Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Netherlands 01 01 - Liquidity Support EUR
Netherlands 01A 01A - Short-term lending EUR
Netherlands 01B 01B - Support policies for short-term lending EUR
Netherlands 01C 01C - Forex operations EUR
Netherlands 02 02 - Credit creation EUR 27,269,000,000 30,164,823,009
Netherlands 02A 02A - Financial sector lending/funding EUR
Netherlands 02B 02B - Support policies for long-term lending EUR 6,000,000 6,637,168 OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020); Bruegel. https://www.bruegel.org/publications/datasets/covid-national-dataset/#netherlands (accessed 15 April 2020).

March, (i) EUR6 million credit created by reducting interest rates from (Qredits); (ii) No amount/estimate: De Nederlandsche Bank (DNB) reduced systemic buffers from the current 3% of global risk-weighted exposures to 2.5% for ING, 2% for Rabobank and 1.5% for ABN Amro; (iii) No amount/estimate: the planned introduction of a risk weight floor for mortgage loans has been postponed. It is expressly intended that this released capital is used to support lending, as opposed to paying dividends or buying back own shares.

Netherlands 02C 02C - Loan guarantees EUR 27,263,000,000 30,158,185,841 OECD. http://www.oecd.org/coronavirus/en/ (accessed 14 May 2020). Finnvera. https://www.finnvera.fi/finnvera/uutishuone/uutiset/finnveran-takausosuus-jopa-90-prosenttia-jos-rahoituksen-jarjestyminen-sita-edellyttaa (accessed 24 May 2020). NL Government. https://www.government.nl/topics/coronavirus-covid-19/news/2020/06/26/government-offers-financial-support-to-klm-as-a-result-of-the-corona-crisis (accessed 29 June 2020)

(i) No amount/estimate: March 30, The government increased export credit insurance for firms through the credit insurer Atradius. The share of the working capital that companies need for their export production was raised from 80% to 95%; (ii) April 9, Budget for guarantee facility for SME loans via BMKB was raised to EUR1.5 billion, while the premium for SME loans has been reduced from 3.9 to 2%; (iii) Increase to EUR10 billion (from EUR400 million) in the ceiling of the GO business loan guarantee scheme; (iv) The government provides EUR12 billion guarantees for the credit insurance market to ease lending to small firms; (v) April 17, EUR650 million (increased from EUR400 million) additional temporary guarantee for working capital and other type of support for agricultural and horticultural companies; (vi) May 14, EUR713 million in guarantees for bridging loans for small companies under the Small Credits Corona Guarantee Scheme. The guarantee covers 95% of bank loans, and funding is provided for a maximum of five years at an interest rate of 4% for company with positive profits over the last three years; (vii) No amount/estimate: May 7, Finnvera (official export credit agency) increased its guarantee share for SME loans from 80% to 90%; (viii) June 26, EUR2.4 billion in guarantees for bank loans made by KLM Airlines.

Netherlands 03 03 - Direct long-term lending EUR 1,365,000,000 1,509,955,752
Netherlands 03A 03A - Long-term lending EUR 1,365,000,000 1,509,955,752 OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020). Ministry of Economic Affairs and Climate. https://www.rijksoverheid.nl/ministeries/ministerie-van-economische-zaken-en-klimaat/nieuws/2020/05/28/uitbreiding-op-ondernemersregelingen-noodpakket-banen-en-economie (accessed 29 May 2020). NL Government. https://www.government.nl/topics/coronavirus-covid-19/news/2020/06/26/government-offers-financial-support-to-klm-as-a-result-of-the-corona-crisis (accessed 29 June 2020) European Commission. https://nltimes.nl/2020/05/29/government-backs-travel-vouchers-refunds-another-eu150-million (accessed 31 July 2020

(i) EUR200 million available for bridging loans to start-ups, scale-ups and innovative small and medium enterprises. These loans will be provided through regional development companies in the Netherlands; (ii) Loans at reduced interest rates are available under the scheme in (ii) of Non-health, Measure 5; (iii) June 26, EUR1 billion in direct loans to KLM Airlines, to be given in tranches through to 2025; (iv) EUR165 million in subsidized loans to the five Dutch Travel Guarantee Funds that operate package travel guarantee schemes, subject to the following conditions: (a) the reduced interest rates will be above the minimum levels set in the Temporary Framework; (b) the loan contracts will be signed by 31 December 2020 at the latest; and (c) the maturity of the loans will not exceed six years.

