|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|European Central Bank||01 - Liquidity Support|
|European Central Bank||01A - Short-term lending||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020).||
No amount/estimate: 12 March, Conducting additional longer-term refinancing operations (LTROs) temporarily (with an interest rate equal to the average rate on the deposit facility, -0.50% currently).
|European Central Bank||01B - Support policies for short-term lending||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020).||
No amount/estimate: (i) The ECB also announced a broad package of collateral easing measures for Eurosytem credit operations in early April. These include a permanent collateral haircut reduction of 20 percent for non-marketable assets, and temporary measures for the duration of the PEPP (with a view to re-assess their effectiveness before the end of 2020) such as a reduction of collateral haircuts by 20 percent and expansion of collateral eligibility to include Greek sovereign bonds as well as an expansion of the scope of so-called additional credit claims framework so that it may also include public sector-guaranteed loans to SMEs, self-employed individuals, and households. In a move to mitigate the impact of possible rating downgrades on collateral availability , on April 22, the ECB also announced that it would grandfather until September 2021 the eligibility of marketable assets used as collateral in Eurosystem credit operations falling below current minimum credit quality requirements of “BBB-“ (“A-“ for asset-backed securities) as long as their rating remains at or above “BB” and “BB+”, respectively. Assets that fall below these minimum credit quality requirements will be subject to haircuts based on their actual ratings [update as of 29 April]; (ii) allow major banks (directly supervised by the ECB) to operate temporarily below the level of capital defined by the Pillar 2 Guidance (P2G), the capital conservation buffer (CCB) and the liquidity coverage ratio (LCR); (iii)
|European Central Bank||01C - Forex operations||Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 2020).||
Additions of temporary swap arrangements with Denmark (reactivated, amount doubled to EUR24 billion), Croatia (EUR2 billion) and Bulgaria (EUR2 billion).
|European Central Bank||02 - Credit creation||3,870,000,000,000||4,280,973,451,327|
|European Central Bank||02A - Financial sector lending/funding||870,000,000,000||962,389,380,531||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020).||
(i) March 12, Adding a temporary envelope of additional net asset purchases of EUR120 billion until the end of the year; March 18, (ii) Furthermore, launching a new temporary asset purchase programme of private and public sector securities (Pandemic Emergency Purchase Programme, PEPP) with an overall envelope of EUR 750 billion until the end of 2020. Some self-imposed purchase limits will not apply to the PEPP. A waiver of the eligibility requirements for securities issued by the Greek government will be granted for purchases under PEPP; (iii) expanding the range of eligible assets under the corporate sector purchase programme (CSPP) to non-financial commercial paper.
|European Central Bank||02B - Support policies for long-term lending||3,000,000,000,000||3,318,584,070,796||EC. https://www.ecb.europa.eu/mopo/implement/omt/html/cspp-qa.en.html (accessed 15 April 2020); EC. https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200409~3aa2815720.en.html (accessed 18 April 2020); EC. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430_1~477f400e39.en.html [accessed 3 May 2020]; OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 18 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020)||
(i) March 12, Lowering the interest rate applied in targeted longer-term refinancing operations (TLTRO III) during the period from June 2020 to June 2021 (25 basis points below the average rate applied in the Eurosystem's main refinancing operations). The targeted longer-term refinancing operations (TLTROs) are Eurosystem operations that provide financing to credit institutions. By offering banks long-term funding at attractive conditions they preserve favourable borrowing conditions for banks and stimulate bank lending to the real economy. It is estimated that the facility could provide up to around EUR3 trillion in at a negative rate, which can be as low as -0.75%, the lowest rate ECB ever offered. April 30, The governing council lowered the rate on the third round of targeted longer-term refinancing operations (TLTRO III) to -1% from -0.75% [update as of 1 May].; No amount/estimate: (ii) relaxation of countercyclical capital buffer (CCyB); (iii) March 20, Flexibility in treatment of non-performing loans (NPLs) to allow banks to fully benefit from public guarantees and moratoriums and of banks' implementation of NPL reduction strategies; (iv) March 27, requirement for banks not to pay dividends until at least 1 October 2020.; (v) see (ii) on CCB in Measure 1; (vi) The ECB Banking Supervision also provided some temporary capital relief for market risk by adjusting the prudential floor to banks’ current minimum capital requirement [update as of 29 April]; (vii) No amount/estimate: April 30, New series of non-targeted pandemic emergency longer-term refinancing operations, conducted as fixed rate tender procedures with full allotment, rate fixed at 25bp below refi rate. Operations mature in staggered sequence between July-September 2021 [update as of 3 May].
|European Central Bank||02C - Loan guarantees|
|European Central Bank||03 - Direct long-term lending|
|European Central Bank||03A - Long-term lending|
|European Central Bank||03B - Forbearance|
|European Central Bank||04 - Equity support|
|European Central Bank||05 - Government support to income/revenue|
|European Central Bank||05A - Health|
|European Central Bank||05B - Non-health|
|European Central Bank||06 - Budget reallocation|
|European Central Bank||07 - Central bank financing government|
|European Central Bank||07A - Direct lending & reserve drawdown|
|European Central Bank||07B - Secondary purchase: government securities||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 18 April 2020).||
Purchases of government bonds are included in Measure 2 (row 9). The amount could not be disaggregated from the EUR 750 billion PEPP program.
|European Central Bank||08 - International Assistance Received||129,448,280,000||143,195,000,000|
|European Central Bank||08A - Swaps||129,448,280,000||143,195,000,000||New York FED.https://apps.newyorkfed.org/markets/autorates/fxswap (accessed 20 April 2020)||
Peak amount outstanding with the US Fed: USD143.195 billion as of May 4 [update].
|European Central Bank||08B - International loans/grants|
|European Central Bank||08B1 - Asian Development Bank|
|European Central Bank||08B2 - Other|
|European Central Bank||09 - International Assistance Provided||28,000,000,000||30,973,451,327|
|European Central Bank||09A - Swaps||28,000,000,000||30,973,451,327||ECB. https://www.ecb.europa.eu/home/search/html/index.en.html?q=+swap+lines (20 April 2020).||
(i) March 20, ECB and Danmarks Nationalbank reactivate swap line EUR24 billion (increased EUR12 billion) to remain in place for as long as needed; (ii) April 15, ECB and Bulgarian National Bank set up new swap line of EUR2 billioN to remain in place until end-2020, or as long as needed; (ii) April 22, ECB and Hrvatska narodna banka set up new swap line of EUR2 billion until end-2020, or as long as needed.
|European Central Bank||09B - International loans/grants|
|European Central Bank||10 - No breakdown|