Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline||EUR10,000,000,000||USD11,061,946,903|
|01A - Short-term lending info_outline||EUR10,000,000,000||USD11,061,946,903||
March 2020, The European Investment Bank (EIB) dedicated liquidity lines to banks to ensure additional working capital support for small and medium enterprises (SMEs) and mid-caps of EUR10 billion.
|01B - Support policies for short-term lending info_outline|
|01C - Forex operations info_outline|
|02 - Credit creation info_outline||EUR56,519,500,000||USD62,521,570,796|
|02A - Financial sector lending/funding info_outline||EUR8,295,000,000||USD9,175,884,956||
(i) 15 June 2020, The European Investment Bank (EIB) has provided EUR200 million in financing to DLL, a global asset finance company for equipment and technology, and wholly owned subsidiary of Rabobank, to support small and medium-sized enterprises (SMEs) and contribute to a greener economy; (ii) 6 July 2020, EIB granted two lines of credit totaling EUR600 million which will allow Crédit Mutuel Alliance Fédérale to lend more than EUR1.2 billion to French SMEs and mid-caps; (iii) 1 July 2020, The EIB will grant EUR450 million to BBVA, which will in turn add a further EUR450 million, bringing the financing made available to the SMEs and mid-caps in question to EUR900 million; (iv) 27 July 2020, EIB joined with Banco Santander Consumer Portugal (BSCP) to support Portuguese small and medium-sized enterprises (SMEs) and mid-caps affected by the COVID-19 crisis with EUR587 million; (v) June 2020, EUR5.3 billion for the Solvency Support Instrument that will work via an EU guarantee provided to the European Investment Bank (EIB) Group under the European Fund for Strategic Investments (EFSI). Solvency support will form a separate window under the EFSI to mobilise private capital. The EIB Group will use this guarantee to provide financing directly or invest, fund or guarantee equity funds, special purpose vehicles, investment platforms or national promotional banks. These intermediary funds or vehicles must be established and operate in the EU. The Solvency Support Instrument should predominantly channel solvency support through financial market intermediaries and only to a lesser degree facilitate direct support to companies by the EIB Group; (vi) 20 October 2020, The EIB Group is subscribing a total of EUR198 million of the securitisation issued by Santander to support SMEs and mid-caps affected by the COVID-19 crisis; (vii) 19 October 2020, The EIB and its subsidiary the European Investment Fund (EIF) have provided the corporate leasing specialist with EUR490 million via a securitisation financing operation. Alba Leasing has undertaken to double this, increasing the total amount available to almost EUR1 billion (EUR980 million) for projects across all economic sectors, with a particular focus on environmental investments (for which 20% of the resources have been reserved); (viii) 22 October 2020, EIB is joining forces with the Instituto de Crédito Oficial (ICO) and PSA Financial Services Spain, E.F.C., S.A. (PSA Finance) to support Spanish small and medium-sized enterprises (SMEs) and mid-caps affected by the coronavirus crisis. To this end, the EIB and ICO will subscribe several tranches of a securitisation of a loan portfolio originated by PSA Finance, a joint venture between Banque PSA Finance (50%) and Santander Consumer Finance (SCF) (50%) focused on vehicle financing. The EU bank will provide EUR250 million while ICO will contribute EUR100 million; (ix) 22 October 2020, EIB and Erste Bank Serbia signed EUR30 million loan to help fast recovery of SMEs and mid-caps; (xvi) 22 October 2020, Hundreds of companies across Romania will benefit from EUR190 million of new private sector EIB financing to support sectors most impacted by the economic, social and health impact of COVID-19. CEC Bank, Intesa Sanpaolo Bank Romania, Unicredit and BRD Sogelease to manage accelerated response programme across the country.
