|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|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). BOJ. https://www.boj.or.jp/en/announcements/release_2020/rel200909a.pdf (accessed 9 September 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/rel201009a.pdf (accessed 28 October 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/rel201109a.pdf (accessed 12 November 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. On October 9, the benchmark ratio declined to 20.5% during the October 2020 reserve maintenance period. On November 9, the benchmark ratio declined to 15% during the November 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||Nikkei Asian Review. https://asia.nikkei.com/Economy/Nissan-s-record-loan-guarantee-spotlights-lack-of-transparency?utm_campaign=RN%20Free%20newsletter&utm_medium=JP%20update%20newsletter%20free&utm_source=NAR%20Newsletter&utm_content=article%20link&del_type=4&pub_date=20200908090000&seq_num=2&si=02106253 (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.
|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.
|Japan||05||05 - Health and income support||JPY||243,400,000,000,000||2,268,557,353,039||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020); Prime Minister of Japan and His Cabinet. https://japan.kantei.go.jp/ongoingtopics/ (accessed 13 April 2020); Prime Minister of Japan and His Cabinet. https://japan.kantei.go.jp/ongoingtopics/COVID19Response/COVID19April7EEM.pdf (accessed 13 April 2020); Prime Minister of Japan and His Cabinet. https://japan.kantei.go.jp/98_abe/statement/202004/_00002.html (accessed 24 April 2020). WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 21 May 2020). Cabinet Public Relations Office. http://japan.kantei.go.jp/98_abe/actions/202005/_00010.html (accessed 22 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-japan-stimulus/japan-approves-fresh-1-1-trillion-stimulus-to-combat-pandemic-pain-idUSKBN2323D3; https://www.reuters.com/article/us-health-coronavirus-japan-stimulus-fac/factbox-key-spending-in-japans-second-stimulus-package-of-1-1-trillion-idUSKBN2330GG?il=0 (accessed 27 May). The Japan Times. https://www.japantimes.co.jp/news/2020/06/12/national/extra-budget-coronavirus/#.XuMz8EUzZPY (accessed 12 June 2020). Nikkei Asian Review. https://tinyurl.com/y6rptmr8 (accessed 21 July 2020).||
(i) April 7, The Government of Japan adopted the Emergency Economic Package Against COVID-19 of JPY117.1 trillion (21.1% of gross domestic product [GDP]) and subsumed the remaining part of the previously announced packages (the December 2019 stimulus package (passed in January 2020) and the two COVID-19-response packages announced on February 13 and March 10, respectively). The April package aims at five objectives: (a) Develop preventive measures against the spread of infection and strengthen treatment capacity (expenditure of 0.5% of GDP); (b) Protect employment and businesses (15.1% of GDP); (c) Regain economic activities after containment (1.6% of GDP); (d) Rebuild a resilient economic structure (3% of GDP); and (e) Enhance readiness for the future (0.3% of GDP; the key measures under the package comprise cash handouts to affected households and firms, and deferral of tax payments and social security contributions). (ii) As of April 17, cash payment of JPY100,000 per person will be given to all citizens nationwide, from previously planned JPY300,000 to each household in need whose income has declined significantly so that the total amount of cash payments will expand significantly, from the scale of JPY6 trillion to more than JPY14 trillion. (iii) May 14, The government announced another set of new measures to be included in the formulation of the second supplementary budget: (a) enhance the Employment Adjustment Subsidies by raising the maximum payment to 15,000 yen per day as a special measure and establish a new scheme that allows employees themselves to directly apply for and receive the money; (b) establish a new assistance scheme to further reduce rents, a fixed cost that is posing a major burden on micro-, small- and medium-sized business operators (SMEs); (c) establish a new mechanism for supporting students, including university students; (d) with government outlays, cover the total expenditure of the comprehensive support subsidy for medical systems and increase the amount significantly; and (e) provide adequate liquidity support for large companies and those relatively smaller ones, in addition to small- and medium-sizes enterprises. We will also implement measures to strengthen financial functions such as increasing the allocation of special lending by the Japan Finance Corporation and crisis response lending by the Development Bank of Japan, as well as strengthen the financial base with capital funds including subordinated loans. (iv) May 19, Exemption of customs duty and (domestic) consumption tax for imported goods which are proved to be provided free of charge. (v) June 12, Parliament enacted the second supplementary budget worth JPY31.91 trillion which includes financial assistance to medical staff, and small firms and single proprietors. These direct spending measures are part of the JPY117 trillion stimulus package approved by the Cabinet on May 27 which brings the total amount of stimulus from all economic packages to JPY234 trillion (over 40% of GDP). (vi) JPY1.3 trillion in domestic tourism subsidies aimed at helping coronavirus-battered local economies.
