Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Australia 02B 02B - Support policies for long-term lending AUD RBA. https://www.rba.gov.au/speeches/2020/sp-gov-2020-03-19.html (accessed 11 April 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-13.html (accessed on 5 May 2020); Australian Prudential Regulation Authority (APRA). https://www.apra.gov.au/news-and-publications/apra-announces-deferral-of-capital-reform-implementation (accessed 3 June 2020); RBA. https://www.rba.gov.au/speeches/2020/sp-dg-2020-06-30.html#fn2 (accessed 01 July 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-17.html (accessed 8 July 2020); APRA. https://www.apra.gov.au/news-and-publications/apra-releases-letter-and-data-on-temporary-loan-repayment-deferrals-due-to (accessed 10 July 2020); APRA. https://www.apra.gov.au/news-and-publications/apra-updates-regulatory-approach-to-loans-subject-to-repayment-deferral (accessed 10 July 2020); APRA. https://www.apra.gov.au/news-and-publications/apra-updates-guidance-on-capital-management-for-banks-and-insurers (accessed 30 July 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-18.html (accessed 06 August 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-20.html (accessed 01 September 2020).

No amount/estimate: (i) March 3 and 19, The policy rate was cut by 25 basis points twice to 0.25% and on May 5, June 2, July 7, August 4, and September 1 [update] the RBA announced that it will maintain the current rates. June 30, While the cash rate target has remained at 25 basis points, the actual cash rate traded in the market has declined to around 13–14 basis points; (ii) April, The Australian Prudential Regulation Authority (APRA) has provided temporary relief from its capital requirement, allowing banks to utilize some of their current large buffers to facilitate ongoing lending to the economy as long as minimum capital requirements are met. On July 9, APRA has issued a letter to ADIs, advising that this measure will be extended to cover a maximum period of 10 months from the start of a repayment deferral, or until 31 March 2021, whichever comes first. On July 29, APRA has updated its capital management guidance for ADIs, i.e. (a) retain at least 50% of earnings when making decisions on capital distributions and raise more capital through dividend reinvestment plans; (b) conduct regular stress testing to inform decision-making and demonstrate ongoing lending capacity; and (c) make use of capital buffers to absorb the impacts of stress, and continue to lend to support households and businesses; (iii) March 30, APRA announced that it is deferring its scheduled implementation of the Basel III reforms in Australia by one year to January 2023.

Austria 02B 02B - Support policies for long-term lending EUR
Belgium 02B 02B - Support policies for long-term lending EUR 1,000,000,000 1,106,194,690 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).

The National Bank of Belgium announced the decision to reduce the counter-cyclical buffer to zero, releasing approximately EUR1 billion worth of capital available to Belgian banks to expand lending.

Canada 02B 02B - Support policies for long-term lending CAD 300,000,000,000 215,015,230,245 Department of Finance Canada. https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Supporting_Financial_Market. BoC https://www.bankofcanada.ca/wp-content/uploads/2020/06/fad-press-release-2020-06-03.pdf (all accessed 10 June 2020). OSFI https://www.osfi-bsif.gc.ca/Eng/fi-if/in-ai/Pages/FRI20200828_let.aspx (Accessed 2 September)

(i) The Office of the Superintendent of Financial Institutions (OSFI) announced it is lowering the Domestic Stability Buffer by 1.25% of risk-weighted assets to 1%, effective immediately. This action will allow Canada’s large banks to inject CAD300 billion of additional lending in to the economy; (ii) June 3, the BoC maintained its targets at 0.5% for the Bank Rate (penalty rate) and 0.25% for both the deposit rate (interest on reserves) and the overnight rate target; (iii) No amount/estimate: August 31, the Office of the Superintendent of Financial Institutions (OSFI) extended regulatory flexibility for insurers for 6 more months, including relaxing requirements for insurers regarding capital requirements for premiums or insured loans that are delinquent or for which a payment deferral has been given. [update]

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 %.

Finland 02B 02B - Support policies for long-term lending EUR 82,000,000,000 90,707,964,602 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020); KPMG. https://home.kpmg/xx/en/home/insights/2020/04/finland-government-and-institution-measures-in-response-to-covid.html (accessed 16 April 2020).

(i) EUR52 billion in lending capacity due to the 1 ppt reduction in the structural buffer requirements of all credit institutions by removing the systemic risk buffer and adjusting institution-specific requirements; (ii) EUR30 billion in lending capacity due to the decisions of the macroprudential supervisors of other countries.

