|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Belgium||01||01 - Liquidity Support||EUR|
|Belgium||01A||01A - Short-term lending||EUR|
|Belgium||01B||01B - Support policies for short-term lending||EUR|
|Belgium||01C||01C - Forex operations||EUR|
|Belgium||02||02 - Credit creation||EUR||53,000,000,000||58,628,318,584|
|Belgium||02A||02A - Financial sector lending/funding||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.
|Belgium||02C||02C - Loan guarantees||EUR||52,000,000,000||57,522,123,894||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 April 2020).||
(i) EUR50 billion (over 11% of GDP) of guarantees for new bank loans to companies and self-employed; (ii) Regional governments announced further bank-loan guarantees (around EUR2 billion, or 0.4% of GDP); (iii) No amount/estimate: A Reinsurance scheme for short-term trade credit insurance and other socio-economic measures further support these efforts.
|Belgium||03||03 - Direct long-term lending||EUR|
|Belgium||03A||03A - Long-term lending||EUR|
|Belgium||03B||03B - Forbearance||EUR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 July 2020).||
No amount/estimate: Postponement of debt repayment due to banks and insurers by affected households and companies to September 30, 2020. As of July 24, this has been extended to end-December, 2020.
|Belgium||04||04 - Equity support||EUR|
|Belgium||05||05 - Health and income support||EUR||10,260,000,000||11,349,557,522||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 20 May 2020).||
(i) EUR6.4 billion in total measures as part of the fiscal package outlined in the Stability Program to adress the crises. Key fiscal support measures include: boosting health expenditure and increasing support for those in temporary unemployment and self-employed; (ii) EUR3.8 billion (increased from EUR1.7 billion) regional governments' support to affected firms and sectors, and transfers to affected households.
|Belgium||05A||05A - Health support||EUR||1,200,000,000||1,327,433,628||European Commission. https://ec.europa.eu/info/sites/info/files/2020-european-semester-stability-programme-belgium_fr.pdf (accessed 24 May 2020).||
Of the total packages, around EUR1.2 billion are dedicated to health initiatives, with EUR1 billion for federal intiatives and EUR0.2 billion for regional.
|Belgium||05B||05B - Income support||EUR||9,060,000,000||10,022,123,894||Belgium Government. https://news.belgium.be/fr/prise-en-compte-du-conge-parental-corona-dans-la-pension-des-membres-du-personnel-de-la-fonction (accessed 12 August 2020), https://news.belgium.be/fr/covid-19-indemnite-de-crise-supplementaire-pour-certains-independants-et-conjoints-aidants-reconnus (accessed 25 July 2020), https://news.belgium.be/fr/financement-de-skeyes-suite-la-pandemie-due-au-covid-19 (accessed 18 July 2020). Federale Overheidsdienst Financien. https://financien.belgium.be/nl/Actueel/update-covid-19-verlenging-van-de-termijn-van-vrijstelling-van-rechten-en-btw-bij-invoer-op (accessed 30 July 2020). https://financien.belgium.be/nl/Actueel/vrijgestelde-reserve-ter-versterking-van-de-solvabiliteit-en-het-eigen-vermogen-ten-gevolge (accessed 2 July 2020). Service Public Federal Finances. https://finances.belgium.be/fr/douanes_accises/entreprises/corona-informations-et-mesures/mesures-de-soutien-relatives-aux-d%c3%a9lais (accessed 26 June 2020), https://finances.belgium.be/fr/Actualites/diminution-temporaire-taux-tva-secteur-horeca (accessed 14 June 2020). European Commission. https://ec.europa.eu/info/sites/info/files/2020-european-semester-stability-programme-belgium_fr.pdf (accessed 24 May 2020).||
(i) On the other hand, non-health initiatives total EUR9 billion, with EUR5.3 billion for federal and EUR3.7 billion for regional; (ii) April 3, exemptions from VAT and import duties for goods needed to mitigate the effects of COVID-19 were granted. As of July 23, this measure has been extended until October 31, 2020; (iii) In addition, reduced the VAT rate applicable to some restaurant and catering services to 6% until the end of 2020; (iv) June 9, Support measures relating to payment periods have been approved, and extension of the payment periods for VAT and Excessive Duties extend to December 31; (v) June 26, Temporary exemption from corporate tax based on losses incurred during the next tax period; (vi) July 10, EUR45 million in grants to skeyes (Belgian air navigation service) to ensure the operational and financial sustainability of the public enterprise in 2020; (vii) July 10, An advanced payment of EUR15 million was made to skeyes (Belgian air navigation service) for terminal fees for the latter half of the year; (viii) No amount/estimate: July 17, Additional crisis allowance for certain self-employed persons and assisting spouses recognized as incapacitated for work due to the containment measures; (ix) July 24, Considered coronavirus parental leaves in computing for the pension of the civil service [update].