|Japan||05A||05A - Health support||JPY|
|Japan||05B||05B - Income support||JPY|
|Japan||06||06 - Budget reallocation||JPY|
|Japan||07||07 - Central bank financing government||JPY|
|Japan||07A||07A - Direct lending and reserve drawdown||JPY|
|Japan||07B||07B - Secondary purchase: government securities||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: The BOJ will purchase a necessary amount of JGBs without setting an upper limit so that 10-year JGB yields will remain at around 0%.
|Japan||08||08 - International Assistance Received||JPY||24,230,911,564,286,000||225,839,000,000,000|
|Japan||08A||08A - Swaps||JPY||24,230,911,564,286,000||225,839,000,000,000||Federal Reserve Bank of New York. https://apps.newyorkfed.org/markets/autorates/fxswap (accessed 17 May 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020). Bank of Japan. https://www.boj.or.jp/en/announcements/release_2020/rel200320a.pdf (accessed 18 April 2020). US Fed. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200729b.htm (accessed 31 July 2020).||
(i) No amount/estimate: March 20, The BOJ in coordination with the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank enhanced the provision of US dollar liquidity on March 15, by lowering the pricing on the standing US dollar liquidity swap arrangements by 25 basis points; and (ii) As of May 27, USD225.839 billion peak outstanding amount at the U.S. Fed's liquidity swap facility. On July 29, The U.S. Federal Reserve announced the extension of its dollar liquidity swap lines and FIMA repo facility to March 31, 2021.
|Japan||08B||08B - International loans/grants||JPY|
|Japan||08B1||08B1 - Asian Development Bank||JPY|
|Japan||08B2||08B2 - Other||JPY|
|Japan||09||09 - International Assistance Provided||JPY||2,893,895,512,639||26,971,930,748|
|Japan||09A||09A - Swaps||JPY||2,763,864,000,000||25,760,000,000||Bank Indonesia. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-07042020.aspx (accessed 11 April 2020). BNM. https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5115&lang=en (accessed 24 September 2020).||
(i) April 7, USD22.76 billion bilateral currency swap arrrangement with Bank Indonesia. (ii) September 18, The BOJ signed a bilateral swap arrangement with Bank Negara Malaysia which eanbles them to swap their local currencies for up to USD3 billion for both countries.
|Japan||09B||09B - International loans/grants||JPY||130,031,512,639||1,211,930,748||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020). ADB https://www.adb.org/news/japan-support-adb-developing-member-countries-response-covid-19-challenges (accessed 19 May 2020). The Edition. https://edition.mv/news/16489; https://edition.mv/news/16827 (accessed 23 May 2020). BusinessWorld. https://www.bworldonline.com/phl-obtains-p23-5-b-loan-from-japan-for-pandemic-response/ (accessed 1 July 2020). epartment of Finance (Philippines). https://www.dof.gov.ph/phl-japan-sign-50-b-yen-post-disaster-standby-loan-accord/ (accessed 17 September 2020). Embassy of Japan in Egypt. https://www.eg.emb-japan.go.jp/itpr_en/11_000001_00081.html (accessed 5 November 2020)||
Japan as donor: (i) Additional USD100 million contribution to the International Montary Fund’s Catastrophe Containment and Relief Trust as immediately available resources supports the Fund’s capacity to provide grant-based debt service relief for the poorest and most vulnerable countries to combat COVID-19; (ii) April 16, Japan announced that it is aiming at doubling its contribution to the Poverty Reduction and Growth Trust (PRGT) SDR 7.1 billion of which SDR 1.8 billion will be made available immediatrly while the additional SDR 1.8 billion will follow once other member countries make their contributions. (iii) May 18, USD150 million to the ADB to strengthen developing member countries' capacity to contain COVID-19 through the Japan Fund for Poverty Reduction (JFPR) and the Asia Pacific Disaster Response Fund (APDRF). (iv) Assistance to Maldives: (a) May 2, USD541,400 emergency grant for COVID-19 response thru the United Nations Children's Fund and Maldives Red Crescent; and (b) May 21, USD1.4 million grant through the United Nations Development Programme to support Maldives' economic recovery. (v) July 1, JPY50 billion loan under the COVID-19 crisis response emergency support of the Japan International Cooperation Agency (JICA) and JPY2 billion grant aid for medical equipment and laboratories for the Philippines. (vi) September 15, JICA provided another JPY50 billion loan to the Philippines under the second phase of the Post-Disaster Standby Loan. (vii) October 21, The Government of Japan has provided a JPY1 billion grant for the procurement of medical equipment by the Government of Egypt.
