Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline|
|01A - Short-term lending info_outline||
(i) No amount/estimate: 12 March 2020, Conducting additional longer-term refinancing operations (LTROs) temporarily (with an interest rate equal to the average rate on the deposit facility, -0.50% currently); (ii) No amount/estimate: 10 December 2020, ECB to offer four additional pandemic emergency longer-term refinancing operations (PELTROs) on a quarterly basis during 2021. Each operation will have a tenor of approximately one year. These operations will serve as a liquidity backstop to the euro area banking system and contribute to preserving the smooth functioning of money markets during the extended pandemic period.
|01B - Support policies for short-term lending info_outline||
No amount/estimate: (i) The ECB announced a broad package of collateral easing measures for Eurosytem credit operations in early April. These include a permanent collateral haircut reduction of 20% for non-marketable assets, and temporary measures for the duration of the PEPP (with a view to re-assess their effectiveness before the end of 2020) such as a reduction of collateral haircuts by 20% and expansion of collateral eligibility to include Greek sovereign bonds as well as an expansion of the scope of so-called additional credit claims framework so that it may also include public sector-guaranteed loans to SMEs, self-employed individuals, and households. In a move to mitigate the impact of possible rating downgrades on collateral availability, on 22 April 2020, the ECB also announced that it would grandfather until September 2021 the eligibility of marketable assets used as collateral in Eurosystem credit operations falling below current minimum credit quality requirements of “BBB-“ (“A-“ for asset-backed securities) as long as their rating remains at or above “BB” and “BB+”, respectively. Assets that fall below these minimum credit quality requirements will be subject to haircuts based on their actual ratings; (ii) Allow major banks (directly supervised by the ECB) to operate temporarily below the level of capital defined by the Pillar 2 Guidance (P2G), the capital conservation buffer (CCB) and the liquidity coverage ratio (LCR).
|01C - Forex operations info_outline|
|02 - Credit creation info_outline||EUR5,367,300,000,000||USD5,937,278,761,062|
|02A - Financial sector lending/funding info_outline||EUR5,367,300,000,000||USD5,937,278,761,062||
(i) 12 March 2020, estimated EUR3 trillion for the targeted longer-term refinancing operations (TLTROs) which are Eurosystem operations that provide financing to credit institutions. By offering banks long-term funding at attractive conditions they preserve favourable borrowing conditions for banks and stimulate bank lending to the real economy. 11 March 2021, the ECB Governing Council will continue to provide ample liquidity through its refinancing operations. In particular, the third series of targeted longer-term refinancing operations (TLTRO III) remains an attractive source of funding for banks, supporting bank lending to firms and households. (ii) 12 March 2020, Adding a temporary envelope of additional net asset purchases of EUR120 billion until the end of the year; (iii) 18 March 2020, launched a new temporary asset purchase program of private and public sector securities (Pandemic Emergency Purchase Programme, PEPP) with an overall envelope of EUR750 billion until the end of 2020. Some self-imposed purchase limits will not apply to the PEPP. A waiver of the eligibility requirements for securities issued by the Greek government will be granted for purchases under PEPP. The ECB is “fully prepared” to provide even more stimulus as soon as June to support an economy that may shrink by a tenth this year due to the COVID-19 pandemic; (iv) Expanding the range of eligible assets under the corporate sector purchase programme (CSPP) to non-financial commercial paper; (v) 4 June 2020, The PEPP envelope will be increased by EUR600 billion to a total of EUR1,350 billion. The purchases will continue to be conducted in a flexible manner over time, across asset classes and among jurisdictions. This allows the Governing Council to effectively stave off risks to the smooth transmission of monetary policy. The horizon for net purchases under the PEPP will be extended to at least the end of June 2021. In any case, the Governing Council will conduct net asset purchases under the PEPP until it judges that the coronavirus crisis phase is over; (vi) 10 December 2020, for all future TLTRO III operations, starting from the March 2021 operation, the maximum amount that counterparties will be entitled to borrow is raised from 50% to 55% of their stock of eligible loans; (vii) 10 December 2020, increase the envelope of the pandemic emergency purchase programme (PEPP) by EUR500 billion to a total of EUR1,850 billion. 11 March 2021, ECB Governing Council will continue to conduct net asset purchases under the PEPP with a total envelope of EUR1,850 billion until at least the end of March 2022 and, in any case, until it judges that the coronavirus crisis phase is over. 9 September 2021, favourable financing conditions can be maintained with a moderately lower pace of net asset purchases under the PEPP than in the previous 2 quarters; (viii) 10 December 2020, net purchases under the asset purchase programme (APP) will continue at a monthly pace of EUR20 billion. The Governing Council continues to expect monthly net asset purchases under the APP to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ECB interest rates. 18 March 2021, ECB announced that net purchases under the APP will continue at a monthly pace of EUR20 billion. Total purchase under the APP from 1 January to 15 October 2021 amounts to EUR397.3 billion [update].