Netherlands 03B 03B - Forbearance EUR OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020). Rijksoverheid. https://www.rijksoverheid.nl/actueel/nieuws/2020/06/16/kabinet-treft-maatregelen-om-toename-mensen-met-schulden-op-te-vangen (accessed 18 June 2020)

(i) No amount/estimate: The banking sector has responded by giving an automatic 6-month payment holiday (interest and amortisation) for all business loans of less than EUR2.5 million; (ii) No amount/estimate: Ban on forced home sales of homeowners who are temporarily unable to meet their mortgage obligations due to the corona crisis until 1 July (7 April) and automatic extension of temporary rent contracts until the end of June (8 April); (iii) No amount/estimate: June 17, Proposed the temporary deferral of debt payments by four months.

Netherlands 04 04 - Equity support EUR
Netherlands 05 05 - Health and income support EUR 63,009,000,000 69,700,221,239
Netherlands 05A 05A - Health support EUR
Netherlands 05B 05B - Income support EUR 63,009,000,000 69,700,221,239 OECD. http://www.oecd.org/coronavirus/en/ (accessed 22 May 2020); Bruegel. https://www.bruegel.org/publications/datasets/covid-national-dataset/#netherlands (accessed 15 April 2020); Rijksoverheid. https://www.rijksoverheid.nl/actueel/nieuws/2020/05/01/110-miljoen-euro-ondersteuning-voor-sportverenigingen (accessed 11 May 2020). Rijksoverheid. https://www.rijksoverheid.nl/actueel/nieuws/2020/05/15/%E2%82%AC500-miljoen-extra-voor-studenten-en-zomerscholen (accessed 22 May 2020). Global Tax News. https://www.tax-news.com/news/Netherlands_Clarifies_COVID19_VAT_Concessions____97711.html (accessed 29 May 2020). Rijksoverheid. https://www.rijksoverheid.nl/actueel/nieuws/2020/05/20/kabinet-investeert-in-doorbouwen (accessed 1 June 2020). Rijksoverheid. https://www.rijksoverheid.nl/actueel/nieuws/2020/07/03/77-miljoen-extra-voor-structurele-inzet-van-digitale-zorg-thuis (accessed 8 July 2020). Rijksoverheid. https://www.rijksoverheid.nl/ministeries/ministerie-van-economische-zaken-en-klimaat/nieuws/2020/08/28/kabinet-verlengt-coronasteun-banen-en-economie-tot-en-met-2021 (accessed 3 September 2020). Rijksoverheid. https://www.rijksoverheid.nl/actueel/nieuws/2020/08/31/aanvullende-compensatie-corona-voor-gemeenten (accessed 3 September 2020). Rijksoverheid. https://www.rijksoverheid.nl/actueel/nieuws/2020/09/02/vergoeding-voor-ouders-die-buiten-de-noodregeling-kinderopvang-vallen (accessed 5 September 2020)

