|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).||
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. 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. [update]
|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||2,571,016,941,210||23,962,610,463|
|Japan||09A||09A - Swaps||JPY||2,441,985,428,571||22,760,000,000||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).||
April 7, USD22.76 billion bilateral currency swap arrrangement with Bank Indonesia.
|Japan||09B||09B - International loans/grants||JPY||129,031,512,639||1,202,610,463||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).||
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. [update]
|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).||
April 7: (i) Prime Minister Abe declared a state of emergency f'or 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.
|United Kingdom||01||01 - Liquidity Support||GBP||41,530,813,690||51,419,394,818|
|United Kingdom||01A||01A - Short-term lending||GBP||29,048,000,000||35,964,394,818||Bank of England. https://bit.ly/2AWBufN (accese 13 April 2020); Bank of England. https://bit.ly/2YWA2lH (accessed 22 May 2020); Bank of England. https://www.bankofengland.co.uk/markets/bank-of-england-market-operations-guide/results-and-usage-data (18 September 2020); Bank of England. https://www.bankofengland.co.uk/markets/market-notices/2020/update-on-the-contingent-term-repo-facility (accessed 22 June 2020; 10 July 2020).||
(i) March, Activating a Contingent Term Repo Facility (CTRF) to complement the Bank of England’s (BoE's) existing sterling liquidity facilities. June 19, The Bank of England announced that, in light of more stable funding market conditions and recent usage patterns, it will discontinue 3-month CTRF operations at the end of June 2020. The final operation is on 26 June. As of June 26, cumulative amount allocated since March was GBP11.515 billion; (ii) March 17, The Covid Corporate Financing Facility (CCFF) provided jointly with the Treasury provides lending to businesses with minimum amount GBP1 million per participant. The BoE will purchase commercial papers (CP) of firms of up to one-year maturity, with interest rate set with a fixed spread to the sterling overnight index swap (OIS) rate. The spread is determined based on rating or equivalent assessment. The scheme will operate for at least 12 months and will be financed by the issuance of central bank reserves. The peak sum of CP purchased less any redemptions and sales (reported on a settlement date basis) since the CCFF began in March 2020 was GBP17.533 billion (August 19).
|United Kingdom||01B||01B - Support policies for short-term lending||GBP||International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 15 May 2020).||
No amount/estimate:(ii) April, The Prudential Regulatory Authority (PRA) set out supervisory expectation that banks should suspend dividends and buybacks until end-2020, cancel outstanding 2019 dividends and pay no cash bonuses to senior staff.
|United Kingdom||01C||01C - Forex operations||GBP||12,482,813,690||15,455,000,000||Bank of England. https://www.bankofengland.co.uk/markets/bank-of-england-market-operations-guide/results-and-usage-data (accessed 12 June 2020); Bank of England. https://www.bankofengland.co.uk/markets/market-notices/2020/changes-to-the-provision-of-us-dollar-repo-operations-from-july-2020 (accessed 22 June 2020); Bank of England. https://www.bankofengland.co.uk/news/2020/august/us-dollar-liquidity-providing-operations-from-september1-2020 (accessed 27 August 2020).||
The peak total amount in the US dollar repo operations from March 18-June 24 was recorded in March 18, with 2 transactions, 7-day & 84-day terms, at USD15.455 billion. June 19, The Bank of England, in coordination with other central banks, has decided to reduce the frequency of 7-day maturity operations which provide liquidity via the standing US dollar liquidity swap line arrangements. The frequency of 7-day US dollar repo operations will be reduced from daily to three times per week commencing 1 July 2020. August 20, The Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve, have jointly decided to further reduce the frequency of their 7-day operations from three times per week to once per week from September 1.
|United Kingdom||02||02 - Credit creation||GBP||430,000,000,000||532,383,977,273|
|United Kingdom||02A||02A - Financial sector lending/funding||GBP||100,000,000,000||123,810,227,273||Bank of England. https://bit.ly/3fGui67 (accessed 13 April 2020); Bank of England. https://bit.ly/37JL1CO (accessed 13 April 2020); Bank of England. https://www.bankofengland.co.uk/markets/bank-of-england-market-operations-guide/results-and-usage-data (accessed 18 September 2020).||
March 11, Introducing a new Term Funding scheme with additional incentives for Small and Medium-sized Enterprises (TFSME), financed by the issuance of central bank reserves. The Term Funding Scheme offers four-year funding at or very close to the Bank Rate. Estimated size of the scheme is GBP100 billion. As of September 16, current loans made through the Term Funding Scheme with additional incentives for SMEs amounted to GBP34.724 billion [update].
|United Kingdom||02B||02B - Support policies for long-term lending||GBP||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 19 April 2020); OECD. http://www.oecd.org/coronavirus/en/ (acessed 15 May 2020); Bank of England. https://bit.ly/2YQdcfr (accessed 15 May 2020); Bank of England. https://bit.ly/3fNCXUB (accessed 15 May 2020); Bank of England. https://bit.ly/2AW7VLb (accessed 12 June 2020).||
No amount/estimate: (i) Policy rate reductions: From 0.75% to 0.1% in two steps on 11 and 19 March; (ii) April, reducing the UK countercyclical buffer rate to 0% from a pre-existing path toward 2% by December 2020, with guidance that it will remain there for at least 12 months; (iii) May 4, The Prudential Regulation Authority (PRA) is offering a modification by consent for banks subject to the UK Leverage Ratio Part of the PRA Rulebook to exclude loans under the COVID-19 Bounce Back Loan scheme (BBLS) from the leverage ratio total exposure measure, if they choose to do so; (iv) May 7, the PRA announced its intention to alleviate unwarranted pressure on firms by setting all Pillar 2A requirements as a nominal amount, instead of a percentage of total Risk Weighted Assets (RWAs). As well as avoiding an absolute increase in Pillar 2A capital requirements in the current stress, this would reduce Pillar 2A, as well as the threshold at which firms are subject to maximum distributable amount (MDA) restrictions, as a share of a firm’s RWAs in the capital stack if RWAs increase; (v) May 7, The dates for the major UK banks and building societies to submit their first reports on their preparations for resolution and publicly disclose a summary of these reports have been extended by a year. These firms will now be required to submit their first reports to the PRA by October 2021 and make public disclosures by June 2022; (vi) June 4, the Bank of England informs all regulated UK Financial Market Infrastructures and Specified Providers that when considering any distribution of shareholders or making decisions on variable remuneration they should pay close attention to the additional risks and potential financial and operational demands due to COVID-19, and that they should discuss with the BOE in advance of making any distribution to shareholders.