France 02B 02B - Support policies for long-term lending EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020); Banque de France. https://acpr.banque-france.fr/communique-de-presse/lacpr-appelle-les-institutions-financieres-sous-sa-supervision-suivre-la-recommandation-esrb202007 (accessed 6 August 2020).

(i) No amount/estimate: April, Reducing the counter-cyclical bank capital buffer to 0% (an increase from 0.25 percent to 0.5 percent, effective April); (ii) credit mediation to support renegotiation of SMEs’ bank loans; (iii) June 28, L'ACPR, Banque de France, required financial institutions under its supervision to follow the recent EU directive and refrain until January 1, 2021 from paying dividends, buying back shares or granting new variable remuneration to the main risk takers within them .

Germany 02B 02B - Support policies for long-term lending EUR International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020) ; Bundesministerium der Finanzen. https://www.bundesfinanzministerium.de/Content/DE/Pressemitteilungen/Finanzpolitik/2020/07/2020-07-29-PM-Risikoreduzierungsgesetz.html (accessed 6 August 2020).

(i) No amount/estimate: April 1, Release of the countercyclical capital buffer for banks from 0.25% to zero; (ii) No amount/estimate: July 29, The Federal Cabinet passed a draft law to strengthen the stability of the banking sector and protect taxpayers and investors. Large banks will have to maintain loss buffers of at least 8% of their total assets, which cushion losses in the event of a crisis (https://bit.ly/3gxzoTh).

Ireland 02B 02B - Support policies for long-term lending EUR OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).

No amount/estimate: the Central Bank has cut the Counter Cyclical Capital Buffer from 1% to 0%. This decision will free up bank capital that can be used to provide credit, and to restructure and extend the loans of bank customers, both individuals and SMEs.

Italy 02B 02B - Support policies for long-term lending EUR OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#F (accessed 6 June 2020); Banca d' Italia. https://www.bancaditalia.it/media/notizia/aggiornamento-della-raccomandazione-della-banca-d-italia-sulla-distribuzione-di-dividendi-e-sulle-politiche-di-remunerazione-variabile/ (accessed 6 August 2020); Banca d' Italia. https://www.bancaditalia.it/media/comunicati/documenti/2020-02/CS_Raccomandazione_politiche_dividendi.pdf (accessed 6 Agust 2020).

(i) May 20, 2020, to promote the use of credit claims as collateral and to incentivize lending to small and medium-sized enterprises, the Bank of Italy has extended the additional credit claim frameworks to include loans backed by COVID-19-related public sector guarantees; (ii) July 28, Banca d' Italia announced updates to its recommendations on the distribution of dividends and variable remuneration policies. Recommended less significant banks to not pay dividends for 2019 and 2020, to refrain from repurchasing shares with the aim of remunerating shareholders, and to reduce variable remuneration to preserve capital ; (iii) July 30, Italian Institute for the Supervision of Insurance recommended companies to not distribute dividends, avoid the repurchase of ordinary shares, and refrain from paying variable pay until January 1, 2021 .

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.

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

No amount/estimate: (i) The Luxembourg authorities have intensified off-site oversight of key risks in the banking sector and stepped up surveillance of investment funds, including new requirements for weekly updates on financial data and fund managers’ governance arrangements. They have introduced a draft law which, among others, grants the supervisory bodies powers to extend, for the duration of the COVID-19 crisis, reporting deadlines for entities under their remit; (ii) Banks were advised to refrain from distributing accumulated profits should this constrains their capacity to meet their clients’ credit and liquidity needs.

Netherlands 02B 02B - Support policies for long-term lending EUR 6,000,000 6,637,168 OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020); Bruegel. https://www.bruegel.org/publications/datasets/covid-national-dataset/#netherlands (accessed 15 April 2020).

March, (i) EUR6 million credit created by reducting interest rates from (Qredits); (ii) No amount/estimate: De Nederlandsche Bank (DNB) reduced systemic buffers from the current 3% of global risk-weighted exposures to 2.5% for ING, 2% for Rabobank and 1.5% for ABN Amro; (iii) No amount/estimate: the planned introduction of a risk weight floor for mortgage loans has been postponed. It is expressly intended that this released capital is used to support lending, as opposed to paying dividends or buying back own shares.

New Zealand 02B 02B - Support policies for long-term lending NZD 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/covid-19 (accessed 08 May 2020).

No amount/estimate: (i) March 27, RBNZ (a) cut the official cash rate (OCR) by 75 basis points to 0.25% (at least 12 months), and (b) reduced bank’s core funding ratio requirement to 50% from 75% to help banks make credit available; (ii) March, The implementation date of regulatory reform requiring higher capital for banks has been postponed to July 2021; (iii) March, Other regulatory initiatives are also put on hold; (iv) March, RBNZ announced that there will be no dividend payments on ordinary shares and redemption of non-CET1 capital instruments; (v) April 30, RBNZ has removed loan-to-value ratio (LVR) restrictions on housing loans for 1 year (until May 2021).