(i) April 1, EUR10 billion for temporary compensation of employers’ wage costs, up to 90% of wage bill, conditional on at least 20% fall in turnover in the months March to May compared to 2019 (NOW scheme). In addition, the government will cover 30% of pension contributions and the employers' premium; (ii) EUR2 billion for compensation of self-employed and independent entrepreneurs without staff; (iii) EUR465 million in emergency support in the form of a lump sum of EUR4,000 for businesses that were forced to close doors due to government regulations (TOGS scheme); (iv) EUR175 million for Childcare Compensation for parents who continue paying for childcare during the lockdown (8 April); (v) EUR36 billion for deferral of tax collection of VAT, income, corporate, wage and turnover taxes from companies. Furthermore, under the measures, default penalties will not need to be paid in cases where extensions are approved, while interest on overdue taxes will be reduced to 0.01% until October 1, 2020; (vi) No amount/estimate: April 1, the government will cover 30% of pension contributions and the employers' premium; (vii) No amount/estimate: March 30, self-employed (without employees) hit by the corona crisis are to receive monthly 1,050 'euros over the next three months, irrespective of their savings. For married couples or couples with children a maximum of EUR 1,500 a month will apply; (viii) April 17, EUR300 million grants for the culture sector, including museums and theatres; (ix) May 1, EUR110 million to support sports clubs; (x) No amount/estimate: May 20, The government will compensate public transport companies for the loss of income and extra costs they face due to the crisis; (xi) May 20, EUR500 million allocated to education spending. EUR200 million will go to students to mitigate the consequences of the coronavirus epidemic, and EUR244 million will go to primary, secondary, and vocational education to make up for educational gaps caused by the coronavirus; (xii) May 20, Short-term measures for the construction sector: (a) EUR50 million in construction projects, (b) Increased subsidies for citizens to make their homes more environmentally sustainable (the “SEEH scheme"), (c) EUR20 million available for municipalities in the form of “flex pools” (civil servants with technical knowledge about planning and licensing), (d) EUR50 million in housing incentives for prospective homeowners belonging to vulnerable groups; (xiii) EUR1.4 billion allocated for tax-free allowances to affected SMEs to pay their fixed material costs; (xiv) EUR77 million to support remote care, aimed at frail elderly people living at home and people with chronic illnesses or disabilities. The intervention takes the form of a subsidy for healthcare providers who want to use digital applications, and applications are limited at EUR50,000 per request; (xv) August 28, EUR11 billion in additional expenditures from extending the following initiatives through to 2021: (a) NOW scheme, an allowance for wage costs; (b) Tozo, income support for the self-employed; (c) TVL, fixed cost allowances for SMEs, and (d) tax deferment measures [update]; (xvi) August 28, EUR777 million to compensate municipalities, provinces, and water boards for lost income [update]; (xvii) September 2, EUR8.5 million as compensation for parents who fall outside the emergency childcare scheme. [update]

Netherlands 06 06 - Budget reallocation EUR
Netherlands 07 07 - Central bank financing government EUR
Netherlands 07A 07A - Direct lending and reserve drawdown EUR
Netherlands 07B 07B - Secondary purchase: government securities EUR
Netherlands 08 08 - International Assistance Received EUR
Netherlands 08A 08A - Swaps EUR
Netherlands 08B 08B - International loans/grants EUR
Netherlands 08B1 08B1 - Asian Development Bank EUR
Netherlands 08B2 08B2 - Other EUR
Netherlands 09 09 - International Assistance Provided EUR 15,235,955 16,853,932
Netherlands 09A 09A - Swaps EUR
Netherlands 09B 09B - International loans/grants EUR 15,235,955 16,853,932 UN. http://mptf.undp.org/factsheet/fund/COV00 (accessed 22 May 2020)

As of May 20, contributed USD16,853,932 to the UN COVID-19 Response and Recovery Fund.

Netherlands 10 10 - No breakdown EUR 13,000,000,000 14,380,530,973 Rijksoverheid. https://www.rijksoverheid.nl/ministeries/ministerie-van-economische-zaken-en-klimaat/nieuws/2020/05/20/coronavirus-verlenging-en-uitbreiding-noodpakket-banen-en-economie (accessed 22 May 2020)

May 20, EUR13 billion for a new emergency package, which has five major components: (a) Companies will receive a tax-free allowance from the Ministry of Economic Affairs so that they can pay for their fixed costs, (b) Adjusted labor compensation ("NOW") program that does not reduce compensation for commercial dismissals, (c) Bridging ("TOZO") program that now applies to entrepreneurs and self-employed persons, (d) Prolonged tax relief, and (e) Lending and guarantees ("BMKB", "GO", "KKC", "COL") for entrepreneurs.