|United Kingdom||02C||02C - Loan guarantees||GBP||330,000,000,000||408,573,750,000||Organisation for Economic Co-operation and Development (OECD). http://www.oecd.org/coronavirus/en/ (accessed 19 April 2020; 15 May 2020; 22 May 2020); GOV.UK. https://www.gov.uk/government/news/larger-businesses-to-benefit-from-loans-of-up-to-200-million (accessed 23 May 2020); Office for Budget Responsbility. https://obr.uk/coronavirus-analysis/ (accessed 5 June 2020)||
March, GBP330 billion of temporary state loans and guarantee scheme for businesses. The Coronavirus Business Interruption Loan Scheme (CBILS) (17 March) will provide loans of up to GBP5 million for small and medium-sized businesses. The CBILS provides support to smaller businesses, with financing up to GBP5 million, wherein the government will provide the lender a partial guarantee (80%). As of 31 May, GBP8.9 billion had been approved. Starting July 30, businesses with fewer than 50 employees and a turnover of less than GBP 9 million can apply to CBILS In addition, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to GBP25 million to larger firms with an annual turnover of between GBP45 million and GBP500 million (3 March). The CLBILS will provide a government guarantee of 80% to enable banks to make loans of up to GBP25 million to larger firms with an annual turnover of between GBP45 million and GBP500 million. May 19, Extended maximum loan size available through the CLBILS from GBP50 million to GBP200 million. Companies receiving help through the CLBILS were also asked to agree to not pay dividends and to exercise restraint on senior pay. As of 31 May, GBP1.1 billion had been approved under under CLBILS. May 4, Bounce Back Loan Scheme (BBLS) is launched to help small firms get finance, with a 100% government-backed guarantee. As of May 31, GBP21.3 billion had been approved under BBLS, covering nearly 700,000 loans.
|United Kingdom||03||03 - Direct long-term lending||GBP||520,000,000||643,813,182|
|United Kingdom||03A||03A - Long-term lending||GBP||520,000,000||643,813,182||Bank of England. https://bit.ly/3fGui67 (accessed 13 April 2020); Bank of England. https://bit.ly/37JL1CO (accessed 13 April 2020); GOV.UK. https://www.gov.uk/government/news/157-billion-investment-to-protect-britains-world-class-cultural-arts-and-heritage-institutions (accessed 12 July 2020).||
(i) May 20, Future Fund is launched. To bolster high-tech start-ups, the new GBP500 million Future Fund provides between GBP125,000 and GBP5 million for UK based-business as long as the cash is matched by private investors (i.e. government is committing GBP250 million, with the other GBP250 million expected to be raised by the private sector). The scheme is initially open until September and will be delivered by the British Business Bank. If the government loan is not repaid within three years, it gets automatically converted into an equity stake at 20% discount to the valuation set in the next funding round; (ii) July 5, The package in support for cultural organisations includes GBP270 million of repayable finance.
|United Kingdom||03B||03B - Forbearance||GBP||Financial Conduct Authority (FCA). https://bit.ly/317ekOe (accessed 15 April 2020); FCA. https://www.fca.org.uk/news/press-releases/fca-confirms-further-support-motor-finance-and-high-cost-credit-customers (accessed 16 July 2020); FCA. https://www.fca.org.uk/news/press-releases/fca-confirms-next-stage-support-mortgage-borrowers (accessed 17 September 2020).||
No amount/estimate: (i) April 9, The Financial Conduct Authority (FCA) introduced a package of targeted temporary measures to support customers affected by coronavirus, including by setting the expectation for firms to offer a payment freeze on loans and credit cards for up to three months; (ii) July 15, The FCA has confirmed the support that will be available for users of motor finance, buy-now pay-later (BNPL), rent-to-own (RTO), pawnbroking and high-cost short-term credit (HCSTC) products, who continue to face payment difficulties due to COVID-19. Measures include: (a) Firms should contact customers if they can resume payments – and if so, agree a plan on how the missed payments could be repaid, (b) For customers with still payment difficulties, firms will freeze or reduce payments to a level they can afford, on their motor finance, BNPL or RTO agreements for a further 3 months, (c) Customers that have not yet had a payment freeze or requested an extension of an existing payment freeze can request this up until 31 October 2020, (d) HCSTC customers can only apply for a payment freeze under this guidance once up to 31 October 2020, (e) The ban on repossessions will continue until 31 October 2020, and (f) Any payment freezes or partial payment freezes offered under this guidance should not have a negative impact on credit files; (iii) No amount/estimate: September 14, FCA prepares additional guidance note for mortgage relief for borrowers, confirming its support to those who continue to face payment difficulties due to coronavirus [update].
|United Kingdom||04||04 - Equity support||GBP|