|Belgium||06||06 - Budget reallocation||EUR|
|Belgium||07||07 - Central bank financing government||EUR|
|Belgium||07A||07A - Direct lending and reserve drawdown||EUR|
|Belgium||07B||07B - Secondary purchase: government securities||EUR|
|Belgium||08||08 - International Assistance Received||EUR|
|Belgium||08A||08A - Swaps||EUR|
|Belgium||08B||08B - International loans/grants||EUR|
|Belgium||08B1||08B1 - Asian Development Bank||EUR|
|Belgium||08B2||08B2 - Other||EUR|
|Belgium||09||09 - International Assistance Provided||EUR|
|Belgium||09A||09A - Swaps||EUR|
|Belgium||09B||09B - International loans/grants||EUR|
|Belgium||10||10 - No breakdown||EUR|
|Belgium||11||11 - Other Economic Measures||EUR||Federale Overheidsdienst Financiën. https://financien.belgium.be/nl/Actueel/akkoord-onderling-overleg-tussen-de-autoriteiten-van-duitsland-en-belgi%C3%AB-ter-verlenging-van (accessed 02 June 2020). Financial Services and Market Authority. https://www.fsma.be/nl/news/de-fsma-kondigt-de-opschorting-van-het-verbod-op-het-innemen-verhogen-van-nettoshortposities (accessed 21 May 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 9 May 2020); Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 30 April 2020).||
(i) March 30, Belgian Debt Agency issued a new syndicated EURO benchmark bond maturing October 22nd, 2027 (OLO 91) in the near future and increased the number of OLO auctions by also organizing auctions on the penultimate Monday of May, August and October; (ii) March 30, Belgian Debt Agency stops buying back OLOs maturing in 2022; (iii) April 8, The Federal Debt Agency announces that it has accepted the offers for the auction of Treasury certificates of today for a total amount of EUR 2.280 billion; (iv) Ban on short-selling stocks until May 17; (v) May 12, the Financial Services and Markets Authority agreed to not take action against companies that will not be able to comply with mandatory data provision on code of conduct risk models by June 30, 2020; (vi) May 18: Suspended the ban on short selling; (vii) June 2: Extended the agreement on taxation of cross-border workers with Germany and Netherlands until June 30, 2020.
|Belgium||12||12 - Non-Economic Measures||EUR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 July 2020).||
(i) The minority government-which has been granted enhanced executive powers-has implemented a range of measures to reduce the spread of the coronavirus, including school and retail shop closures, a ban on all gatherings, limiting movement to essential needs, ban of non-essential travel abroad; (ii) The government has announced a phased conditional on health outcomes. On this basis, manufacturing and business services sectors were reopened on May 4, to be followed by shops (May 11 and May 18). Schools will also start to gradually reopen from May 18. The reopening of other sectors and overseas travel will be assessed by June 8, while sporting events remain banned until July 31; (iii) June 11, Hospitality, cultural, and non-contact sports activities (without audience) as well as religious services were allowed to resume as of June 8. Domestic travel restrictions have been lifted; (iv) June 18, travel restrictions within the Schengen area have also been lifted; (v) July 23, Due to the recent rise in the number of new cases, the government decided to put the 5th phase of reopening on hold, imposed new preventive measures and further decentralized decision making regarding mask wearing to local authorities.
