Other ADB Members
Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline||EUR2,000,000,000||USD2,212,389,381|
|01A - Short-term lending info_outline||EUR2,000,000,000||USD2,212,389,381||
No amount/estimate: 9 June 2020, 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) 13 August 2020, 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.
|01B - Support policies for short-term lending info_outline||
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 2020. Other reporting and inspection deadlines are delayed.
|01C - Forex operations info_outline|
|02 - Credit creation info_outline||EUR431,480,000,000||USD477,300,884,956|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline|
|02B1 - Interest rate adjustments|
|02B2 - Other policies to support long-term lending||
No amount/estimate: (i) 20 May 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) 28 July 2020, 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) 30 July 2020, 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 1 January 2021.
|02C - Loan guarantees||EUR431,480,000,000||USD477,300,884,956||
(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) 9 April 2020, 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 2020, 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 17 June 2020.
|03 - Direct long-term lending info_outline||EUR9,450,000,000||USD10,453,539,823|
|03A - Long-term lending info_outline||EUR9,000,000,000||USD9,955,752,212||
(i) 20 May 2021, EUR9 billion to provide credit to struggling businesses amidst the coronavirus pandemic. More details to follow as they are released.
|03B - Forbearance||EUR450,000,000||USD497,787,611||
(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.
|04 - Equity support info_outline||EUR48,000,000,000||USD53,097,345,133||
(i) 15 May 2020, EUR45 billion in equity support for companies under the Relaunch Decree; (ii) 12 May 2021, EUR3 billion in funding for a new equity fund to help its coronavirus-hit companies raise capital, two government officials said. This amount is expected to amount to EUR44 billion and will be revised as further measures are approved.
|05 - Health and income support||EUR326,320,985,000||USD360,974,540,929|
|05A - Health support||EUR29,985,000,000||USD33,169,247,788||
(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) 15 May 2020, EUR5 billion support to the health sector under the Relaunch Decree; (iv) EUR5 million to raise by 12 days the paid leave for disabled workers and workers caring for a disabled relative; (v) EUR130 million to extend sick leave to cover days spent in quarantine; (vi) 27 December 2020, Italy kicked off COVID19 vaccinations in Rome; (vii) 20 May 2021, EUR2.8 billion funding, under the line of action "health protection", as part of the EUR40 billion package by the Italian government. More details to follow as they are released; (viii) EUR15.6 billion as part of the NextGen EU Program by the European Commission and Government of Italy, with measures dedicated towards healthcare, telemedicine and homecare; (ix) 14 September 2021, The Italian government will make a third dose of the COVID-19 vaccine (booster shot) available to three million people in the most at-risk categories from next week, the health minister has confirmed.
|05B - Income support||EUR213,185,985,000||USD235,825,204,646|
|05B1 - Tax and contribution deferrals and policy changes||EUR10,600,000,000||USD11,725,663,717||
(i) EUR600 million for suspension of collection of tax collection files; (ii) EUR10 billion for suspension of all the tax and social security payments coming due in March; (iii) No amount/estimate: Suspension for 2 months of tax and social security payments in the municipalities most affected; (iv) No amount/estimate: Incentive to sell impaired loans (NPLs) by converting deferred tax assets (DTA) into tax credits for financial and industrial companies; (v) 10 September 2020, As regards the moratorium on penalties for delayed payments of tax settlements due on 20 August 2020, the Government has undertaken to support, in dialogue with the Parliament, an amendment to Legislative Decree 104 of 2020 which provides for taxpayers who recorded in the first half of 2020 a reduction in turnover of at least 33 percent, the possibility of making the payment by Friday, 30 October 2020, with a penalty fee of 0.8%.
|05B2 - Tax and contribution rates reduction||EUR540,000,000||USD597,345,133||
(i) EUR540 million for 60% tax credit on commercial rents; (ii) No amount/estimate: Non-application of withholding tax for professionals without employees, with revenues below EUR400,000 until 31 May 2020.
|05B3 - Subsidies to individuals and households||EUR40,830,000,000||USD45,165,929,204||
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 EUR600 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; (vi) EUR900 million for a EUR100 one-off bonus to workers who continued to work at their workplace; (vii) 13 May 2020, 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); (viii) 8 June 2020, 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"); (ix) 10 August 2020, Ministry of Economic Development signed implementation decrees worth a total of EUR600 million in the "School Plan" and the "Family Plan". The Family Plan allocates EUR200 million to households to support domestic Internet connection throughout Italy. The interventions will be managed by Infratel; (x) 20 May 2021, EUR4.2 billion to support workers in industries worst-hit by the coronavirus pandemic, under the line of action "work and social policies" of the new EUR40 billion package. More details to follow as they are released.