Norway 02B 02B - Support policies for long-term lending NOK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020; 8 May 2020); OECD. http://www.oecd.org/coronavirus/en/ (accessed 19 April 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 25 June 2020).

No amount/estimate: (i) Reduction of the policy rate by 1.25% to 0.25%; (ii) March 13, Easing of countercyclical capital buffer by 1.5%; (iii) March 18, Lighter security pledges for access to loans from Norges Bank; (iv) March 23, Temporary easing of mortgage regulations, in particular increase in the percent of mortgages that can deviate from the regulations; (iv) May, reduction of the policy rate by an additional 0.25% to 0%; (v) Reduced lending rates for both risk and low-risk loans by 25 basis points each; (vi) June 11, increased flexibility quotas for loan mortgage regulations to the third quarter of 2020. This flexible quotas refer to requirements set by the Consumer Loan Regulations, including loan-to-value ratio, installment payment, and the customer's ability to service debt in relation to income; (vii) June 19, adopted new rules to simplify reconstruction negotiations for small businesses.

Portugal 02B 02B - Support policies for long-term lending EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 9 May 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 18 June 2020).

No amount/estimate: (i) The Banco de Portugal (BdP) has relaxed some aspects of its macroprudential measures for consumer credit; (ii) Series of measures directed to less significant banks under its supervision: (a) the possibility to temporarily operate below selected capital and liquidity requirements; (b) a recommendation to restrict dividend distributions; (c) extension of deadlines of some reporting obligations, (d) rescheduling of on-site inspections and the stress test exercise; (ii) June, new consumer credit (maturities up to 2 years), granted between 1/4-30/9 to mitigate households’ temporary liquidity shortages will not have to comply with the DSTI ratio threshold.

Spain 02B 02B - Support policies for long-term lending EUR Organisation for Economic Co-operation and Development (OECD). http://www.oecd.org/coronavirus/en/ (accessed 30 April 2020); International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 July 2020).

No amount/estimate: (i) April 21, Authorized the Insurance Compensation Consortium to act as a reinsurer of credit insurance risks to strengthen the channelling of resources to commercial credit; (ii) June, the Bank of Spain will apply to the banks it supervises the flexibility provided by the legal system in relation to the setting of transition periods and the intermediate minimum requirements for own funds and eligible liabilities (MREL) targets; and banks will be allowed to apply expert judgement for the credit-risk classification of forborne exposures.

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.

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%.

Turkey 02B 02B - Support policies for long-term lending TRY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020); CBRT. https://bit.ly/3hETawS3 (accessed 29 April 2020)

(i) No amount/estimate: March 31, The limits for the targeted additional liquidity facilities offered to secure uninterrupted credit flow to the corporate sector will be increased; (ii) April 1, Joint-stock companies' dividend distributions (decided in shareholders' meetings) are capped to 25% of their 2019 profits (iii) April, The Central Bank of the Republic of Turkey lowered the policy rate by 100 basis points to 9.75%; (iv) May 6, banks are required to maintain a new consolidated and individual asset ratio of at least 100% starting at the beginning of June; otherwise, they will have to pay an administration fee.

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 States 02B 02B - Support policies for long-term lending USD FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200303a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200326b.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200401a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200403a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200406a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200414a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200430b.htm (accessed 6 May 2020). https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200515a.htm (accessed 27 May 2020). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200610a.htm (accessed 12 June). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200610b.htm (accessed 12 June). FED https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200625c.htm (accessed 26 June). FED https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200625b.htm (accessed 26 June). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200827a.htm (accessed 2 September)

