|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Denmark||01||01 - Liquidity Support||DKK||2,211,659,372||327,433,628|
|Denmark||01A||01A - Short-term lending||DKK||2,211,659,372||327,433,628||European Commission. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_810 (accessed 14 May 2020).||
May 5, EUR296 million in investment or working capital loans to startups to be provided only until the end of the year.
|Denmark||01B||01B - Support policies for short-term lending||DKK||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).||
(i) March 20, The (Danmarks Nationalbank) DN announced the launch of an ‘extraordinary lending facility’ which will make full-allotment, 1-week, collateralized loans available to banks at -0.5 % interest rate. Starting March 27, this facility will also include 3-month variable rate loans; (ii) March 24, The DN announced the auction of USD liquidity; (iii) the Danish Financial Stability Authority (DFSA) also announced a case by case relaxation of regulation on the LCR requirement.
|Denmark||01C||01C - Forex operations||DKK||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 May 2020).||
Denmark’s krone is pegged to the Euro. The fixed exchange rate policy has served Denmark well. The DN has stated its objective of preserving the peg.
|Denmark||02||02 - Credit creation||DKK||295,400,000,000||43,733,630,525|
|Denmark||02A||02A - Financial sector lending/funding||DKK|
|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 %.
|Denmark||02C||02C - Loan guarantees||DKK||95,400,000,000||14,123,860,366||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 24 June 2020).||
(i) March 17, DKK1.20 billion credit guarantee for Scandinavian Airlines. Total support credit guarantee to the airlines amounting to SEK3.5 billion equally split between the Danish and Swedish governments; (ii) March 19, DKK35.7 billion loan guarantees scheme for large firms; (iii) DKK25 billion loan guarantee scheme for SMEs; (iv) DKK1.25 liquidity guarantee in new loans to SMEs with export activities; (v) DKK2.25 billion government guarantee for the Travel Guarantee Fund, to be repaid by the travel industry in the coming years; (vi) April 18, DKK30 billion government guarantee (to insurance companies) for companies' trade and export activities; (vii) No amount/estimate: May 20, For startups, loan guarantees by the Ministry of Finance on 70 % of new corporate loans that are issued to cover losses directly relating to COVID-19.
|Denmark||03||03 - Direct long-term lending||DKK||1,500,000,000||222,073,276|
|Denmark||03A||03A - Long-term lending||DKK||1,500,000,000||222,073,276||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).||
March 19, DKK1.5 billion expected increase in the utilization of Danish students’ Loan Scheme that was temporarily extended.
|Denmark||03B||03B - Forbearance||DKK|
|Denmark||04||04 - Equity support||DKK||17,437,889,398||2,581,659,486||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 July 2020). European Commission. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1488 (accessed 22 July 2020)||
(i) April 18, DKK3.5 billion in loans and equity provided to entrepreneurs and venture firms. The state investment fund (Vaekstfonden) will provide risky capital to start-ups and venture firm, facing difficulties in financing as private investors withdraw from the market. Available in 2020 only; (ii) June 15, DKK10 billion from a new government-backed fund to act as an investor of last resort with the possibility of recapitalizing large and important firms at risk of bankruptcy; (iii) Together with Sweden, planned recapitalization of SAS (a Dutch airline) through an equity injection. Last August 17, the European Commission (EC) approved this measure. Denmark is expected to provide approximately EUR583 million of the recapitalization funds.
|Denmark||05||05 - Health and income support||DKK||270,037,000,000||39,978,667,523|
|Denmark||05A||05A - Health support||DKK||2,350,000,000||347,914,799||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 30 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 10 June 2020). Denmark government. https://sim.dk/nyheder/nyhedsarkiv/2020/jul/kommunerne-faar-8-9-mia-kr-ekstra-udbetalt-efter-covid-19/ (accessed 2 July 2020)||
(i) March 30, DKK150 million in subsidies provided to health research specifically related to COVID-19; (ii) Recently an additional DKK 0.8 billion has been allocated to hire more social and health workers nationwide; (iii) July 1, DKK1.4 billion disbursed to municipalities for protective equipment and extra cleaning.