|Japan||10||10 - No breakdown||JPY|
|Japan||11||11 - Other Economic Measures||JPY||OECD. https://www.oecd.org/coronavirus/en/ (accessed 6 May 2020).||
May 27, The Cabinet approved a new stimulus package worth JPY117 trillion, mostly comprising financial aid for companies along with JPY33 trillion in direct spending, to be funded by a second supplementary budget; this brings the total amount of stimulus from all economic packages to JPY234 trillion (over 40% of GDP).
|Japan||12||12 - Non-Economic Measures||JPY||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020). NHK. https://www3.nhk.or.jp/nhkworld/en/news/20200514_33/ (accessed 15 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-japan/japan-to-lift-emergency-state-for-osaka-kyoto-hyogo-economy-minister-idUSKBN22X07J (accessed 21 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-japan-stimulus/japan-to-end-tokyos-state-of-emergency-eyes-fresh-930-billion-stimulus-idUSKBN2300SW (accessed 25 May). Reuters. https://www.reuters.com/article/us-health-coronavirus-japan-tokyo/city-of-tokyo-issues-stay-home-alert-after-jump-in-new-virus-infections-idUSKBN2391VK?il=0 (accessed 2 June 2020). Nikkei Asian Review. https://asia.nikkei.com/Spotlight/Coronavirus/Tokyo-set-to-drop-all-coronavirus-business-restrictions-on-June-19?utm_campaign=RN%20Free%20newsletter&utm_medium=daily%20newsletter%20free&utm_source=NAR%20Newsletter&utm_content=article%20link&del_type=1&pub_date=20200611190000&seq_num=2&si=%%user_id%% (accessed 11 June 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-japan-travel/japan-to-ease-entry-for-vietnam-thailand-australia-new-zealand-report-idUSKBN23P1BQ?il=0 (accessed 18 June 2020). euters. https://www.reuters.com/article/us-health-coronavirus-japan-tourism/japan-lifts-coronavirus-travel-curbs-to-help-economy-bounce-back-idUSKBN23Q0BM?il=0 (accessed 19 June 2020). Nikkei Asian Review. https://asia.nikkei.com/Spotlight/Japan-immigration/Japan-finally-lifts-COVID-based-reentry-ban-for-foreign-residents (accessed 1 September 2020). Nikkei Asia. https://asia.nikkei.com/Politics/Japan-to-lift-14-day-quarantine-for-reentering-business-travelers (accessed 7 October 2020). Nikkei Asia. https://asia.nikkei.com/Spotlight/Coronavirus/Japan-and-China-restart-business-travel-amid-pandemic (accessed 30 November 2020).||
April 7: (i) Prime Minister Abe declared a state of emergency for seven key prefectures in Japan (including Tokyo, Saitama, Kanagawa, Chiba, Osaka, Hyogo, and Fukuoka) effective from April 8 to May 6 (which, as of May 4, has since been extended until May 31); the declaration will enable prefectural governors in the designated areas to request people to stay at home, order closures of schools and public facilities, build temporary medical facilities, and adopt actions to support medical and food supplies. (ii) The 2020 Tokyo Olympic Games have been postponed to July 23–August 8, 2021. May 13: (iii) The Prime Minister has lifted the state of emergency ahead of schedule in 39 prefectures and kept it in place for 8 others including Tokyo (the lifting of which will be decided on May 21). May 21: (iv) The government lifted the state of emergency in Osaka, Kyoto, and Hyogo while keeping it in place for Tokyo and four other prefectures. (v) The government announced the lifting of the state of emergency for Tokyo and four remaining prefectures by June 1. May 25. (vi) June 2, Tokyo issued a stay-home alert after a jump in new virus infections. On June 11, the alert was lifted and authorities announced a lifting of all business restrictions on June 19. On June 19, all restrictions on domestic travel were also lifted and gatherings of up to 