(i) No amount/estimate: March 3, the Federal Reserve's Open Market Committee lowered the target range for the federal funds rate by 0.5% to between 1%-1.25%; (ii) No amount/estimate: March 15, the Federal Reserve's Open Market Committee lowered its target range for the federal funds rate by 1% to between 0%-0.25%; (iii) No amount/estimate: March 20, federal financial regulators redefined "eligible retained income" for a banking organization in order to avoid sudden drops in lending to avoid restrictions on dividend distributions in times of stress; instead this interim rule encourages banks to use existing capital buffers while making prudent lending decisions; (iv) No amount/estimate: March 23, federal financial regulators together allowed borrowers at the MMLF to apply a capital risk weight of 0 to assets pledged as collateral to the facility against the loans; (v) No amount/estimate: March 26, the Federal Reserve allowed financial institutions with USD5 billion or less in total assets 30 additional days to submit its regulator financial statements; federal financial institution regulators and state regulators offered similar reporting relief; (vi) No amount/estimate: March 31, the federal financial regulators enable financial institutions to delay for two years an estimate of Measurement of Credit Losses on Financial Instruments' (CECL) effect on regulatory capitalif they adopt CECL by the end of 2020; (vii) No amount/estimate: April 1, the Federal Reserve excluded US Treasury securities and balances in reserve accounts from from the supplementary leverage ratio rule through March 21, 2021; (viii) No amount/estimate: April 3, the federal financial institution regulatory agencies provided regulatory flexibility to enable mortgage servicers to work with struggling borrowers affected by COVID-19; the agencies will provide flexible supervisory and enforcement during the COVID-19 pandemic regarding certain communications to consumers required by the mortgage servicing rules; (ix) No amount/estimate: April 6, the federal bank regulatory agencies temporarily reduced the community bank leverag ratio to 8% from greater than 9%; the ratio will be 8% throughout 2020, 8.5% for 2021, and 9% thereafter; (x) No amount/estimate: April 14, the Federal financial regulators issued an interim final rule to temporarily defer real-estate related appraisals and evaluations for up to 120 days; (xi) No amount/estimate: April 30, The Federal Reserve expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders, and expanded the collateral that can be pledged; PPPLF loans will receive a risk weighting of 0% for regulatory capital requirements; (xii) May 15. US financial regulators temporarily excluded U.S. Treasury securities and banks' deposits at Federal Reserve Banks from the calculation of banks' supplementary leverage ratio. The supplementary leverage ratio generally includes subsidiaries of bank holding companies with more than USD250 billion in total consolidated assets, and requires them to hold a minimum ratio of 3% of capital against their total leverage exposure. Banks must request approval from their primary federal banking regulators before making capital distributions (such as paying dividends) as long as this exclusion is in effect; (xiii) No amount/estimate: June 10, The Fed's Federal Open Market Committee (FOMC) announced that it expected to maintain its target range for the federal funds rate at 0 to 0.25% "until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals"; the FOMC's accompanying projections showed members projecting the rate would stay within this range through 2022; (xiv) No amount/estimate: June 25, In light of stress test results the Federal Reserve required large banks to suspend share repurchases, cap dividend payments, and re-evaluate longer-term capital plans during the 3rd quarter of 2020; (xv) No amount/estimate: June 25, Federal regulatory agencies responsible for bank regulation issed a final rule that ended the requirement that entities within the same banking organization hold initial margin for uncleared swaps with each other, known as inter-affiliate swaps; (xvi) No amount/estimate: August 3, Federal Financial Institutions Examination Council issued a joint statement providing prudent risk management and consumer protection principles for financial institutions to consider while working with borrowers as loans near the end of initial loan accommodation periods applicable to COVID-19; (xvii) No amount/estimate; August 27, The FOMC announced unanimous approval of updates to its STatement on Longer-Run Goals and Monetary Policy Strategy, whereby the FOMC is willing to allow inflation greater than its 2% target rate, temporarily.

Australia 02B 02B - Support policies for long-term lending AUD 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/speeches/2020/sp-gov-2020-03-19.html (accessed 11 April 2020).

No amount/estimate: (i) March 3 and 19, The policy rate was cut by 25 basis points twice to 0.25%; (ii) The Australian Prudential Regulation Authority (APRA) has (a) provided temporary relief from its capital requirement, allowing banks to utilize some of their current large buffers to facilitate ongoing lending to the economy as long as minimum capital requirements are met, and (b) March 30, announced that it is deferring its scheduled implementation of the Basel III reforms in Australia by one year to January 2023.

Austria 02B 02B - Support policies for long-term lending EUR
Belgium 02B 02B - Support policies for long-term lending EUR 1,000,000,000 1,106,194,690 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).

The National Bank of Belgium announced the decision to reduce the counter-cyclical buffer to zero, releasing approximately EUR1 billion worth of capital available to Belgian banks to expand lending.

Canada 02B 02B - Support policies for long-term lending CAD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020).

No amount/estimate: (i) March, BoC reduced the overnight policy rate by 150 bps (to 0.25%); (ii) Office of the Superintendent of Financial Institutions (OSFI), the bank regulator, lowered the Domestic Stability Buffer for D-SIBs to 1% of risk weighted assets (previously 2.25%).

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 %.

