Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
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. (accessed 12 June 2020); EC. (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. (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. (accessed 15 April 2020); IMF. (accessed 6 June 2020); Banca d' Italia. (accessed 6 August 2020); Banca d' Italia. (accessed 6 Agust 2020).

No amount/estimate: (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. (accessed 15 April 2020); Reuters. (accessed 16 April 2020); Ministry of Economy and Finance. (accessed 31 May 2020); Banca D'Italia. (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. (accessed 18 April 2020); OECD. (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. (accessed 21 July 2020).

May 15, EUR45 billion in equity support for companies under the Relaunch Decree .

Italy 05 05 - Health and income support EUR 115,805,000,000 128,102,876,106
Italy 05A 05A - Health support EUR 11,450,000,000 12,665,929,204 OECD. (accessed 15 April 2020); Milano Today. (24 May 2020);

(i) EUR3.2 billion for the national health service and to support civil protection; (ii) EUR3.25 billion for healthcare as part of the additional additional EUR55 billion rescue package announced on 13 May; (iii) May 15, EUR5 billion support to the health sector under the Relaunch Decree.

Italy 05B 05B - Income support EUR 104,355,000,000 115,436,946,903 OECD. (accessed 15 May 2020); MIPAAF. (accessed 18 May 2020); Milano Today. (18 May 2020) IMF. (accessed 21 May 2020); Bloomberg. (accessed 24 May 2020); Ministry of Infrastructure and Transport, Italy. Ministry of Labor and Social Policies. (accessed 25 May 2020); (accessed 16 June 2020); Ministry of Agricultural, Food and Forestry Policies. (accessed 18 July 2020); Ministry of Agricultural, Food and Forestry Policies. (accessed 20 July 2020); MISE. (accessed 19 August 2020); MEF. (accessed 5 September 2020).

For individuals: (i) EUR5.0 billion to strengthen the wage supplementation scheme for furloughed employees; (ii) EUR400 million for one-year suspension in the repayment of real estate mortgages by workers having lost their job; (iii) EUR2.3 billion for one-off EUR 600 payment to the self-employed &seasonal workers; (iv) No amount/estimate: Allowance of EUR500 per month for up to 3 months for self-employed workers in the municipalities most affected; (v) EUR1.3 billion to strengthen childcare support; (iv) EUR30 million for EUR1000 childcare payment to employees in the healthcare and law enforcement sectors; (v) EUR5 million to raise by 12 days the paid leave for disabled workers and workers caring for a disabled relative; (vi) EUR130 million to extend sick leave to cover days spent in quarantine; (vii) EUR900 million for a EUR100 one-off bonus to workers who continued to work at their workplace. For companies: (i) EUR540 million for 60% tax credit on commercial rents; (ii) EUR50 million for incentives to firms to sanitise workplaces; (iii) EUR600 million for suspension of collection of tax collection files; (iv) No amount/estimate: Suspension for 2 months of tax and social security payments in the municipalities most affected; (v) EUR10 billion for suspension of all the tax and social security payments coming due in March; (vi) No amount/estimate: suspension of 2 months (until end of April) in the payment of the electricity, gas, water and waste bills in the most affected municipalities; (vii) No amount/estimate: Non-application of withholding tax for professionals without employees, with revenues below EUR400,000 until 31 May 2020; (viii) No amount/estimate: Incentive to sell impaired loans (NPLs) by converting deferred tax assets (DTA) into tax credits for financial and industrial companies; (ix) EUR1.7 billion to provide fee-free guarantee for SMEs loans; (x) EUR500 million Emergency Fund to protect supply chains in crisis”, to cover damage by the agricultural, fishing and aquaculture sector, and “and the slowdown in exports” (especially for livestock). It is a partial compensation of stocks (costs of storage and seasoning of these products); (xi) May 7, New Covid-19 emergency fund of EUR 100 million to agriculture sector (interest subsidy and direct aid); (xii) May 13, the government announced a further EUR55 billion rescue package of measures. Measures include further income support for furloughed workers, freelancers and unemployment benefits (EUR26.5 billion), funds for the healthcare system (EUR3.25 billion), measures to support businesses, including grants for SMEs and tax deferrals (EUR16 billion), EUR1.2 billion for the food and agriculture sector, and EUR1.4 billion for schools, including hiring university researchers and teachers ; (xiv) May 6, EUR60 million to the National Fund for support to access in housing rental; (xv) 8 June, Decree that allows for the automatic disbursement of an April payment worth EUR600 to Italian free-lancers who benefitted from an analogous bonus for the month of March. The payment is a form of unemployment compensation related to COVID-19 (a so-called "Covid bonus"); (xvi) July 9, Allocated EUR100 million to the wine sector to compensate for its voluntary reduction in production during the COVID-19 pandemic; (xvii) July 9, Allocated EUR90 million to support livestock supply chains in crisis; (xviii) August 10, Ministry of Economic Development signed implementation decrees worth a total of EU600 million in the "School Plan" and the "Family Plan." The School Plan allocates EUR400 million to schools for the activation of ultra-broadband services. The Family Plan allocates EUR200 million to households to support domestic Internet connection throughout Italy. The interventions will be managed by Infratel; (ix) August 26, Allocated an additional EUR25 billion in fiscal stimulus through the "August" Decree. The funds will support workers, businesses, local authorities, health workers and officials, and will afford general and sectoral measures for the recovery of the Italian economy.

