European Central Bank

(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.

(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 5 November 2021 amounts to EUR430.1 billion [update].

Peak amount outstanding with the US Fed: USD144.981 billion as of 10 June 2020.

(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) .