1,000 people in indoor/outdoor events were allowed; domestic travel was also encouraged to support the economy. (vii) June 18, Prime Minister Shinzo Abe announced that the country would ease travel restrictions for people coming from Australia, New Zealand, Thailand and Vietnam. On September 1, The government lifted the reentry ban for all foreign residents who left the country after travel bans were imposed. On October 7, Authorities announced the lifting of mandatory 14-day quarantine for reentering business travelers with residency status and action plans of travel. On November 30, Japan and China restarted business travel without compulsory quarantine provided travelers test negative upon arrival and submit an itinerary of activities. [update]
|Sweden||01||01 - Liquidity Support||SEK||80,524,000,000||8,187,202,286|
|Sweden||01A||01A - Short-term lending||SEK||60,700,000,000||6,171,615,652||Riksbank. https://www.riksbank.se/en-gb/monetary-policy/monetary-policy-instruments/weekly-market-operations-at-longer-maturities-in-kronor/ (accessed 28 November 2020); Riskbank.https://www.riksbank.se/sv/penningpolitik/penningpolitiska-instrument/kop-av-foretagscertifikat/ (accessed 2 October 2020); Riksbank. https://www.riksbank.se/en-gb/monetary-policy/monetary-policy-instruments/purchases-of-commercial-paper/ (accessed 28 November 2020).||
(i) March 18, The Riksbank is offering the banks the opportunity to borrow an unlimited amount of money on a weekly basis against collateral at three or six months’ maturity (at an interest rate of the repo rate plus 0.2 percentage points, which was reduced to the repo rate in July). The aim is to strengthen banks' acces to liquidity, and it is a new measure to mitigate the effects of the COVID-19 pandemic. Peak total lending amounted to SEK28.7 billion (21 August 2020); (ii) To mitigate the effects of the COVID-19 pandemic on the Swedish economy, the Riksbank intends to purchase securities in an amount of up to SEK500 billion, up to 30 June 2021, in addition to the purchases planned prior to the pandemic. These purchases will include inter alia securities issued by non-financial corporations – commercial paper and corporate bonds. The total holdings of commercial paper is up to SEK32 billion. Peak total purchases of commercial papers amounted to SEK11.7 billion (28 August 2020).
|Sweden||01B||01B - Support policies for short-term lending||SEK||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 21 May 2020).||
No amount/estimate: (i) Easing rules for the use of covered bonds as collateral; (ii) Possibility for banks to temporarily breach the liquidity coverage ratio (LCR) for individual currencies and for total currencies.
|Sweden||01C||01C - Forex operations||SEK||19,824,000,000||2,015,586,634||Riksbank. https://bit.ly/2CiLMHg (accessed 21 May 2020); Riksbank. https://bit.ly/2Z7qh4f (accessed 24 July 2020); Riksbank. https://www.riksbank.se/en-gb/statistics/riksbanks-balance-sheet/the-riksbanks-assets-and-liabilities-the-weekly-report/ (accessed 22 August 2020); Riksbank. https://www.riksbank.se/sv/press-och-publicerat/nyheter-och-pressmeddelanden/pressmeddelanden/2020/riksbankens-dollarlan-forlangs/ (accessed 17 September 2020).||
Up to USD60 billion auction by the Riksbank against collateral to monetary policy counterparties (auctions: March 26; April 2, 16, 23, 30; May 14, 28; June 11, 25; July 9, 23; August 6, 20). Peak claims on residents inside Sweden denominated in foreign currency amounted to SEK19.824 billion. September 15, The Riksbank has decided to continue to offer its monetary policy counter-parties loans in US dollars against collateral until 31 March 2021.