Italy 06 06 - Budget reallocation EUR
Italy 07 07 - Central bank financing government EUR
Italy 07A 07A - Direct lending and reserve drawdown EUR
Italy 07B 07B - Secondary purchase: government securities EUR
Italy 08 08 - International Assistance Received EUR 2,000,000,000 2,212,389,381
Italy 08A 08A - Swaps EUR
Italy 08B 08B - International loans/grants EUR 2,000,000,000 2,212,389,381
Italy 08B1 08B1 - Asian Development Bank EUR
Italy 08B2 08B2 - Other EUR 2,000,000,000 2,212,389,381 MEF. (accessed 6 August 2020);

(i) The European Investment Bank (EIB) provided a loan to the Italian government to support healthcare interventions related to COVID-19. The EIB loan covers about two thirds of the costs foreseen by the "Relaunch Decree" for the healthcare sector. Of the EUR 2 billion in total, the first tranche of EUR 1 billion has already been completed; (ii) EUR27.4 billion from the EU's SURE instrument to cover the costs directly related to the financing of short-time work schemes, and other similar measures as a response to the coronavirus pandemic, in particular for the self-employed (for approval by the EU Council) .

Italy 09 09 - International Assistance Provided EUR
Italy 09A 09A - Swaps EUR
Italy 09B 09B - International loans/grants EUR
Italy 10 10 - No breakdown EUR 50,000,000,000 55,309,734,513 MEF. (accessed 16 July 2020); MEF. (accessed 21 July 2020).

No amount/estimate: July 9, The government announced the third phase of the Italian recovery plan, known as the "National Reform Program" (PNR). It outlines the Italian government's approach to stimulating economic growth, innovation, and environmental and social sustainability post-COVID-19. The PNR covers the years 2021-2023 ; May 15, EUR50 billion worth of measures (with no details) which is part of the Relaunch Decree. At the heart of the decree are the measures to support families and businesses, which not only reinforce and extend many of the Cura Italia measures, starting with the strong commitment to the health system, but also introduce new and important measures to get Italy back on its feet, keeping together economic recovery, social cohesion and security.

Italy 11 11 - Other Economic Measures EUR IMF. (accessed 1 May 2020); Yale. (accessed 1 May 2020); Ministero dell'Economia e delle Finanze. (accessed 16 June 2020); IVAAS. (accessed 6 August 2020);

(i) No amount/estimate: Apri l 24, announced a special debt instrument called "BTP ITALIA," which will finance costs arising from the COVID-19 pandemic. The next issue will be May 18-21, 2020. The instruments have maturities of 4 to 8 years, with coupons paid every six months, and capital always guaranteed at maturity; (ii) IVASS (Insurance supervisory authority) followed the EIOPA recommendations and called insurance companies to be prudent about dividends and bonus payments to protect their capital position; insurance companies are asked to provide updated Solvency II ratios on a weekly basis; (iii) CONSOB called a three-month ban on shorting of all shares and lowered a minimum threshold beyond which it is required to communicate the participation in a listed company. These measures are aimed to contain the volatility of the financial markets and to strengthen the transparency of the holdings in the Italian companies listed on the Stock Exchange; (iv) 18 May : Suspended the temporary ban on taking new net short position and the increase in existing net short positions. The Italian Companies and Exchange Commission (CONSOB) first introduced the ban on March 17, 2020. The ban will end on May 18, 2020; (v) 8 June, Announced a new government bond exclusively dedicated to the retail market. This government bond is called the “BTP Futura”, and will solely finance expenses made by the Italian government to deal with the COVID-19 emergency, as well as to support the recovery of the Italian economy. The first issue will be Monday, July 6, 2020, to Friday, July 10, 2020.

Italy 12 12 - Non-Economic Measures EUR IMF. (accessed 9 May 2020).

The nation-wide lockdown, announced in early March, was extended until May 3. Travel is restricted and public gathering are banned. All schools and universities remain shut. Non-essential productive activities are closed across the country, with exceptions for supermarket and grocery stores, pharmacies, banks, public transport and essential public services. The nation-wide lockdown expired on May 4. Since then, manufacturing and construction reopened under new safety rules (e.g., staggered shifts, spaced workstation, temperature checks, masks). The government moved forward some of the reopening plans. In addition to retail shops, restaurants, cafes and hairdressers reopened on May 18 (the initial reopening plan was June 1). Sports facilities reopened on May 25, followed by cinemas and theatres on June 15. Regional governments are allowed the discretion to adjust the dates in both direction. People can now travel within their own region, and mobility restrictions across regions has been lifted on June 3, when international borders also reopen without restriction to and from other EU countries. Following the increase in confirmed cases in early August, re-closures of night clubs are in place until September 7. The obligation to wear masks in public places (including outdoors) is reinforced. Checks at airports will be more intensive.

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. (accessed 27 May 2020); OECD. (accessed 24 April 2020); BOJ. (accessed 1 May 2020). BOJ. (accessed 26 May 2020). BOJ. (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. (accessed 6 May 2020); BOJ. (accessed 1 May 2020); (accessed 12 May 2020). (accessed 11 June 2020). BOJ. (accessed 9 September 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. On August 7, the benchmark ratio decreased to 29.0% for the August 2020 reserve maintenance period. On September 9, the benchmark ratio decreased further to 24.0% for the September 2020 reserve maintenance period. [update]

Japan 01C 01C - Forex operations JPY IMF. (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. (accessed 6 May 2020); OECD. (accessed 19 May 2020). BOJ. (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. (accessed 6 May 2020); BOJ. (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 Nikkei Asian Review. (accessed 8 September 2020).

No amount/estimate: As of July 2020, loan guarantees from the Japan Finance Corp. for JPY130 billion in emergency response loans extended by the Development Bank of Japan to Nissan Motor between March and July. [update]

Japan 03 03 - Direct long-term lending JPY
Japan 03A 03A - Long-term lending JPY IMF. (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. (accessed 6 May 2020); OECD. (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.