Netherlands 11 11 - Other Economic Measures EUR Financien Belgium. https://financien.belgium.be/nl/Actueel/overeenkomst-tussen-de-bevoegde-autoriteiten-van-nederland-en-belgi%C3%AB-ter-verlenging-van-de (accessed 5 June 2020). Rijksoverheid. https://www.rijksoverheid.nl/actueel/nieuws/2020/06/19/bij-steun-overheid-moeten-bedrijven-onwenselijke-belastingconstructies-afbouwen (accessed 24 June 2020). Rijksoverheid. https://www.rijksoverheid.nl/actueel/nieuws/2020/06/23/eerste-kamer-stemt-in-met-wijziging-wet-gemeentelijke-schuldhulpverlening (accessed 24 June 2020)

(i) No amount/estimate: June 2, Extended the agreement on tax treatment of cross-border workers until June 30, 2020; (ii) Approved an amendment to the Municipal Debt Assistance Act, allowing municipalities to exchange data from citizens with payment arrears at an early stage with housing corporations, energy, and drinking water companies and health insurers to identify people with debts in time and to offer debt counseling. The amendment will take effect on January 1, 2021; (iii) Imposed new conditions on companies that seek support (including corona-related support) from the Dutch government: (a) the company cannot be located in a country that already has a low tax rate, and (b) the Dutch branches of the company cannot have paid interest or royalties to branches of the group in countries with too low tax rates.

Netherlands 12 12 - Non-Economic Measures EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 May 2020). OECD. https://www.oecd.org/coronavirus/country-policy-tracker/ (accessed 20 July 2020). Rijksoverheid. https://www.rijksoverheid.nl/actueel/nieuws/2020/08/12/nederland-stelt-inreisverbod-voor-marokko-weer-in (accessed 13 August 2020)

(i) The authorities have taken measures to limit the spread of the virus, including ordering closure of schools and many catering businesses, and advising to avoid social contact and work from home to the extent possible; (ii) As the number of new infections and death continue to decline, the Dutch government is laying down a progressive easing of the lockdown measures; (iii) Starting on May 11, and under strict conditions, childcare services and primary schools will be allowed to reopen, as well as some businesses (including for example hairdressers and nail stylists). The authorities have stressed that further relaxation of the containment measures will follow only to the extent that the spread of virus remains contained; (iv) Starting on June 1, secondary schools and more businesses (e.g. restaurants and cafes, cultural institutions) will also reopen; (v) As of June 15, tourists from EU or Schengen countries can enter the Netherlands. However, tourists from Sweden and the United Kingdom should go into quarantine for 14 days. Tourists must reserve their holiday accommodation before they travel to the Netherlands; (vi) Starting July 1, gatherings of more than 100 people in a closed space will be allowed, and no limit on occupancy will be imposed on cinemas, cafés and restaurants. Social distancing requirements will remain in place, however. (vii) The Netherlands will reinstate the entry ban for Morocco from 13 August 2020; (viii) August 6, the Dutch government introduced new nationwide measures to curb the spread, including compulsory testing at Schiphol airport and mandatory temporary closing of entertainment businesses experiencing an outbreak.

Singapore 01 01 - Liquidity Support SGD 4,000,000,000 2,823,861,631
Singapore 01A 01A - Short-term lending SGD 4,000,000,000 2,823,861,631 MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-and-financial-industry-to-support-individuals-and-smes-affected-by-the-covid-19-pandemic (accessed 18 April 2020).

(i) No amount/estimate: Monetary Authority of Singapore (MAS) is providing sufficient liquidity to Singapore dollar (SGD) and United States dollar (USD) funding markets in Singapore and supporting their effective functioning.  This will enable financial institutions to fund themselves, intermediate credit to individuals and businesses, and provide essential financial services. MAS has been providing ample SGD liquidity to the banking system through its daily money market operations (MMO). (ii) March 27, SGD4 billion bridge loan facility to Singapore Airlines (SIA) from DBS (see Measure 4).