|02B - Support policies for long-term lending info_outline|
|02B1 - Interest rate adjustments||
(i) 12 March 2020, Lowering the interest rate applied in targeted longer-term refinancing operations (TLTRO III) during the period from June 2020 to June 2021 (25 basis points below the average rate applied in the Eurosystem's main refinancing operations). On 30 April 2020, ECB lowered the rate on the third round of targeted longer-term refinancing operations (TLTRO III) to -1% from -0.75%. On the same day, ECB decided to conduct a series of seven pandemic emergency longer-term refinancing operations (PELTROs) to provide liquidity support to the euro area financial system and ensure smooth money market conditions during the pandemic period; (ii) 10 December 2020, extension by an additional 12 months, to June 2022, of period of favourable interest rates for banks that lend to the real economy under TLTRO III. For the period from 24 June 2021 to 23 June 2022, the interest rate on all outstanding TLTRO III operations will remain 50 basis points below the average rate applied in the Eurosystem’s main refinancing operations over the same period. The interest rate on the main refinancing operations is currently 0%.
|02B2 - Other policies to support long-term lending||
No amount/estimate: (i) relaxation of countercyclical capital buffer (CCyB); (ii) 20 March 2020, Flexibility in treatment of non-performing loans (NPLs) to allow banks to fully benefit from public guarantees and moratoriums and of banks' implementation of NPL reduction strategies; (iii) 27 March 2020, requirement for banks not to pay dividends until at least 1 October 2020.; (iv) see (ii) on CCB in Measure 1; (v) 28 April 2020, the European Commission proposed a number of changes to the Capital Requirements Regulation (Regulation (EU) 575/2013) to provide temporary capital relief to banks. These changes include inter alia extending by 2 years the current transitional arrangements for mitigating the impact of IFRS 9 provisions on regulatory capital, a later date of application of the leverage ratio buffer for global systemically important institutions, a more favourable treatment of publicly guaranteed loans under the NPL prudential backstop (the minimum loss coverage requirement for non-performing loans), and advancing the date of application of capital reduction factors in respect of certain loans to SMEs or in support of infrastructure investments; (vi) No amount/estimate: 30 April 2020, New series of non-targeted PELTROs, conducted as fixed rate tender procedures with full allotment, rate fixed at 25bp below refi rate. Operations mature in staggered sequence between July-September 2021; (vii) No amount/estimate: ECB recommended for banks not to pay dividends until January 2021 and clarified that it will not require banks to start replenishing their capital buffers before the peak in capital depletion is reached; (viii) 17 September 2020, Euro area banks under the direct supervision of the ECB may exclude certain central bank exposures from the leverage ratio in view of the exceptional circumstances due to the coronavirus (COVID-19) pandemic. 18 June 2021, this relief measure, which was set to expire on 27 June 2021, has been extended until 31 March 2022; (ix) 10 December 2020, extend to June 2022 the duration of the set of collateral easing measures adopted by the Governing Council.