Finland 02B 02B - Support policies for long-term lending EUR 82,000,000,000 90,707,964,602 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020); KPMG. https://home.kpmg/xx/en/home/insights/2020/04/finland-government-and-institution-measures-in-response-to-covid.html (accessed 16 April 2020).

(i) EUR52 billion in lending capacity due to the 1 ppt reduction in the structural buffer requirements of all credit institutions by removing the systemic risk buffer and adjusting institution-specific requirements; (ii) EUR30 billion in lending capacity due to the decisions of the macroprudential supervisors of other countries.

France 02B 02B - Support policies for long-term lending EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).

(i) No amount/estimate: April, Reducing the counter-cyclical bank capital buffer to 0% (an increase from 0.25 percent to 0.5 percent, effective April); (ii) credit mediation to support renegotiation of SMEs’ bank loans.

Germany 02B 02B - Support policies for long-term lending EUR International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020).

No amount/estimate: April 1, Release of the countercyclical capital buffer for banks from 0.25% to zero.

Ireland 02B 02B - Support policies for long-term lending EUR OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).

No amount/estimate: the Central Bank has cut the Counter Cyclical Capital Buffer from 1% to 0%. This decision will free up bank capital that can be used to provide credit, and to restructure and extend the loans of bank customers, both individuals and SMEs.

Italy 02B 02B - Support policies for long-term lending EUR OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).

See Non-lending actions of Measure 1.

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.

Luxembourg 02B 02B - Support policies for long-term lending EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 April 2020).

No amount/estimate: (i) The Luxembourg authorities have intensified off-site oversight of key risks in the banking sector and stepped up surveillance of investment funds, including new requirements for weekly updates on financial data and fund managers’ governance arrangements. They have introduced a draft law which, among others, grants the supervisory bodies powers to extend, for the duration of the COVID-19 crisis, reporting deadlines for entities under their remit; (ii) Banks were advised to refrain from distributing accumulated profits should this constrains their capacity to meet their clients’ credit and liquidity needs.

Netherlands 02B 02B - Support policies for long-term lending EUR 6,000,000 6,637,168 OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020); Bruegel. https://www.bruegel.org/publications/datasets/covid-national-dataset/#netherlands (accessed 15 April 2020).

March, (i) EUR6 million credit created by reducting interest rates from (Qredits); (ii) no amount/estimate: De Nederlandsche Bank (DNB) reduced systemic buffers from the current 3% of global risk-weighted exposures to 2.5% for ING, 2% for Rabobank and 1.5% for ABN Amro; (iii) no amount/estimate: the planned introduction of a risk weight floor for mortgage loans has been postponed. It is expressly intended that this released capital is used to support lending, as opposed to paying dividends or buying back own shares.

New Zealand 02B 02B - Support policies for long-term lending NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020).

No amount/estimate: (i) March 27, RBNZ (a) cut the official cash rate (OCR) by 75 basis points to 0.25% (at least 12 months), and (b) reduced bank’s core funding ratio requirement to 50% from 75% to help banks make credit available; (ii) The implementation date of regulatory reform requiring higher capital for banks has been postponed to July 2021; (iii) March, Other regulatory initiatives are also put on hold; (iv) RBNZ announced that there will be no dividend payments on ordinary shares and redemption of non-CET1 capital instruments.

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

No amount/estimate: (i) Reduction of the policy rate by 1.25 percentage points to 0.25%; (ii) March 13, Easing of countercyclical capital buffer by 1.5 percentage points; (iii) March 18, Lighter security pledges for access to loans from Norges Bank; (iv) March 23, Temporary easing of mortgage regulations, in particular increase in the percent of mortgages that can deviate from the regulations.

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

No amount/estimate: (i) The Banco de Portugal (BdP) has relaxed some aspects of its macroprudential measures for consumer credit; (ii) Series of measures directed to less significant banks under its supervision: (a) the possibility to temporarily operate below selected capital and liquidity requirements; (b) a recommendation to restrict dividend distributions; (c) extension of deadlines of some reporting obligations, (d) rescheduling of on-site inspections and the stress test exercise.

Spain 02B 02B - Support policies for long-term lending EUR
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.

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.

Turkey 02B 02B - Support policies for long-term lending TRY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020); CBRT. https://www.tcmb.gov.tr/wps/wcm/connect/en/tcmb+en/main+menu/announcements/press+releases/2020/ano2020-23 (accessed 29 April 2020)

No amount/estimate: (i) March 31, The limits for the targeted additional liquidity facilities offered to secure uninterrupted credit flow to the corporate sector will be increased; (iI) April, The Central Bank of the Republic of Turkey (CBRT) lowered the policy rate by 100 basis points to 9.75%.