|02B - Support policies for long-term lending info_outline|
|02B1 - Interest rate reductions|
|02B2 - Other policies to support long-term lending||
(i) No amount/breakdown: 22 April 2020, Provided guidance on the use of flexibility in relation to COVID-19 and called for heightened attention to risks. The European Banking Authority (EBA) proposed to introduce the use of a 66% aggregation factor to be applied until December 31, 2020 under the "core approach." EBA intended to delay reporting for the first FRTB-SA figures until September 2021. EBA emphasized flexibility in the prudential requirements available to competent authorities for banks using VaR models. EBA also clarified the prudential application on the definitions of "default" and "forbearance," and how the EBA Guidelines on legislative and non-legislative moratoria on loan repayments apply to securitizations; (ii) No amount/breakdown: 18 June 2020, the European Parliament and the European Council adopted the “banking package,” which provides targeted and exceptional legislative changes to the capital requirements regulation (CRR 2), including greater flexibility in the application of the EU’s accounting and prudential rules, which are aimed at facilitating bank lending to support the economy; (iii) 24 July 2020, the EC proposed a Capital Markets Recovery Package with targeted adjustments to capital market rules, which aim to encourage greater investments in the economy, allow for the rapid re-capitalization of companies, and increase banks' capacity to finance the recovery; (iv) No amount/estimate: 17 September 2020, The ECB announced today that euro area banks under its direct supervision may exclude certain central bank exposures from the leverage ratio. The move is aimed at easing the implementation of monetary policy. The Capital Requirement Regulation (CRR), as amended by the CRR “quick fix”, allows banking supervisors, after consulting the relevant central bank, to allow banks to exclude central bank exposures from their leverage ratio. Such assets include coins and banknotes as well as deposits held at the central bank; (v) 2 December 2020, After closely monitoring the developments of the COVID-19 pandemic and, in particular, the impact of the second COVID-19 wave and the related government restrictions taken in many EU countries, the EBA decided to reactivate its Guidelines on legislative and non-legislative moratoria to ensure that loans, which had previously not benefitted from payment moratoria, can now also benefit from them. The role of banks to ensure the continued flow of lending to clients remains of utmost importance and with the reactivation of these Guidelines, the EBA recognizes the exceptional circumstances of the second COVID-19 wave. The EBA revised Guidelines, which will apply until 31 March 2021, include additional safeguards against the risk of an undue increase in unrecognized losses on banks’ balance sheet. [update]; (vi) 15 December 2020, the ECB recommended that banks exercise extreme prudence on dividends and share buy-backs - all banks should consider not distributing any cash dividends or conducting share buy-backs, or to limit such distributions, until 30 September 2021. [update]; (vii) 16 December 2020, the EC presented a strategy to prevent a future build-up of non-performing loans (NPL) across the EU and ensure that EU households and businesses continue to have access to the funding they need throughout the crisis. The NPL strategy has four main goals: (i) further develop secondary markets for distressed assets, which will allow banks to move NPLs off their balance sheets, while ensuring further strengthened protection for debtors; (ii) reform the EU’s corporate insolvency and debt recovery legislation, which will help converge the various insolvency frameworks across the EU, while maintaining high standards of consumer protection; (iii) support the establishment and cooperation of national asset management companies (AMCs) at EU level; and (iv) implement precautionary public support measures, where needed, to ensure the continued funding of the real economy under the EU’s Bank Recovery and Resolution Directive and State aid frameworks. [update]
|02C - Loan guarantees||EUR48,224,500,000||USD53,345,685,841||
(i) March 2020, The EIB's EUR20 billion in dedicated guarantee schemes to banks based on existing programs for immediate deployment; (ii) 6 April 2020, The EIB redirected EUR1 billion from the EU Budget as a guarantee to the European Investment Fund to incentivize banks to provide liquidity to affected SMEs and midcaps; (iii) 9 April 2020, EIB proposal to create a EUR25 billion guarantee fund, which will support up to EUR200 billion of financing for companies (especially SMEs) throughout the EU. The scheme will be implemented by the EIB Group, in close partnership with national promotional banks and other financial intermediaries; (iv) No amount/estimate: European Green Deal investments will remain a priority as part of the EU's efforts to kickstart its economy post-crisis. The commission hopes to mobilize at least 1 trillion euros (USD1.1 trillion) of sustainable investments in the next 10 years to help the bloc become climate-neutral by 2050. The InvestEU Fund will mobilise public and private investment through an EU budget guarantee; (v) No amount/estimate: 26 May 2020, The Board of Directors of the EIB