|Denmark||05B||05B - Income support||DKK||267,687,000,000||39,630,752,723||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 30 April 2020). https://bm.dk/nyheder-presse/pressemeddelelser/2020/06/alle-foraeldre-faar-ret-til-et-halvt-aars-sorgorlov/ (accessed 18 June 2020). https://bm.dk/nyheder-presse/nyheder/2020/06/oversigt-disse-personer-er-berettigeret-til-engangstilskud-paa-1000-kr/ (accessed 18 June 2020). Denmark government. https://sim.dk/nyheder/nyhedsarkiv/2020/jul/kommunerne-faar-8-9-mia-kr-ekstra-udbetalt-efter-covid-19/ (accessed 13 August 2020). European Commission. https://www.eureporter.co/frontpage/2020/08/04/commission-approves-cohesion-policy-funds-redirection-to-mitigate-the-impact-of-coronavirus-in-denmark-and-near-the-hungarian-slovakian-border (accessed 6 July 2020)||
(i) March 10, DKK32.5 billion liquidity effect of deferral of monthly VAT payments for large firms; (ii) March 12, No amount/estimate: Short-time Work Scheme made more flexible; (iii) DKK10 million for upskilling of dismissed employees; (iv) DKK1.7 billion sickness benefit reimbursement available from 27 February to 1 January 2021; (v) March 26, DKK1.1 billion liquidity effect of deferral of property taxes; (vi) DKK2.5 billion frontloading of investments in e.g. energy renovation and similar initiatives in municipalities; (vii) March 26, DKK6.5 billion frontloading of payment by local governments to firms; (viii) March, DKK74 billion liquidity effect of deferral of income tax payment and labor market contributions; (ix) April 1, DKK300 million compensation scheme to event organizer companies extended; (x) April 7, DKK1.2 billion for a range of minor support schemes established to support agents and businesses with cultural activities, sports and private education; (xi) April 18, DKK6 billion for the Job Retention Scheme available from 9 March to 8 July 2020. Take-up rate around 5% of the labour force (150,000 employees) on 19 April; (xii) April 18, DKK277 million for increased access to unemployment and sickness benefits. As of June 5, the wage compensation has been extended to August 29; (xiii) April 18, DKK65.3 billion compensation scheme for companies’ fixed costs available for the period 9 March to 8 July; (xiv) April 18, DKK14.3 billion compensation scheme for self-employed; (xv) April 18, DKK350 million for Innovation and Sustainable Growth in Business Scheme to support new projects. As of August 5, the European Commission has approved the extension of this program to help affected companies restructure and consolidate themselves. The modification will also improve cooperation between large companies and SMEs in green transition; (xvi) April, DKK35.4 billion VAT payments already made for second half and last quarter of 2019 are made available as interest free loans; (xvii) April, DKK5 billion liquidity impact of deferral of provisional taxes for self-employed; (xviii) May 14, No amount/estimate: Increased holiday and time-off benefits for students, apprentices, and trainees; (xix) May 20, Established a pool of DKK20 million to sponsor collegiate, cultural, and sporting activities for vulnerable and elderly citizens during the coronavirus crisis. The pool is managed by the Ministry of Culture's Palace and Culture Board; (xx) May 26, No amount/estimate: Relaxed requirements to receive pension and unemployment benefits; (xxi) May 26, No amount/estimate: Frozen holiday funds must be paid out by employers by September 1, 2020; (xxii) May 28, DKK18 billion from further VAT deferrals for medium-sized firms; (xxiii) No amount/estimate: June 4, Banned predatory mortgage loan providers, and created rules to facilitate settlement of those loans; (xxiv) No amount/estimate: June 15, Announced a one-time grant of DKK1,000 to be paid to beneficiaries who were fully or partially publicly supported by a public income transfer in the month of April; (xxv) No amount/estimate: June 15, Gives six months' grief leave to all parents who lose a child under the age of 18; (xxvi) No amount/estimate: Extended deadlines for Danish municipalities and regions to prepay deliveries worth DKK1 million (minus value added taxes) or less; (xxvii) DKK700 million summer fiscal package for the tourism, transportation, athletics, and culture sectors; (xxviii) No amount/estimate: Extend the suspension of the 225-hour rule for cash beneficiaries until September 8, 2020; (xxix) DKK730 million for increased unemployment benefits - unemployed people over 30 years will be entitled to take a vocational education of 110% unemployment benefit; (xxx) July 1, DKK7.5 billion disbursed to municipalities for transfer costs, employment grants, and other non-health expenditures. The other 1.4 billion of the 8.9 billion total package can be found in (iii) of Measure 5A; (xxxi) July 13, The European Commission has approved two Danish schemes to support self-employed workers and freelancers affected by the coronavirus outbreak: (a) DKK500 million for self-employed workers active in all sectors of the economy except the financial sector; (b) DKK200 million for self-employed workers and freelancers whose yearly income is strongly dependent on delivering goods or services linked to large events, which were initially planned for the summer of this year but had to be cancelled or postponed due to the emergency measures put in place by the Danish government to limit the spread of the coronavirus; (xxxii) July 14, DKK1.1 billion to compensate fixed costs of companies whose activities are still subject to the restrictive measures implemented by the Danish Government to limit the spread of the coronavirus. As of August 7, this measure has been extended to August 29 for companies which are still not allowed to open under the current rules.