|05B4 - Subsidies to businesses||EUR34,915,985,000||USD38,623,877,212||
For companies: (i) EUR50 million for incentives to firms to sanitise workplaces; (ii) No amount/estimate: suspension of 2 months (until end of April 2020) in the payment of the electricity, gas, water and waste bills in the most affected municipalities; (iii) EUR1.7 billion to provide fee-free guarantee for SMEs loans; (iv) 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); (v) 6 May 2020, EUR60 million to the National Fund for support to access in housing rental; (vi) 7 May 2020, New Covid-19 emergency fund of EUR100 million to agriculture sector (interest subsidy and direct aid); (vii) 13 May 2020, the government announced a further EUR55 billion rescue package of measures. Measures include funds for 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; (viii) 9 July 2020, Allocated EUR100 million to the wine sector to compensate for its voluntary reduction in production during the COVID-19 pandemic; (ix) 9 July 2020, Allocated EUR90 million to support livestock supply chains in crisis; (x) 10 August 2020, 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; (xi) No amount/estimate: 7 October 2020, Extended the deadlines for submitting applications for ordinary layoffs, ordinary allowances and layoffs in derogation linked to the epidemiological emergency to 31 October 2020. In this way, all companies have a further possibility to send the requests and data necessary for the payment of the Cig Covid-19 services, guaranteeing workers access to the income support measures provided for by the August Decree; (xii) 16 October 2020, The Ministry of Agriculture, Food and Forestry Policies to provide a EUR600 million Catering Fund. Businesses in the catering sector (including restaurants) will receive grants to purchase Italian agricultural, wine, fishing, and products of excellence. Beneficiaries can apply through Poste Italiane, whereupon the Ministry will advance 90% of the grant. After purchase, submission of the receipt will trigger the last 10% to be sent by bank transfer. Grants range from EUR1,000 to EUR10,000; (xiii) 3 December 2020, The European Commission has approved a EUR625 million Italian scheme to support tour operators and travel agencies in Italy affected by the coronavirus outbreak. The scheme consists in direct grants equal to a percentage (5%-20%) of the difference between (a) the amounts of turnover and fees registered from 23 February 2020 to 31 July 2020 and (b) the amount of turnover and fees for the corresponding period of 2019; (xiv) 29 December 2020, Commission approves EUR73 million of Italian support to compensate Alitalia for further damages suffered due to coronavirus outbreak. This is on top of the EUR199.45 million of support for the same purpose approved on 4 September 2020. On 12 May 2021, another EUR12.835 million was approved, bringing the total to EUR285.285 million; (xv) 10 March 2021, Commission approves EUR511 million Italian scheme to compensate commercial rail passenger operators for damages suffered due to the pandemic; (xvi) 20 March 2021, EUR11 billion of the EUR32 billion package approved in January and originally placed in Measure 10 was announced to be dedicated to businesses that have suffered from lockdown closures, specifically to support unemployment and furlough schemes; (xvii) 24 March 2021, EUR270 million measure to support rail freight and commercial passenger operators affected by the COVID-19 outbreak. The measure consists of a reduction of infrastructure access charges for rail operators; (xviii) 26 March 2021, EUR24.7 million funding from the Italian government and approved by the European Commission to compensate Alitalia for further damages suffered due to coronavirus outbreak.
|05B5 - Indirect income support||EUR124,400,000,000||USD137,610,619,469||
EUR124.4 billion as part of the NextGen EU Program by the European Commission and Government of Italy, geared towards measures improving energy efficiency and creating a circular economy.
|05B6 - No breakdown (income support)||EUR1,900,000,000||USD2,101,769,912||
(i) 20 May 2021, EUR1.9 billion to support local government and authorities, under the line of action "support to local authorities" of the new EUR40 billion package. More details to follow as they are released.
|05C - No breakdown (health and income support)||EUR83,150,000,000||USD91,980,088,496||
(i) 13 May 2020, the government announced a further EUR55 billion rescue package of measures. Aside from the measures mentioned above, EUR6.65 billion have no breakdown; (ii) 26 August 2020, 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; (iii) EUR51.5 billion as part of the NextGen EU Program by the European Commission and Government of Italy. This represents the remainder of the budget that have not been allocated to other measures.