|European Central Bank||01||01 - Liquidity Support||EUR|
|European Central Bank||01A||01A - Short-term lending||EUR||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||01B - Support policies for short-term lending||EUR||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; (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).
|European Central Bank||01C||01C - Forex operations||EUR|
|European Central Bank||02||02 - Credit creation||EUR||4,470,000,000,000||4,944,690,265,487|
|European Central Bank||02A||02A - Financial sector lending/funding||EUR||4,470,000,000,000||4,944,690,265,487||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020); ECB. https://www.ecb.europa.eu/press/accounts/2020/html/ecb.mg200522~f0355619ae.en.html (accessed 22 May 2020); ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp200604~a307d3429c.en.html ( accessed 9 June 2020).||
(i) March 12, estimated EUR3 trillion for the targeted longer-term refinancing operations (TLTROs) which 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; (ii) March 12, Adding a temporary envelope of additional net asset purchases of EUR120 billion until the end of the year; (iii) March 18, launched 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. Based on The European Central Bank is “fully prepared” to provide even more stimulus as soon as June to support an economy that may shrink by a tenth this year due to the COVID-19 pandemic, the accounts of the bank’s April meeting showed on Friday; (iv) expanding the range of eligible assets under the corporate sector purchase programme (CSPP) to non-financial commercial paper; (v) June 4, The PEPP envelope will be increased by EUR600 billion to a total of EUR1,350 billion. The purchases will continue to be conducted in a flexible manner over time, across asset classes and among jurisdictions. This allows the Governing Council to effectively stave off risks to the smooth transmission of monetary policy. The horizon for net purchases under the PEPP will be extended to at least the end of June 2021. In any case, the Governing Council will conduct net asset purchases under the PEPP until it judges that the coronavirus crisis phase is over .
|European Central Bank||02B||02B - Support policies for long-term lending||EUR||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]; EC. https://www.ecb.europa.eu/mopo/implement/omo/html/index.en.html (accessed 30 April 20202); 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 9 May 2020); ECB. https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200728_1~42a74a0b86.en.html (accessed 30 July 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). On April 30, ECB lowered the rate on the third round of targeted longer-term refinancing operations (TLTRO III) to -1% from -0.75%. On the same day, ECB decided to conduct a series of seven pandemic emergency longer-term refinancing operations (PELTROs) to provide liquidity support to the euro area financial system and ensure smooth money market conditions during the pandemic period. 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) April 28, the European Commission proposed a number of changes to the Capital Requirements Regulation (Regulation (EU) 575/2013) to provide temporary capital relief to banks. These changes include inter alia extending by 2 years the current transitional arrangements for mitigating the impact of IFRS 9 provisions on regulatory capital, a later date of application of the leverage ratio buffer for global systemically important institutions, a more favourable treatment of publicly guaranteed loans under the NPL prudential backstop (the minimum loss coverage requirement for non-performing loans), and advancing the date of application of capital reduction factors in respect of certain loans to SMEs or in support of infrastructure investments; (vii) No amount/estimate: April 30, New series of non-targeted PELTROs, 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; (viii) No amount/estimate: ECB recommended for banks not to pay dividends until January 2021 and clarified that it will not require banks to start replenishing their capital buffers before the peak in capital depletion is reached .
|European Central Bank||02C||02C - Loan guarantees||EUR|
|European Central Bank||03||03 - Direct long-term lending||EUR|
|European Central Bank||03A||03A - Long-term lending||EUR|
|European Central Bank||03B||03B - Forbearance||EUR|
|European Central Bank||04||04 - Equity support||EUR|