|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Canada||01||01 - Liquidity Support||CAD||261,201,000,000||187,207,310,518|
|Canada||01A||01A - Short-term lending||CAD||261,201,000,000||187,207,310,518||Canada Mortgage ad Housing Corporation. https://www.cmhc-schl.gc.ca/en/finance-and-investing/mortgage-loan-insurance/the-resource/covid19-understanding-mortgage-payment-deferral; Bank of Canada. https://www.bankofcanada.ca/2020/06/bank-canada-announces-changes-term-repo-operations-bankers-acceptance-purchase-facility (all accessed 10 June 2020).||
All amounts are peak value since March 4; BoC has not announced limits for any facility. (i) CAD38.766 billion (April 8 peak) - Bankers' Acceptance Purchase Facility (BAPF); (ii) CAD7.629 billion (July 1 peak) [update]: The Provincial Money Market Purchase (PMMP) program is an asset purchase facility that will acquire provincially-issued money market securities through the primary issuance market. This program will support a liquid and well-functioning market for short-term provincial borrowing. Under the PMMP, the Bank will purchase up to 40% of each offering of directly-issued provincial money market securities with terms to maturity of 12 months or less. This includes treasury bills and short-term promissory notes of all Canadian provinces. The 40% limit may be adjusted if market conditions warrant. The Bank will make its first purchases under the PMMP on Wednesday, March 25. This facility, combined with the Bank’s other recent actions, will provide a material amount of support to provincial funding markets; (iii) CAD2.993 billion (April 29 peak): The Commercial Paper Purchase Program (“CPPP” 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”). The program will purchase CP new issuance in the primary market via dealers and after issuance from eligible counterparties in the secondary market. The program will purchase from eligible issuers up to three-month CAD-denominated CP, including asset-backed CP (“ABCP”). Draws can be rolled during the operation of the program; (iv) CAD211.227 billion (June 10 peak): (CTRF) Term Repo Facility and other term repos. Up to 1 month repos; Standing Liquidity Facility and Standing Term Liquidity Facility; March 4 level was CAD14.518 billion, so peak = 211.227 - 14.518 = CAD196.709 billion; (v) Advances = CAD9.904B (April 15 peak); (vi) No amount/estimate; the Canada Emergency Business Account (CEBA) will provide interest-free loans of up to CAD 40,000 to small businesses and not-for-profits; (vii) Farm Credit Canada will provide an additional CAD5 billion in lending to producers, agribusiness, and food processors; (viii) Canadian Dairy Commission's borrowing limit increased by CAD200 million; (viii) June 3, Effective June 6, the BoC will reduce the frequency of BAPF operations to bi-weekly; (ix) June 3, Effective June 15 the BoC will reduce the frequency of its Term Repo operations from twice to once per week, and the number of maturity points will be reduced from 4 to 2; (x) Farm Credit Canada was authorized by the government to provide an additional CAD5 billion in lending to producers, agribusiness, and food processors.
|Canada||01B||01B - Support policies for short-term lending||CAD||Bank of Canada. https://www.bankofcanada.ca/2020/04/assets-eligible-collateral-standing-liquidity-facility-090420/; Bank of Canada. https://www.bankofcanada.ca/2020/06/bank-canada-announces-changes-term-repo-operations-bankers-acceptance-purchase-facility/ (all accessed 10 June 2020).||
No amount/estimate. (i) Most recent collateral policies, assets aligible as Collateral under the Bank of Canada’s Standing Liquidity Facility (SLF), provides access to liquidity to those institutions that participate directly in the Large Value Transfer System (LVTS).(ii) On April 9, the Bank widened the eligibility requirements of term asset-backed securities accepted as collateral; (iii) April 24, the Bank included term repurchase agreements up to 90 days in its Standing Term Liquidity Facility (STLF); (iii) June 3, eligible securities for collateral in Term Repo operations will be reduced to exclude all large value transaction settlement (LVTS) members' bankers' acceptances or bearer deposit notes (including own name).
|Canada||01C||01C - Forex operations||CAD|
|Canada||02||02 - Credit creation||CAD||518,739,000,000||371,789,285,074|
|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).
|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]
|Canada||02C||02C - Loan guarantees||CAD||Department of Finance Canada. https://www.canada.ca/en/department-finance/economic-response-plan.html (accessed 10 June 2020).||
No amount/estimate: Loan Guarantee for Small and Medium-Sized Enterprises through the Business Credit Availability Program, Export Development Canada (EDC) is working with financial institutions to guarantee 80% of new operating credit and cash flow term loans of up to CAD6.25 million to small and medium-sized enterprises (SMEs).