|06 - Budget reallocation info_outline||
|07 - Central bank financing government|
|07A - Direct lending and reserve drawdown|
|07B - Secondary purchase: government securities|
|08 - International Assistance Received||EUR230,550,000,000||USD255,033,185,841|
|08A - Swaps info_outline|
|08B - International loans/grants||EUR230,550,000,000||USD255,033,185,841|
|08B1 - Asian Development Bank|
|08B2 - Other||EUR230,550,000,000||USD255,033,185,841||
(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 EUR2 billion in total, the first tranche of EUR1 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). 27 October 2020, The European Commission has disbursed a total of EUR17 billion to Italy. Once all SURE disbursements have been completed, Italy will receive a total of EUR27.4 billion; (iii) 11 November 2020, The European Investment Bank (EIB) and Mediocredito Centrale (MCC) are providing EUR50 million to help Italian small and medium-sized enterprises (SMEs) and mid-caps to face the COVID-19 crisis; (iv) As of 4 February 2020, Italy has received EUR4.45 billion, disbursed by the Commission under the SURE program; (v) EUR191.5 billion with EUR68.9 billion in grants and the remainder in loans from the European Commission as part of the NextGeneration EU Program, with spending reflected in the sub-measures under Measure 5; (vi) 17 September 2021, The Commission has granted EUR4.7 billion to Italy under REACT-EU to support jobs, skills and people most in need in Italy.
|09 - International Assistance Provided|
|09A - Swaps info_outline|
|09B - International loans/grants||
(i) 12 September 2021, Italy has donated 100,800 COVID-19 vaccines to Iraq through the COVAX facility; (ii) 5 October 2021, Italy is donating 1.2 million doses of AstraZeneca vaccine to Iran as a part of a COVAX initiative.
|10 - No breakdown||EUR93,100,000,000||USD102,986,725,664||
No amount/estimate: (i) 9 July 2020, 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; (ii) 15 May 2020, 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; (iii) 20 January 2021, The Government requested authorization for extra spending in 2021 in the amount of EUR32 billion to fight the pandemic and this has been approved, by the Council of Ministers first and then by the Senate. As of 10 February 2021, there is still no breakdown of the measures to be implemented with the budget. As of 20 March 2021, EUR11 billion of the package has been announced to fall under measures supporting businesses that have suffered losses due to the lockdowns, and has thus been transferred to Measure 5B4; (iv) 20 May 2021, EUR22.1 billion remaining with no breakdown from the EUR40 billion package approved by the government. EUR16 billion total can be found in Measure 3A, Measure 5A, and Measure 5B3.
|11 - Other Economic Measures||
(i) No amount/estimate: 24 April 2020, announced a special debt instrument called "BTP ITALIA," which will finance costs arising from the COVID-19 pandemic. The next issue will be 18 May 2020-21. 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 2020: 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 17 March 2020. The ban will end on 18 May 2020; (v) 8 June 2020, 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, 6 July 2020, to Friday, 10 July 2020.
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
(i) Travel is restricted; (ii) People can now travel within their own region, and mobility restrictions across regions has been lifted on 3 June 2020, when international borders also reopen without restriction to and from other EU countries; (iii) Rapid Covid tests are required for travelers coming back from a number of countries in Europe; (iv) 8 October 2020, The Minister of Health, Roberto Speranza, has signed a new Ordinance, which provides for urgent measures to contain and manage the current health emergency. In particular, the Ordinance provides for the obligation of molecular or antigenic testing for those coming from or transiting in some European countries at greater risk for Covid-19 in the 14 days prior to entry into Italy, and the obligation to communicate entry into Italy to the Department of Prevention of the Local Health Authority; (v) A nationwide curfew is in place from 10pm to 5am. Public transportation capacity is reduced to 50%; (vi) Travelling into high risk regions (and between municipalities in these regions) is only permissible for essential work- and health-related reasons; (ix) 4 December 2020, Italy approved new restrictions including halting movement between towns during the Christmas and New Year season, as the country posted its highest daily death toll of the pandemic; (x) 22 December 2020, Italy allows citizens to return from UK despite a travel ban in place until 6 January 2021 due to the new coronavirus strain; (xi) 22 February 2021, The Italian government extended a ban on non-essential travel between the country’s regions until 27 March 2021, with the primary purpose of slowing down the new, more contagious variants; (xii) 5 April 2021, Italy reduces quarantine time for travellers from the UK and Austria; (xiii) 25 April 2021, Italy has improsed a travel ban from India over the latest surge and the new COVID variant; (xiii) 18 June 2021, Italy will require a 5-day quarantine for travelers from the UK; (xiv) 1 September 2021, Italy has increased travel restrictions from tourists in certain countries, such as the United States; (xv) 29 September 2021, Italy has given the green light for travel to more non-EU destinations, which means that people traveling to and from these destinations would not need to quarantine.