Singapore 01B 01B - Support policies for short-term lending SGD
Singapore 01C 01C - Forex operations SGD MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-and-financial-industry-to-support-individuals-and-smes-affected-by-the-covid-19-pandemic (accessed 18 April 2020).

No amount/estimate: MAS has also significantly stepped up its provision of USD liquidity to the banking system, increasing the volume of foreign exchange swaps transacted at its daily MMO as of March 31 by about 25% over the past 2 weeks.

Singapore 02 02 - Credit creation SGD
Singapore 02A 02A - Financial sector lending/funding SGD MAS. https://www.mas.gov.sg/monetary-policy/liquidity-facilities/mas-sgd-facility-for-esg-loans (accessed 29 April 2020).

No amount/estimate: April 21, the MAS and Enterprise Singapore launched the MAS SGD Facility for ESG Loans to lend Singapore dollars at an interest rate of 0.1% per annum to eligible financial institutions to support lending to small and medium-sized enterprises (SMEs).

Singapore 02B 02B - Support policies for long-term lending SGD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020). MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-takes-regulatory-and-supervisory-measures-to-help-fis-focus-on-supporting-customers (accessed 22 May). MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-calls-on-finance-companies-to-moderate-fy2020-dividends (accessed 14 August 2020).

No amount/estimate: (i) March 30, The MAS adopted a 0% per annum rate of appreciation of the policy band and reduced the midpoint to the prevailing level of the SGDNEER, with no change to the width of the band; (ii) April 7, The MAS announced various transitory regulatory forbearance measures including deferral of the implementation of Basel III regulations, utilization of capital and liquidity buffers to support lending, among others; (iii) April 16, Authorities raised the leverage limit for S-REITS from 45% to 50% to provide greater flexibility to manage their capital structure and enhance funding access. (iv) August 7, MAS urged locally-incorporated banks and finance companies to cap their total dividends per share (“DPS”) for 2020 at 60% of the 2019 level.

Singapore 02C 02C - Loan guarantees SGD
Singapore 03 03 - Direct long-term lending SGD 29,700,000,000 20,967,172,609
Singapore 03A 03A - Long-term lending SGD 29,700,000,000 20,967,172,609 SingaporeBudget.gov. https://www.singaporebudget.gov.sg/budget_2020/resilience-budget/supplementary-budget-statement (accessed 30 May 2020).

(i) March 26, SGD20 billion in loan capital under the Resilience Budget to support good companies with strong capabilities (also see Measure 5B). (ii) March 27, Up to SGD9.7 billion in convertible notes as part of SIA's fundraising underwritten by state-investor Temasek Holdings (see Measure 4).

Singapore 03B 03B - Forbearance SGD GOV.SG. https://www.gov.sg/article/temporary-relief-for-businesses-and-individuals-unable-to-fulfil-contractual-obligations (accessed 28 April 2020). MAS. https://www.mas.gov.sg/news/media-releases/2020/additional-loan-and-cashflow-support-for-landlords-and-businesses-affected-by-covid-19 (accessed 4 June 2020).

No amount/estimate: (i) April 7, Deferral of certain contractual obligations such as rent and loan payments businesses and individuals. (ii) June 3, Authorities announced enhanced credit relief for individual and SME landlords in the form of principal and interest payment deferrals to December 31 and extension of loan tenure up to the corresponding deferment period on an opt-in basis.

Singapore 04 04 - Equity support SGD 5,300,000,000 3,741,616,661 Reuters. https://www.reuters.com/article/us-health-coronavirus-singapore-air-tema/singapore-airlines-obtains-13-billion-rescue-package-amid-coronavirus-shock-idUSKBN21D3AE (accessed 9 June 2020).

March 27, SGD19 billion rescue package for SIA consisting of SGD5.3 billion in equity, up to SGD9.7 billion convertible note portions of SIA's fundraising underwritten by state-investor Temasek Holdings, and a SGD4 billion bridge loan facility from DBS (amounts for the latter two lending measures have been reflected in Measures 3A and 1A, respectively).