has agreed on the structure and business model of the new Pan-European Guarantee Fund (EGF). Member State contributions to the EGF will take the form of guarantees and may include an upfront payment. Such guarantees will cover losses incurred in the operations supported by the EGF. Any losses will be borne pro rata by the participating countries. At least 65% of the financing are earmarked for SMEs. A maximum of 23% will go to companies with 250 or more employees, with restrictions applying to larger companies with more than 3,000 staff. A maximum of 5% of the financing can go to public sector companies and entities active in the area of health. Another 7% of EGF-supported financing can be allocated to venture and growth capital and venture debt in support of SMEs and midcaps; (vi) 1 July 2020, EIB Group – via the European Investment Fund (EIF), its subsidiary specialising in venture capital for SMEs – has provided BBVA with an EUR87 million guarantee for an SME loan portfolio via synthetic securitisation; (vii) 1 October 2020, The EIB Group, consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), has provided a mezzanine tranche guarantee of around EUR125 million to Commerzbank AG on an existing portfolio of loans to small and medium-sized companies (SMEs and mid-caps). The guarantee will release regulatory capital for Commerzbank and will enable it to provide new lending of up to EUR500 million to SMEs and mid-caps in Germany under favorable terms. This is expected to mitigate the impact of the COVID-19 crisis on smaller businesses, self-employed individuals and mid-caps, which are currently experiencing shortages in liquidity; (viii) 13 October 2020, under the new European Guarantee Fund (EGF), approved EUR1.6625 billion guarantee and equity products for companies and health investment in EU member states most impacted by COVID-19; (ix) 4 November 2020, The European Investment Fund's (Part of the EIB Group) has agreed a top-up of EUR350 million with 5 Finnish banks on a loan guarantee scheme to help SMEs obtain financing. The guarantee scheme is a programme under the European Union SME Initiative.
|03 - Direct long-term lending info_outline||EUR251,902,500,000||USD278,653,207,965|
|03A - Long-term lending info_outline||EUR251,902,500,000||USD278,653,207,965||
(i) March 2020, the EIB dedicated EUR10 billion in asset-backed securities (ABS) purchasing programs to allow banks to transfer risk on portfolios of SME loans. 10 December 2020: The EIB and EIF issued a EUR795 million guarantee to ING, which will support new lending to Dutch SMEs and Mid-Caps to mitigate impact from COVID-19 [update]; (ii) 23 April 2020, Approved EUR5 billion in new financing for businesses affected by the coronavirus, and for the development of medical technology. EUR3 billion was dedicated to businesses in Spain and Italy. The approval represents an extension of the loan package first identified on 16 March 2020; (iii) 26 May 2020, the Board of Directors of the European Investment Bank (EIB) agreed on the structure and business approach of the new Pan-European Guarantee Fund (EGF) to tackle the economic consequences of the COVID-19 pandemic. It will enable the EIB Group to scale up its support for mostly small and medium-sized European companies, providing up to EUR200 billion of additional financing. Under this scheme, EIB on 15 and 13 July 2020 respectively, financed ZANINI Auto Group's innovation strategy with EUR25 million loan and provided Santander (Spanish commercial bank) with EUR757 million to help support SMEs and mid-caps; (iv) 15 July 2002, EUR14.7 billion from a EUR16.6 billion EIB approved amount (less EUR1.9 billion for Egypt's transport and SME sectors) for COVID-19 health response and economic resilience, climate, clean transport, energy and housing; (v) 21 July 2020, EIB provided EUR205 million in loans to Adif Alta Velocidad (Spanish rail network) to promote the development of rail infrastructure; (vi) 21 July 2020, EIB provided EUR300 million in loans to the Autonomous Province of Trento for sustainable projects and post-COVID-19 reconstruction; (vii) 22 July 2020, EIB provided EUR125 million in loans for Greece's 826 MW Mytilineos power plant to support energy transition; (viii) 31 July 2020, EIB signed a second tranche worth EUR40 million for the rehabilitation of 180 kilometres of road along the five main routes in Montenegro. The loan from the EU bank is complemented by a EUR1.5 million technical assistance grant awarded under the Economic Resilience Initiative (ERI). It is the first ERI grant to be awarded to a project in the Western Balkans. The total EIB investment worth EUR80 million is expected to increase road safety and efficiency and facilitate faster economic recovery and regional trade; (ix) 11 September 2020, EIB lends EUR500 million to the Lazio Region for SMEs, mid-caps, infrastructure, environment and post COVID-19 recovery; (x) 14 September 2020, Montenegrin SMEs and mid-caps in tourism and other sectors severely affected by COVID-19 will benefit from EUR50 million loan that the EIB has signed with the Montenegrin Investment and Development Fund; (xi) 18 September 2020, EIB approves EUR12.6 billion financing for transport, clean energy, urban development and COVID-19 resilience; (xii) 1 October 2020, The EIB Group has provided a mezzanine tranche guarantee of around EUR125 million to Germany’s Commerzbank AG on loans to SMEs and mid-caps to mitigate the impact of the COVID-19 crisis; (xiii) 1 October 2020, The EIB will invest EUR100 million to support COVID-19 recovery of Croatian SMEs and mid-caps; (xiv) 13 October 2020, EIB approved a EUR1 billion direct lending support for companies and health investment in EU member states most impacted by COVID-19 and a EUR2.1 billion to support private sector investment with global financing partners. 