Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Denmark 01 01 - Liquidity Support DKK
Denmark 01A 01A - Short-term lending DKK
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; (ii) March 19, The DN expanded this facility to include 3-month variable rate loans which will be available March 27, 2020; (iii) March 24, The DN announced the auction of USD liquidity; (iv) 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
Denmark 02 02 - Credit creation DKK 264,650,000,000 39,178,386,380
Denmark 02A 02A - Financial sector lending/funding DKK
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 %.

Denmark 02C 02C - Loan guarantees DKK 64,650,000,000 9,570,688,379 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 30 April 2020).

(i) 17 March, DKK1.20 billion credit guarantee for Scandinavian Airlines. Total support credit guarantee to the airlines amounting to DKK3.5 billion equally split between the Danish and Swedish governments; 19 March (ii) DKK35.7 billion loan guarantees scheme for large firms; (iii) DKK25 billion loan guarantee scheme for SMEs; (iv) DKK1.25 billion liquidity guarantee in new loans to SMEs with export activities; (v) DKK 1.5 billion government guarantee for the Travel Guarantee Fund, to be repaid by the travel industry in the coming years.

Denmark 03 03 - Direct long-term lending DKK 1,500,000,000 222,057,735
Denmark 03A 03A - Long-term lending DKK 1,500,000,000 222,057,735 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 30 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 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 30 April 2020).
Denmark 05 05 - Health and income support DKK 138,460,000,000 20,497,409,326
Denmark 05A 05A - Health support DKK 150,000,000 22,205,774 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 30 April 2020).

30 March, DKK150 million in subsidies provided to health research specifically related to COVID-19.

Denmark 05B 05B - Income support DKK 119,810,000,000 17,736,491,886 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 30 April 2020).

(i) March 10, DKK32.5 billion liquidity effect of deferral of monthly VAT payments for large firms; March 12, (ii) 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; March 26, (v) 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; 1 April (ix) 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 [update as of 30 April].

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 35,733,950,000 5,290,000,000
Denmark 08A 08A - Swaps DKK 35,733,950,000 5,290,000,000 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 30 April 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 USD 30 billion swap line that will stand for at least 6 months. Amounts outstanding under the Federal Researve swap line: USD4.25 billion as of April 16.

Denmark 08B 08B - International loans/grants DKK
Denmark 08B1 08B1 - Asian Development Bank DKK
Denmark 08B2 08B2 - Other DKK
Denmark 09 09 - International Assistance Provided DKK
Denmark 09A 09A - Swaps DKK
Denmark 09B 09B - International loans/grants DKK
Denmark 10 10 - No breakdown DKK
Denmark 11 11 - Other Economic Measures DKK
Denmark 12 12 - Non-Economic Measures DKK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 April 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; (ii) All schools, childcare and education facilities are closed until 13 April. 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.

Japan 01 01 - Liquidity Support JPY
Japan 01A 01A - Short-term lending JPY International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020).

No amount/estimate: Targeted liquidity provision through special funds-supplying operation to provide loans to financial institutions to facilitate financing of corporates and temporary increase of targeted purchases of commercial papers.

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 13 April 2020).

No amount/estimate: Banks have been allowed to draw down the stock of high-quality liquid assets below the minimum liquidity coverage ratio requirement.

Japan 01C 01C - Forex operations JPY

No amount/estimate: The exchange rate has been allowed to adjust flexibly.

Japan 02 02 - Credit creation JPY 2,000,000,000,000 18,640,569,869
Japan 02A 02A - Financial sector lending/funding JPY 2,000,000,000,000 18,640,569,869 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020).

March 16, An increase in the annual pace of the Bank of Japan’s (BOJ) targeted purchases of commercial paper and corporate bonds with an upper limit of JPY2 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 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.

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 13 April 2020).

Concessional loans from public and private financial institutions (included in the amount of the Emergency Economic Package Against COVID-19 of JPY108.2 trillion).

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 13 April 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020).

March 16, 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.