|Canada||03||03 - Direct long-term lending||CAD||25,000,000,000||17,917,935,854|
|Canada||03A||03A - Long-term lending||CAD||25,000,000,000||17,917,935,854||Department of Finance Canada. https://www.canada.ca/en/department-finance/economic-response-plan.html (accessed 10 June 2020).||
(i) CAD25 billion- Expanding the Canada Emergency Business Account (CEBA) to businesses that paid between CAD20,000 and CAD1.5 million in total payroll in 2019.
|Canada||03B||03B - Forbearance||CAD||Bank of Canada. https://www.cmhc-schl.gc.ca/en/finance-and-investing/mortgage-loan-insurance/the-resource/covid19-understanding-mortgage-payment-deferral (accessed 10 June 2020). Canada Department of Finance https://www.canada.ca/en/department-finance/news/2020/06/government-announces-extension-of-rent-relief-program-for-small-businesses.html (accessed 1 July 2020).||
(i) Mortgage Payment Deferral from the Canada Mortgage and Housing Corporation, in which interest on mortgage deferrals is added to the principal; no amount/estimate; (ii) Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. This program will lower rent by 75% for small businesses that have been affected by COVID-19; June 30, CECRA was extended by one month to cover small business rents for July and, to simplify the application process, the government is removing the requirement to claw-back insurance proceeds and provincial rent supports from the CECRA forgivable loan amount for both existing and new applicants; This will provide important relief for small businesses that continue to experience financial hardship, and also allow property owners to maintain rental income and keep tenants in their commercial properties as the economy gradually restarts; (iii) No amount/estimate: Deferring payments for tourism operators on commercial leases and licenses of occupation;
|Canada||04||04 - Equity support||CAD||537,000,000||384,877,262||Department of Finance Canada. https://www.canada.ca/en/department-finance/economic-response-plan.html (accessed 10 June 2020).||
(i) CAD287 million to support rural businesses and communities by providing them with much-needed access to capital through the Community Futures Network. (ii) CAD250 million to assist innovative, early-stage companies that are unable to access other COVID-19 business supports through the Industrial Research Assistance Program (IRAP).
|Canada||05||05 - Health and income support||CAD||48,839,100,000||35,003,834,438|
|Canada||05A||05A - Health support||CAD||77,500,000||55,545,601||Department of Finance Canada. https://www.canada.ca/en/department-finance/news/2020/05/government-provides-tariff-relief-to-importers-of-certain-medical-goods.html (accessed 10 June 2020).||
(i) CAD77.5 million - Personal protective equipment (PPE).
|Canada||05B||05B - Income support||CAD||48,761,600,000||34,948,288,837||Department of Finance Canada.. https://www.canada.ca/en/department-finance/economic-response-plan.html?topic=ex-col-faq (accessed 10 June 2020). Department of Finance https://www.canada.ca/en/department-finance/news/2020/07/supporting-canadian-workers-and-businesses-with-a-redesigned-canada-emergency-wage-subsidy.html (accessed 20 July 2020). Department of Finance https://www.canada.ca/en/department-finance/news/2020/07/government-legislation-to-support-canadian-workers-businesses-persons-with-disabilities-and-legal-rights-receives-royal-assent.html (accessed 31 July 2020). Department of Finance https://www.canada.ca/en/department-finance/news/2020/07/government-announces-new-extension-of-rent-relief-for-small-businesses.html (accessed 1 August 2020)||
(i) Emergency care benefit - CAD10 billion; (ii) Emergency Support Benefit - CAD5 billion; (iii) GST Credit - CAD5.5 billion; (iv) Enhanced Canada Child Benefit - CAD1.9 billion; (v) Temporary Business Wage Subsidy - CAD3.8 billion; (vi) Canada Student Loan Payments - CAD190 million; (vii) Support for Indigenous Communities - CAD305 million; (viii) Support for people experiencing homelessness (through Reaching Home) - CAD157.5 million; (ix) Support for women’s shelters and sexual assault centres including on reserve - CAD50 million; (x) Lower Registered Retirement Income Fund Minimum Withdrawal Amounts - CAD495 million; (xi) CAD10.5 billion as of June 8; Canada Emergency Wage subsidy (CEWS) calculator, the CEWS applies at a rate of 75% of the first CAD58,700 normally earned by employees-representing a benefit of up to CAD847 per week, per employee. The program is in place for a 12-week period, from March 15 to June 6, 2020; (xii) CAD20.1 million in support for Futurpreneur Canada to continue supporting young entrepreneurs across Canada