4 December 2020, The EIB will invest EUR162.5 million to support the Hungarian healthcare sector’s response to the COVID-19 pandemic. (xvi) 16 December 2020, The EIB approved new financing totaling EUR12.5 billion to support companies impacted by COVID-19, alongside accelerating renewable energy, sustainable transport and urban investment across Europe and around the world. This includes EUR4.1 billion to strengthen public health and private sector resilience to the COVID-19 pandemic. New EIB financing will support medical and pharmaceutical innovation, including testing and treatment, hospital and public health investment and local business lending programs to help companies in sectors most impacted by the pandemic. [update]
|03B - Forbearance|
|04 - Equity support info_outline||EUR549,000,000||USD607,300,885||
(i) 8 April 2020, The Commission is launching ESCALAR, a new investment approach, developed together with the European Investment Fund (EIF), that will support venture capital and growth financing for promising companies. In its pilot phase, ESCALAR will provide up to EUR300 million backed by the European Fund for Strategic Investments (EFSI); (ii) 24 April 2020, EIB also approved an equity investment worth EUR75 million for the German company Curevac, through the EIB's Infectious Disease Financing Facility; (iii) 8 June 2020, EUR174 million equity investments from the European Innovation Council (EIC) Accelerator Pilot funding to innovative startups and SMEs; (iv) June 2020, EUR5.3 billion for the Solvency Support Instrument that will work via an EU guarantee provided to the European Investment Bank (EIB) Group under the European Fund for Strategic Investments (EFSI). Solvency support will form a separate window under the EFSI to mobilise private capital. The EIB Group will use this guarantee to provide financing directly or invest, fund or guarantee equity funds, special purpose vehicles, investment platforms or national promotional banks. These intermediary funds or vehicles must be established and operate in the EU. The Solvency Support Instrument should predominantly channel solvency support through financial market intermediaries and only to a lesser degree facilitate direct support to companies by the EIB Group.
|05 - Health and income support||EUR16,410,000,000||USD18,152,654,867|
|05A - Health support||EUR11,283,000,000||USD12,481,194,690||
(i) 13 March 2020, EUR800 million of the EU Solidarity Fund will be available by including a public health crisis within its scope, with a view of mobilizing it if needed for the hardest-hit EU member states; (ii) 19 March 2020, the Commission decided to create a European civil protection stockpile of medical equipment (initial budget of EUR50 million, proposed to increase to EUR80 million) with a 90% Commission grant; (iii) 2 April 2020, the Commission presented legislative proposals for an Emergency Support Instrument for the healthcare sector, (EUR3 billion) from the EU budget. 11 September 2020, the EC agreed to add EUR6.2 billion to the EU 2020 budget to address the impact of the COVID-19-crisis and to fund inter alia the vaccine strategy. The revised budget increases payments for the Emergency Support Instrument (ESI) by EUR1.09 billion to ensure the development and deployment of a COVID-19 vaccine. The European Commission will use this money as a down-payment for pre-ordering vaccine doses. 18 September 2020, EU allocates EUR150 million for the transport of essential medical items through the ESI and entered into a contract with Sanofi-GSK to purchase up to 300 million doses of the Sanofi-GSK vaccine; (iv) EUR63 million, European Commission secures EU access to Remdesivir (first European treatment authorized for COVID-19); (v) No amount/estimate: 8 October 2020, the EC approved a third contract with a pharmaceutical company, Janssen Pharmaceutica NV, one of the Janssen Pharmaceutical Companies of Johnson & Johnson. Once the vaccine has proven to be safe and effective against COVID-19, the contract allows EU Member States to purchase vaccines for 200 million people. They will also have the possibility to purchase vaccines for an additional 200 million people; (vi) 13 October 2020, EIB is providing EUR50 million to the Autonomous Community of Navarre, Spain to strengthen its capacity to respond to the COVID-19 health crisis. The EU bank financing will enable the Spanish region to adapt its healthcare infrastructure to meet the additional costs generated by the pandemic; (vii) No amount/estimate: 17 November 2020, EC approves a fifth contract with CureVac for the initial purchase of 225 million doses of potential vaccine; (viii) No amount/estimate: 25 November 2020, The European Commission approved a sixth contract under the EU Vaccines Strategy, with the pharmaceutical company Moderna. The contract provides for the initial purchase of 80 million doses on behalf of all EU Member States.