|02C - Loan guarantees|
|03 - Direct long-term lending info_outline|
|03A - Long-term lending info_outline|
|03B - Forbearance|
|04 - Equity support info_outline|
|05 - Health and income support|
|05A - Health support|
|05B - Income support|
|05B1 - Tax and contribution deferrals and policy changes|
|05B2 - Tax and contribution rates reduction|
|05B3 - Subsidies to individuals and households|
|05B4 - Subsidies to businesses|
|05B5 - Indirect income support|
|05B6 - No breakdown (income support)|
|05C - No breakdown (health and income support)|
|06 - Budget reallocation info_outline|
|07 - Central bank financing government|
|07A - Direct lending and reserve drawdown|
|07B - Secondary purchase: government securities||
Purchases of government bonds are included in Measure 2 (Encourage Private Credit Creation). The amount could not be disaggregated from the EUR 750 billion PEPP program.
|08 - International Assistance Received||EUR131,062,824,000||USD144,981,000,000|
|08A - Swaps info_outline||EUR131,062,824,000||USD144,981,000,000||
Peak amount outstanding with the US Fed: USD144.981 billion as of 10 June 2020.
|08B - International loans/grants|
|08B1 - Asian Development Bank|
|08B2 - Other|
|09 - International Assistance Provided||EUR38,400,000,000||USD42,477,876,106|
|09A - Swaps info_outline||EUR38,400,000,000||USD42,477,876,106||
(i) 20 March 2020, ECB and Danmarks Nationalbank reactivate swap line of EUR24 billion (increased EUR12 billion) to remain in place for as long as needed; (ii) 15 April 2020, ECB and Bulgarian National Bank set up new swap line of EUR2 billion to remain in place until end-2020, or as long as needed; (iii) 22 April 2020, ECB and Hrvatska narodna banka set up new swap line of EUR2 billion until end-2020, or as long as needed; (iv) No amount/estimate: 25 June 2020, Launched a new Eurosystem repurchase (EUREP) facility to provide euro liquidity to non-euro area central banks. The European Central Bank introduced this facility as a precautionary backstop to address pandemic-related euro liquidity needs outside of the euro area. EUREP will allow a broad set of central banks to borrow euros against euro-denominated debt issued by euro area central governments and supranational institutions. EUREP will be available until June 2021. 27 July 2020, ECB and Bank of Albania set up a EUR400 million repo line to provide euro liquidity. July 17, ECB and National Bank of Serbia set up a EUR1 billion repo line to provide euro liquidity; (v) 18 August 2020, ECB and National Bank of the Republic of North Macedonia set up repo line to remain in place until June 2021 with a size of EUR400 million ; (vi) 28 August 2020, ECB and the Hrvatska narodna banka (Croatian National Bank, HNB) as well as the Banca Naţională a României (National Bank of Romania, BNR) have agreed to extend the respective euro liquidity lines by six months until the end of June 2021; (vii) No amount/estimate: 10 December 2020, the Eurosystem repo facility for central banks (EUREP) and all temporary swap and repo lines with non-euro area central banks will be extended until March 2022; (viii) 4 February 2020, ECB and the central banks of Albania, Croatia, Hungary, the Republic of North Macedonia, Romania, San Marino and Serbia have agreed to extend the duration of their euro liquidity lines with the ECB to March 2022. The amounts of the repo line agreements are: EUR4 billion with Magyar Nemzeti Bank (Hungarian National Bank); EUR4.5 billion with Banca Naţională a României (National Bank of Romania); and EUR100 million with Banca Centrale della Repubblica di San Marino (Central Bank of the Republic of San Marino) .
|09B - International loans/grants|
|10 - No breakdown||
22 May 2020, The account of the monetary policy meeting of the Governing Council of the ECB on 29-30 April was released. According to it, the ECB was fully prepared to adjust all of its measures, as appropriate, to ensure that inflation moved towards its aim in a sustained manner, in particular signalling that it was fully prepared to increase the size of the PEPP and adjust its composition as much as necessary and for as long as needed .
|11 - Other Economic Measures|
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)|
|12B - Measures affecting business and workplace|
|12C - Others|