years against eligible asset-backed securities; the TALF SPV is currently authorized to lend a total of USD 100 billion; as of August 19, the TALF had USD2.266 billion in loans outstanding, which is also the peak figure [update]; (v) as of August 19, the Federal Reserve's mortgage backed securities holdings were USD1,977.897 billion; this is also the peak value since February 26 -- when holdings were USD1,372 billion --for a total increase in USD equal to USD606.054 billion [update]; (vi) July 17, the Federal Reserve Board modified the MSLF to provide greater access to credit for nonprofit organizations including educational institutions, hospitals, and social service organizations.

Australia 02A 02A - Financial sector lending/funding AUD 90,000,000,000 55,961,999,961 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020); RBA. https://www.rba.gov.au/mkt-operations/term-funding-facility/ (accessed 11 April 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 (See Measure 9: No breakdown); (ii) 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]).

Austria 02A 02A - Financial sector lending/funding EUR
Belgium 02A 02A - Financial sector lending/funding EUR
Canada 02A 02A - Financial sector lending/funding CAD 150,000,000,000 107,507,615,123 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020).

Under the Insured Mortgage Purchase Program, the government will purchase up to CAD150 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation (CMHC).

Denmark 02A 02A - Financial sector lending/funding DKK
Finland 02A 02A - Financial sector lending/funding EUR
France 02A 02A - Financial sector lending/funding EUR
Germany 02A 02A - Financial sector lending/funding EUR
Ireland 02A 02A - Financial sector lending/funding EUR
Italy 02A 02A - Financial sector lending/funding EUR
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.

Luxembourg 02A 02A - Financial sector lending/funding EUR
Netherlands 02A 02A - Financial sector lending/funding EUR
New Zealand 02A 02A - Financial sector lending/funding NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020); Reserve Bank of New Zealand (RBNZ). https://www.rbnz.govt.nz/news/2020/03/rbnz-to-implement-30bn-large-scale-asset-purchase-programme-of-nz-govt-bonds (accessed 12 April 2020).

No amount/estimate: April, The RBNZ is introducing a Term Lending Facility (TLF), a longer-term funding scheme for banks at low interest rates for up to 3 years duration.

Norway 02A 02A - Financial sector lending/funding NOK
Portugal 02A 02A - Financial sector lending/funding EUR
Spain 02A 02A - Financial sector lending/funding EUR
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.

Switzerland 02A 02A - Financial sector lending/funding CHF/CHE/CHW
Turkey 02A 02A - Financial sector lending/funding TRY