|12B - Measures affecting business and workplace||
(i) Non-essential productive activities are closed across the country, with exceptions for supermarket and grocery stores, pharmacies, banks, public transport and essential public services; (ii) Since reopening on 4 May 2020, manufacturing and construction reopened under new safety rules (e.g., staggered shifts, spaced workstation, temperature checks, masks); (iii) In addition to retail shops, restaurants, cafes and hairdressers reopened on 18 May 2020 (the initial reopening plan was June 1); (iv) Sports facilities reopened on 25 May 2020, followed by cinemas and theatres on 15 June 2020; (v) Following the increase in confirmed cases beginning in early August, the government reintroduced some containment measures, including closing night clubs, capacity limits at cultural sites; (vi) Across the country, museums, cinemas, theatres, pools, and gyms are shut; (vii) In addition, the areas with the highest level of infections must close all bars, restaurants, and most non-essential shops. In low risks area, bars and restaurants must close by 6pm with a maximum of four persons per table; (viii) 24 July 2021, While most businesses are allowed to operate, COVID pass will be required for access to Italy's museums, movie theaters and other venues.
|12C - Others||
(i) The nation-wide lockdown, announced in early March, was extended until 3 May 2020; (ii) Public gathering is banned; (iii) The nation-wide lockdown expired on 4 May 2020; (iv) All schools and universities remain shut; (v) The government moved forward some of the reopening plans; (vi) Regional governments are allowed the discretion to adjust the dates in both direction; (vii) Mask wearing in public places (both in and outdoors) is required through end January 2021. Fines were raised for those who do not follow anti-contagion and quarantine rules; (viii) Rapid Covid tests have been authorized for use in schools to identify and quarantine infected individuals, thereby avoiding the need to close entire schools. Schools remain open but older students will switch to remote learning; (ix) 4 December 2020, Italy approved new restrictions to avoid a surge in novel coronavirus infections over Christmas and the New Year, banning midnight mass and halting movement between towns (reflected in 12A); (x) 3 January 2021, Italy postponed the reopening of its ski resorts on Saturday until later this month, after regional authorities asked for more time to meet coronavirus regulations; (xi) 13 January 2021, Italy announced that it would extend the COVID state of emergency to end of April 2021; (xii) 26 January 2021, Prime Minister Giuseppe Conte handed in his resignation to the president on issues over his handling of the second wave of COVID-19 and recovery funds from the European Union; (xiii) 4 February 2021, Restaurants and museums reopen as Italy relaxes coronavirus curbs; (xiv) 15 March 2021, a year after the previous national lockdown, Italy re-imposes lockdown measures as cases spike across Europe; (xv) 15 March 2021, Italy has suspended the use of the AstraZeneca vaccine following fears of the possibility of blood clot occurring from use; (xvi) 4 April 2021, Italy has reinstated strict lockdowns in preparation for Easter; (xvii) 22 April 2021, Italy has started distributions of the Johnson & Johnson coronavirus vaccine for those over 60; (xviii) 18 May 2021, Italy's government has changed the hours of the coronavirus curfew from 10 pm to 11pm, and eased some restrictions in the regions where infections are low; (xix) Starting 3 June 2021, Italy has approved to vaccinate people of all age groups; (xx) 8 June 2021, Italy's government has again eased restrictions by adding countries to the "white zone," under which, all restrictions on people's movements or business activities have been lifted, and the wearing of face masks and social distancing are the only preventive measures still in place; (xx) 18 June 2021, All except for one Italian region have decided to drop COVID-19 restrictions in light of the easing of the infection rate in the country; (xxi) 22 June 2021, Italy has lifted the mandatory mask requirements outdoors; (xxii) 14 July 2021, Italy has approved the GSK-Vir antibody to treat COVID-19; (xxii) 23 July 2021, Italy has extended its state of emergency until 21 December 2021; (xxiii) 11 August 2021, Italy will vaccine 12-18 year olds against the COVID-19 virus; (xxiv) 7 October 2021, Italy has loosened COVID-19 restrictions on leisure activities, such as by increasing the maximum attendance capacity allowed at cultural and sporting venues and allowing cinemas, theatres and concert venues to fill all their seats, scrapping the current limit of 50%.