|Sweden||02||02 - Credit creation||SEK||913,575,000,000||92,886,882,521|
|Sweden||02A||02A - Financial sector lending/funding||SEK||858,500,000,000||87,287,183,476||Riksbank. https://bit.ly/2Yz55Vy (accessed 20 June 2020); Riksbank. https://bit.ly/37IEaJY (accessed 28 November 2020); Riksbank. https://bit.ly/2VhMaMM (accessed 26 June 2020); Riksbank. https://www.riksbank.se/en-gb/monetary-policy/monetary-policy-instruments/purchases-of-covered-bonds/ (28 November 2020); Riksbank. https://www.riksbank.se/en-gb/monetary-policy/monetary-policy-instruments/purchases-of-municipal-bonds/ (28 November 2020); Riksbank. https://www.riksbank.se/en-gb/press-and-published/notices-and-press-releases/press-releases/2020/further-measures-to-alleviate-the-economic-consequences-of-the-pandemic/ (accessed 2 July 2020); Riksbank. https://www.riksbank.se/sv/press-och-publicerat/nyheter-och-pressmeddelanden/pressmeddelanden/2020/riksbanken-inleder-kopen-av-foretagsobligationer-i-september/ (accessed 3 September 2020; Riksbank. https://www.riksbank.se/sv/penningpolitik/penningpolitiska-instrument/lan-till-bankerna-for-vidareutlaning-till-foretag/ (accessed 2 October 2020); Riksbank. https://www.riksbank.se/sv/penningpolitik/penningpolitiska-instrument/kop-av-foretagsobligationer/ (accessed 2 October 2020); Riksbank. https://www.riksbank.se/sv/penningpolitik/penningpolitiska-instrument/kop-av-sakerstallda-obligationer/ (accessed 2 October 2020); Riskbank. https://www.riksbank.se/sv/penningpolitik/penningpolitiska-instrument/kop-av-kommunobligationer/ (accessed 2 October 2020); Riksbank. https://www.riksbank.se/en-gb/monetary-policy/monetary-policy-instruments/purchases-of-corporate-bonds/ (accessed 28 November 2020).||
(i) On March 13, the Riksbank decided to lend up to SEK500 billion to banks to safeguard the supply of credit to companies, to prevent them from being knocked out as a result of the spread of the coronavirus. To encourage banks, the loans will be granted at a variable interest rate equivalent to the Riksbank's repo rate, at present 0%, and they will have a maturity of 2 years. Peak total loans for onward lending amounted to SEK164.5 billion (31 July 2020); (ii) March 20, The Riskbank will purchase mortgage and other covered bonds issued in Swedish kronor in the secondary market, with maturities of more than one year. Until 30 September 2020, the Riksbank is offering to purchase covered bonds for SEK145 billion. July 1, The Riksbank is offering to purchase covered bonds for SEK210 billion until 31 December 2020. November 26, The Riksbank is offering to purchase covered bonds for SEK280 billion until 31 March 2021. Peak total purchases of covered bonds amounted to SEK189 billion (20 November 2020) [update]; (iii) May 15, Until 30 September 2020, the Riksbank is offering to purchase municipal bonds for SEK30 billion in the secondary market. The purchases are part of the bond-purchasing programme adopted on 16 March 2020 and that runs until the end of December 2020. July 2, the Riksbank is offering to purchase municipal bonds for SEK45 billion until 31 December 2020. November 26, The Riksbank is offering to purchase municipal bonds for SEK 68.5 billion until 31 March 2021. Peak total purchases of municipal bonds amounted to SEK34.8 billion (20 November 2020) [update]; (iv) September 1, Riksbank's Executive Board has decided to begin purchases of corporate bonds in the week beginning September 14, 2020. Between 1 September 2020 and 30 June 2021, the Riksbank would offer to purchase corporate bonds at a nominal amount of SEK10 billion. The purchases strengthen the Riksbank's ability to act if the supply of credit to companies deteriorates further as a result of the COVID-19 pandemic. The purchases will be made on the secondary market and include non-subordinated corporate bonds issued by companies with a credit rating corresponding to Baa3/ BBB- or higher with a remaining maturity of up to five years. Peak total purchases of corporate bonds amounted to SEK1.75 billion (20 November 2020) [update].