who are facing challenges due to COVID-19; (xiii) CAD15 million in non-repayable support for businesses in the territories to help address the impacts of COVID-19; (xiv) CAD675 million to give financing support to small and medium-sized businesses that are unable to access other COVID-19 business supports, through Canada's Regional Development Agencies; (xv) CAD274 million - Creating new jobs and opportunities for youth; (xvi) No amount/estimate: Canada Emergency Response Benefit (CERB) provides a taxable benefit of CAD2,000 every 4 weeks for up to 16 weeks to eligible workers who have lost their income due to COVID-19; (xvii) CAD2.47 billion - clean energy; (xviii) CAD350 million - to support vulnerable Canadians through charities and non-profit organizations; (xviii) No amount/estimate: Waiving ground lease rents through December 2020 for airport authorities that pay rent to the federal government; (xix) CAD500 million - COVID-19 Emergency Support Fund for cultural, heritage, and sport organization to address financial needs of affected organizations so they can continue to support artists and athletes; (xx) CAD5.365 billion for agriculture and fisheries; (xxi) No amount/estimate: Increased payments of 50% to 75% to AgriStability to support farmers that face significant revenue declines; (xxiii) No amount/estimate: Flexibility for individual and corporate taxpayers (tax payment deferral until September); (xxiv) AgriRecovery initiative of up to CAD125 million to help producers faced with additional costs incurred such as set-asides for cattle and hog management programs to manage livestock backed-up on farms, due to temporary closure of food processing plants; (xxv) Surplus Food Purchase Program of CAD50 million to help redistribute existing and unsold food inventories; (xxvi) No amount/estimate; July 20, the Finance Ministry announced proposed changes to the Canada Emergency Wage Subsidy (CEWS) that would extend it to December 19, 2020, make the subsidy eligible to a broader range of employers by including those with a revenue decline of less than 30 percent, introduce a top-up subsidy up to an additional 25 percent for employers most adversely affected; (xxvii) July 27, the Department of Finance announced that Bill C-20, An Act Respecting Further COVID-19 Measures, ensures the CEWS continues through December 19, 2020, is now accessible to a broader range of employers, introduces a top-up subsidy of up to an additional 25 percent employers most adversely affected by COVID-19; the Bill also provides a one-time non-taxable payment of up to CAD600 to approximately 1.7 million to eligible disabled individuals--amount = 1.7 million x CAD600 = CAD1.02 billion; (xxviii) No amount/estimate: July 31, the Department of Finance announced an extension of rent relief for small businesses by one month through the Canada Emergency Commercial Rent Assistance;
|Canada||06||06 - Budget reallocation||CAD|
|Canada||07||07 - Central bank financing government||CAD||256,560,000,000||183,881,024,906|
|Canada||07A||07A - Direct lending & reserve drawdown||CAD|
|Canada||07B||07B - Secondary purchase: government securities||CAD||256,560,000,000||183,881,024,906||Bank of Canada. https://www.bankofcanada.ca/rates/banking-and-financial-statistics/bank-of-canada-assets-and-liabilities-weekly-formerly-b2/ (accessed 10 June 2020).||
Government of Canada Bond Purchase Program (GBPP): Purchases will begin with a minimum of CAD5 billion per week across the yield curve. The program will be adjusted as conditions warrant but will continue until the economic recovery is well underway. As of September 2 ,T-bill holdings have increased by CAD81.933 billion, with the maximum increase since the end of February occurring on July 29 at CAD115.008 billion; goverrnment bond holdings have increased by CAD139.507 billion,with peak increase since the end of February on August 26 at CAD140.193 billion [update]; June 3, Bank of Canada began purchasing Government of Canada Real Return Bonds; as of August 19, the purchased amount is CAD1.359 billion, which is also the point of maximum increase since the purchases began. [update]
|Canada||08||08 - International Assistance Received||CAD|
|Canada||08A||08A - Swaps||CAD||
No amount/estimate: BoC together with central banks from Japan, Euro Area, UK, US, and Switzerland, announced a coordinated central bank action to further enhance the provision of liquidity via the standing US dollar liquidity swap line arrangements; Starting with the Fed's expansion of its central bank swap lines on March 2, the BoC had not used the swap line to acquire US dollars from the Federal Reserve.