|05B - Income support||EUR5,127,000,000||USD5,671,460,177|
|05B1 - Tax and contribution deferrals and policy changes|
|05B2 - Tax and contribution rates reduction||
(i) 7 December 2020: The Council of Europe adopted amendments to the directive on the common system of value added tax (VAT) to allow member states to temporarily exempt COVID-19 vaccines and testing kits, as well as closely related services, from VAT. [update]
|05B3 - Wage support and subsidies to individuals and households||EUR179,000,000||USD198,008,850||
(i) Mobilized European Globalisation Adjustment Fund to support dismissed workers and those self-employed (up to EUR179 million available in 2020).
|05B4 - Subsidies to business||EUR148,000,000||USD163,716,814||
(i) No amount/estimate: 19 March 2020, EU Commission intends to allow State aid for struggling businesses and enable Member States to use the full flexibility foreseen under State aid rules. On 8 May 2020, the European Commission adopted a second amendment to extend the scope of the State aid Temporary Framework to recapitalization and subordinated debt measures to further support the economy in the context of the coronavirus outbreak. The amended Temporary Framework will be in place until the end of December 2020, except for recapitalization measures which has an extended period by the end of June 2021. The Commission will assess before these dates if they need to be extended. 29 June 2020, third amendment to the State aid extends Temporary Framework to enable Member States to provide public support under the Temporary Framework to all micro and small companies, even if they were already in financial difficulty on 31 December 2019; 13 October 2020, EC has decided to prolong and extend the scope of the State aid Temporary Framework adopted on 19 March 2020 to support the economy in the context of the coronavirus outbreak. All sections of the Temporary Framework are prolonged for six months until 30 June 2021, and the section to enable recapitalization support is prolonged for three months until 30 September 2021; (ii) 8 June 2020, European Innovation Council (EIC) Accelerator Pilot fund issued grants of EUR148 million to innovative companies.
|05B5 - Indirect income support||EUR4,800,000,000||USD5,309,734,513||
(i) June 2020, EUR4.8 billion (in grants from the amended 2020 annual EU budget) for REACT-EU that will provide additional funding for the most important sectors that will be crucial to lay the basis for a sound recovery. This will involve investment to support job maintenance, including through short-time work schemes and support for the self-employed. The funds can also be used to support job creation and youth employment measures, to health care systems and the provision of working capital and investment support for small and medium-sized enterprises. Such support will be available across economic sectors, including for the much-affected tourism and culture sectors. The additional support will also serve to invest in the European Green Deal and digital transition, as an enhancement to the significant investment in those areas that is already taking place through EU cohesion policy.
|05B6 - No breakdown (income support)|
|05C - No breakdown (health and income support)|
|06 - Budget reallocation info_outline||EUR1,000,000,000||USD1,106,194,690||
March 2020, the EIB redirected EUR1 billion from the EU Budget as a guarantee to the European Investment Fund to incentivize banks to provide liquidity to affected SMEs and mid-caps.