|Sweden||02B||02B - Support policies for long-term lending||SEK||International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 21 May 2020); Finansinspektionen. https://www.fi.se/en/published/news/2020/esrb-recommendation-on-distribution/ (accessed 30 June 2020); Riksbank. https://www.riksbank.se/en-gb/press-and-published/notices-and-press-releases/press-releases/2020/further-measures-to-alleviate-the-economic-consequences-of-the-pandemic/ (accessed 2 July 2020).||
No amount/estimate: (i) On 24 March, the Financial Supervisory Authority (FSA) stressed that it expects credit institutions to stop this year's dividend payments and use the earnings to further strengthen their capital; (ii) Reduction of lending rate for overnight loans by 55 basis points (from 0.75% to 0.2%) while leaving the repo rate unchanged at 0%; (iii) Temporary recognition of all credit institutions under the supervision of the FSA as counterparties, enabling them to access the new lending facility; (iv) Easing of countercyclical capital buffer by 2.5 percentage points; (v) Extension of the phase-in period for the banks to comply with the new minimum requirements for own funds and eligible liabilities (MREL) until 2024 (from 2022); (vi) June 30, The FSA has urged supervised banks and credit institutions to refrain from paying dividends or buying back shares; (vi) No amount/estimate, July 1: (a) Cut on the interest rate on the standing loan facility from the repo rate plus 0.2 percentage points to the repo rate plus 0.1 percentage points; (b) Cut on the interest rate and offer longer maturities on the weekly extraordinary loans to banks-the interest rate is cut from the repo rate plus 0.2 percentage points to the repo rate, and loans are offered at maturities of three months and six months; (c) Extend the maturity on loans to banks for onward lending to companies from two to up to four years; (d) Cut the interest supplement that applies if the requirement for onward lending to Swedish companies is not met, from 0.20 percentage points to 0.10 percentage points.
|Sweden||02C||02C - Loan guarantees||SEK||55,075,000,000||5,599,699,045||OECD. http://www.oecd.org/coronavirus/en/ (accessed 21 May 2020); Riksgalden. https://bit.ly/2Cl9Rx7 (accessed 17 May 2020); Ministry of Enterprise and Innovation. https://bit.ly/3elHixL (accessed 4 June 2020)||
(i) SEK5 billion in guarantee for airlines; (ii) SEK50 billion increase of the ceiling for credit guarantees from EKN (the agency which insures export companies and banks against the risk of non-payment in export transactions) (to SEK500 billion from SEK450 billion), same amount as during the 2008 financial crisis, and the coverage is extended to sea shipping; (iii) SEK75 million of government guarantees on 70% of new bank loans to companies experiencing financial difficulty but otherwise robust; (iv) May 5, Within the SEK5 billion guarantee for airlines already computed, the Debt Office issued a credit guarantee of SEK1.5 billion to Scandinavian Airlines System Aktiebolag (together with Denmark, for the same amount); (v) May 27, Together with the Centre Party and the Liberal Party, the Government proposed an additional SEK400 million for Almi Invest. The additional funding is aimed at bridging the crisis in small innovative businesses and avoiding the loss of structural capital and intangible assets in the life science sector and others. The amount will be added to the package once approved.
|Sweden||03||03 - Direct long-term lending||SEK||78,000,000,000||7,930,576,949|
|Sweden||03A||03A - Long-term lending||SEK||78,000,000,000||7,930,576,949||Ministry of Finance. https://bit.ly/2V2k08J (accessed 12 April 2020); OECD. http://www.oecd.org/coronavirus/en/ (accessed 21 May 2020).||
(i) The Swedish Export Credit Corporation’s credit framework will be increased from SEK125 billion to SEK200 billion and can be used to provide both state-supported and commercial credit to Swedish export companies; (ii) Almi, a state agency which offers loans to companies with growth potential and assists in their business development, will get a new capital grant of SEK3 billion (about EUR270 million) to allow it to lend more to small and medium enterprises.
|Sweden||03B||03B - Forbearance||SEK||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020).||
Suspension of amortization requirement until June 2021 (banks and borrowers may agree to reduce or suspend amortization payments temporarily).
|Sweden||04||04 - Equity support||SEK||5,000,000,000||508,370,317||Ministry of Trade and Industry. https://www.regeringen.se/pressmeddelanden/2020/06/rekapitaliseringen-av-sas-ab/ (accessed 9 July 2020). European Commission. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1488 (accessed 22 August 2020).||
June 30, The Government will participate in the recapitalization of SAS AB with an amount of no more than SEK5 billion. The government supports the submitted plan for a recapitalization of the company and the measures necessary to implement the plan. August 17, The measure to recaptalize SAS was approved by the European Commission.