|Canada||08B||08B - International loans/grants||CAD|
|Canada||08B1||08B1 - Asian Development Bank||CAD|
|Canada||08B2||08B2 - Other||CAD|
|Canada||09||09 - International Assistance Provided||CAD|
|Canada||09A||09A - Swaps||CAD|
|Canada||09B||09B - International loans/grants||CAD|
|Canada||10||10 - No breakdown||CAD|
|Canada||11||11 - Other Economic Measures||CAD|
|Canada||12||12 - Non-Economic Measures||CAD||International Monetary Fund. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#C (accessed 10 June 2020).||
(i) Travel restrictions; (ii) Social distancing measures; (iii) Declarations of states of emergency; (iv) Closures of non-essential businesses in some provinces; (v) Reopening the economy. On April 28, Prime Minister Trudeau released a joint statement with premiers across Canada on their shared public health approach to support restarting the economy; all provinces have begun to implement plans to reopen.
|Japan||01||01 - Liquidity Support||JPY||99,500,000,000,000||927,368,350,975|
|Japan||01A||01A - Short-term lending||JPY||99,500,000,000,000||927,368,350,975||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 27 May 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020); BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200427a.pdf (accessed 1 May 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200522a.pdf (accessed 26 May 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200616b.pdf (accessed 16 June 2020).||
(i) No amount/estimate: Targeted liquidity provision through special funds-supplying operation to provide loans to financial institutions to facilitate financing of corporates. On May 22, the BOJ stated it is providing ample yen and foreign currency funds without setting upper limits including the conduct of the U.S. dollar funds-supplying operations. As of June 16, JPY60 trillion has been provided under special funds-supplying operations. (ii) March 16, An increase in the annual pace of the Bank of Japan’s (BOJ) targeted purchases of commercial paper with an upper limit of JPY2 trillion. On April 27, the maximum amount of additional purchases of commercial paper was increased to JPY7.5 trillion. (iii) May 22, JPY30 trillion for a new fund-provisioning measure to support financing of SMEs.
|Japan||01B||01B - Support policies for short-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); https://www.boj.or.jp/en/announcements/release_2020/rel200508e.pdf (accessed 12 May 2020). https://www.boj.or.jp/en/announcements/release_2020/rel200508e.pdf (accessed 11 June 2020).||
No amount/estimate: (i) Banks have been allowed to draw down the stock of high-quality liquid assets below the minimum liquidity coverage ratio requirement. (ii) April 27, The Bank of Japan (BOJ) strengthened its special funds-supplying operations by (a) expanding the range of eligible collateral to private debt in general, including household debt, and (b) increasing the number of eligible counterparties (to mainly include member financial institutions of central organizations of financial cooperatives). (iii) May 8, Decreased the Benchmark Ratio used to calculate the Macro Add-on Balance in financial institutions' current account balances at the BOJ (to which 0% interest rate is applied) for the May 2020 reserve maintenance period from 32.5% to 30%. On June 9, Decreased the Benchmark Ratio to 28.5% for the June 2020 reserve maintenance period. On July 9, the Benchmark Ratio increased to 31.5% for the July 2020 reserve maintenance period.
|Japan||01C||01C - Forex operations||JPY||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020).||
No amount/estimate: (i) The exchange rate has been allowed to adjust flexibly. (ii) See (i) May 22 in Measure 1A.
|Japan||02||02 - Credit creation||JPY||10,500,000,000,000||97,862,991,811|
|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.
|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.
|Japan||02C||02C - Loan guarantees||JPY|
|Japan||03||03 - Direct long-term lending||JPY|
|Japan||03A||03A - Long-term lending||JPY||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020)||
Concessional loans from public and private financial institutions (included in the amount of the Emergency Economic Package Against COVID-19; see Measure 5).
|Japan||03B||03B - Forbearance||JPY|
|Japan||04||04 - Equity support||JPY||12,180,000,000,000||113,521,070,501||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 6 May 2020).||
An increase in the annual pace of the Bank of Japan’s purchases of Exchange Traded Funds (ETFs) and Japan-Real Estate Investment Trusts (J-REITs) up to about JPY12 trillion (2.2% of GDP) and JPY180 billion (0.03% of GDP), respectively.