|Denmark||06||06 - Budget reallocation||DKK|
|Denmark||07||07 - Central bank financing government||DKK|
|Denmark||07A||07A - Direct lending and reserve drawdown||DKK|
|Denmark||07B||07B - Secondary purchase: government securities||DKK|
|Denmark||08||08 - International Assistance Received||DKK||349,630,351,082||51,762,371,681|
|Denmark||08A||08A - Swaps||DKK||349,182,041,750||51,696,000,000||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 April 2020); The Fed. https://apps.newyorkfed.org/markets/autorates/fxswap (accessed 14 May 2020).||
The standing swap line with ECB was activated and its size was doubled to EUR24 billion. It will remain in place as long as needed, no information available on usage. In addition, the DN reached an agreement with the Federal Reserve to establish a USD30 billion swap line that will stand for at least 6 months. Amounts outstanding under the Federal Reserve swap line: USD300 million as of August 6. Peak amount oustanding: USD5.29 billion as of April 30.
|Denmark||08B||08B - International loans/grants||DKK||448,309,332||66,371,681|
|Denmark||08B1||08B1 - Asian Development Bank||DKK|
|Denmark||08B2||08B2 - Other||DKK||448,309,332||66,371,681||Nordic Investment Bank. https://www.nib.int/who_we_are/news_and_media/news_press_releases/3536/nib_finances_environmental_projects_and_smes_in_denmark (accessed 8 July 2020)||
EUR60 million over a 10-year loan agreement between the Nordic Investment Bank (NIB) and the Danish Ringkjøbing Landbobank (RLB) for onlending to environmental projects and to SMEs in Denmark. This initiative is part of NIB's special support for sustainable business during the Covid-19 pandemic.
|Denmark||09||09 - International Assistance Provided||DKK||5,048,941,832||747,490,036|
|Denmark||09A||09A - Swaps||DKK|
|Denmark||09B||09B - International loans/grants||DKK||5,048,941,832||747,490,036||UN. http://mptf.undp.org/factsheet/fund/COV00 (accessed 22 May 2020). Denmark government. https://em.dk/nyhedsarkiv/2020/juli/milliarder-til-ny-coronafond-skal-skabe-vaekst-og-nye-job/ (accessed 2 July 2020)||
(i) As of May 20, contributed USD7,245,782 to the UN COVID-19 Response and Recovery Fund; (ii) July 1, contributed DKK5 billion to the European Guarantee Fund to help especially small and medium-sized businesses affected by the crisis.
|Denmark||10||10 - No breakdown||DKK|
|Denmark||11||11 - Other Economic Measures||DKK||Denmark government. https://em.dk/nyhedsarkiv/2020/august/regeringen-og-erhvervslivet-vil-hjaelpe-dansk-eksport-i-coronakrisen/ (accessed 13 August 2020). Denmark government. https://em.dk/nyhedsarkiv/2020/august/ivaerksaettere-faar-hjaelpende-haand-ny-politisk-aftale-letter-omregistrering/ (accessed 27 July 2020)||
(i) August 11, set up a Forum for restarting Danish exports, and eight Restart Teams from various industries to contribute their input; (ii) August 21, Gave entrepreneurs a better opportunity to re-register entrepreneurial companies as private limited companies. Also extended the deadline for re-registration to 15 October 2021. [update]
|Denmark||12||12 - Non-Economic Measures||DKK||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020). The Local Denmark. https://www.thelocal.dk/20200517/denmark-begins-next-stage-of-reopening-after-lockdown (accessed 21 May 2020)||
(i) People returning from abroad are strongly encouraged to self-quarantine for two weeks. Borders have been closed and entry are only allowed for citizens and others with a critical reason to enter (e.g. work or visit sick family member). EU border restrictions apply as well. Borders remain fully open to transport of goods and capital flows. Air traffic is de facto shut down. All schools, childcare and education facilities were closed, but have gradually begun reopening as of May 20. Teaching continues through online distance learning platforms. The government has banned gatherings of more than 10 people (inside as well as outside), except in work places. Only food stores, pharmacies and stores allowing sufficient physical distance are allowed to remain open. All restaurants, bars and cultural premises as well personal services not allowing sufficient physical distance (e.g. hairdressers) are required to close; (ii) The authorities announced careful and gradual lift of some containment measures such as the opening of daycares, kindergartens and schools (up to 5th grade) by April 15 while others remain in place till May (e.g. no events with more than 10 people, closure of borders) and August (e.g. large gatherings). The gradual opening of the economy was extended to include additional health care sectors and liberal professions . The authorities adjusted the criteria for COVID-19 testing to enable a comprehensive testing of the population as part of the reopening strategy.
|Italy||01||01 - Liquidity Support||EUR||2,000,000,000||2,212,389,381|
|Italy||01A||01A - Short-term lending||EUR||2,000,000,000||2,212,389,381||Mipaaf. https://www.politicheagricole.it/flex/cm/pages/ServeBLOB.php/L/IT/IDPagina/15564 (accessed 12 June 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1478 (accessed 19 August 2020).||
No amount/estimate: June 9, beneficiary farms can submit applications for advance payments to receive an equal amount 70% of the value of the company's securities portfolio. The measure corresponds to the need to provide immediate liquidity to farms taking into account the emergency period resulting from Covid-19; (ii) August 13, EUR2 billion to support trade credit insurance for all companies so that they can secure their commercial exchanges. This will help them address their liquidity needs and continue their activities during and after the crisis. Trade credit insurance protects companies supplying goods and services against the risk of nonpayment by their clients. Given the economic impact of the coronavirus outbreak, the risk of insurers not being willing to issue this insurance has become higher. .
|Italy||01B||01B - Support policies for short-term lending||EUR||OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).||
No amount/estimate: less significant banks and non-bank intermediaries are allowed to operate temporarily below the level of the Pillar 2 Guidance, the capital conservation buffer and the liquidity coverage ratio. Their deadline to submit their revised non-performing loan reduction plans is postponed to 30 June. Other reporting and inspection deadlines are delayed.
|Italy||01C||01C - Forex operations||EUR|
|Italy||02||02 - Credit creation||EUR||431,480,000,000||477,300,884,956|
|Italy||02A||02A - Financial sector lending/funding||EUR|
|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 .
|Italy||02C||02C - Loan guarantees||EUR||431,480,000,000||477,300,884,956||OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020); Reuters. https://www.reuters.com/article/health-coronavirus-italy-decree/update-1-italy-announces-guarantees-for-bank-loans-worth-over-400-bln-euros-idUSL8N2BU5T8 (accessed 16 April 2020); Ministry of Economy and Finance. http://www.mef.gov.it/covid-19/ (accessed 31 May 2020); Banca D'Italia.https://www.bancaditalia.it/media/notizia/ulteriori-misure-di-ampliamento-dello-schema-acc-della-banca-d-italia-in-risposta-all-emergenza-covid-19/ (accessed 16 June 2020).||
(i) EUR10 billion state guarantee for new loans for medium-large firms (based in 500 million 1:20); (ii) EUR21.48 billion for the SMEs Guarantee Fund (based in 1.5 billion 1:14 aprox); (iii) April 9, EUR400 billion in guarantees including EUR200 billion from Treasury to shield banks from losses on 90% of loans to companies of all sizes, and EUR200 billion guarantees from Cassa Depositi e Prestiti CDP (Italy's state lender) and its export agency Sace; (iv) no amount/estimate: further guarantees for firms most affected by the virus. Facilitate guarantees for self-employed workers, freelancers and individual entrepreneurs; (v) No amount/estimate: 9 June, Adopted further measures to extend the Additional Credit Claims (ACC) scheme. The Bank of Italy introduced the possibility of granting guarantees to both consumer and mortgage loans offered to households. These measures will enter into force on June 17, 2020 .
|Italy||03||03 - Direct long-term lending||EUR||450,000,000||497,787,611|
|Italy||03A||03A - Long-term lending||EUR|
|Italy||03B||03B - Forbearance||EUR||450,000,000||497,787,611||Invitalia. https://www.invitalia.it/ (accessed 18 April 2020); OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).||
(i) EUR50 million allocation for one-year suspension in repayment of loans to Invitalia (national development agency owned by the Ministry of Economy) to support SMEs in the most affected municipalities; (ii) EUR400 million for households, moratorium on debt payments, including mortgages.
|Italy||04||04 - Equity support||EUR||45,000,000,000||49,778,761,062||MEF. https://www.mef.gov.it/focus/Decreto-rilancio-le-misure-per-rimettere-in-moto-il-Paese/ (accessed 21 July 2020).||
May 15, EUR45 billion in equity support for companies under the Relaunch Decree .