|07 - Central bank financing government|
|07A - Direct lending & reserve drawdown|
|07B - Secondary purchase: government securities|
|08 - International Assistance Received|
|08A - Swaps info_outline|
|08B - International loans/grants|
|08B1 - Asian Development Bank|
|08B2 - Other|
|09 - International Assistance Provided||EUR518,981,300,000||USD574,094,358,407|
|09A - Swaps info_outline|
|09B - International loans/grants||EUR518,981,300,000||USD574,094,358,407||
For EU Member States: (i) 9 April 2020, EU finance ministers decided to establish Pandemic Crisis Support credit lines within the framework of the European Stability Mechanism (ESM). Access granted will be 2% of the respective country's GDP as of end-2019, as a benchmark (about EUR240 billion in total). The credit line will be available until the COVID-19 crisis is over. The only requirement to access the credit line is that euro area Member States requesting support would commit to use this credit line to finance direct and indirect healthcare, cure and prevention related costs due to the COVID-19 crisis. On 15 May 2020, the Board of Governors of the ESM approved the establishment of Pandemic Crisis Support; (ii) 2 April 2020, EUR100 billion to finance the short-term unemployment mechanisms through the loans provided by the EU Commission to EU member states (SURE mechanism) backed by EUR25 billion of guarantees voluntarily committed by Member States to the EU budget. On 20 May 2020, a Regulation establishing SURE entered into force. Countries will be able to use loans also in support of some health-related measures, esp. in the workplace. SURE will become available once all Member States have provided the required guarantees proportionally to gross national income, and will remain available until end-2022 (with the possibility to adjust this deadline). On 24 August 2020, the European Commission has presented proposals to the Council for decisions to grant financial support of EUR81.4 billion to 15 Member States under the SURE instrument. Once the Council approves these proposals, the financial support will be provided in the form of loans granted on favorable terms from the EU to Member States. These loans will assist Member States in addressing sudden increases in public expenditure to preserve employment. Specifically, they will help Member States to cover the costs directly related to the financing of national short-time work schemes, and other similar measures they have put in place as a response to the coronavirus pandemic, in particular for the self-employed. 25 September 2020, EU Council approves the EUR87.4 billion in financial support for member states under SURE. 27 October 2020, The EC (European Commission) has disbursed a total of EUR17 billion to Italy, Spain and Poland in the first instalment of financial support to Member States under the SURE instrument. As part of today's operations, Italy has received EUR10 billion, Spain EUR6 billion, and Poland EUR1 billion. Once all SURE disbursements have been completed, Italy will receive a total of EUR27.4 billion, Spain EUR21.3 billion and Poland EUR11.2 billion. 1 December 2020, The EU has disbursed EUR8.5 billion in the third instalment of financial support to five Member States under the SURE instrument. Belgium has received EUR2 billion, Hungary EUR200 million, Portugal EUR3 billion, Romania EUR3 billion and Slovakia EUR300 million. As of this disbursement, 15 Member States have received around EUR40 billion under the EU SURE instrument between the end of October and the end of November. Once all SURE disbursements have been completed, Belgium will have received EUR7.8 billion, Hungary EUR504 million, Portugal EUR5.9 billion, Romania EUR4.1 billion and Slovakia EUR631 million. [update]; (iii) March 2020, EUR37 billion unallocated funds of cohesion policy funding 2014-2020 will be eligible for Coronavirus crisis related expenditure within the Corona Response Investment Initiative. Member States can use them to support public investment for hospitals, SMEs, labor markets, and stressed regions. The Coronavirus Response Investment Initiative Plus (CRII+), proposed on 2 April 2020, complements the CRII by further enhancing flexibility in the use of cohesion funds. This enhanced flexibility is inter alia provided through transfer possibilities across the three cohesion policy funds (the European Regional Development Fund, European Social Fund and Cohesion Fund), transfers between the different categories of regions (e.g. less vs more developed), flexibility regarding thematic concentration, the possibility for a 100% EU co-financing rate for the accounting year 2020-2021, and simplified procedural steps. 11 September 2020, the Council agreed to add EUR6.2 billion to the EU 2020 budget to address the impact of the COVID-19-crisis. Draft amending budget No 8 includes increasing payments by EUR5.1 billion for the Corona Response Investment Initiative (CRII) and the Corona Response Investment Initiative Plus (CRII+). The money will be used to cover the additional needs for cohesion funding forecast until the end of the year. The CRII redirects unspent money from the EU budget to tackling the COVID-19 crisis, whilst the CRII+ relaxes the cohesion spending rules to increase flexibility. 23 September 2020, the EC has approved the modification of nine more Cohesion policy operational programs in Spain, worth a total of EUR1.2 billion from the European Regional Development Fund (ERDF) to alleviate the impact of the coronavirus outbreak. This comprehensive recovery approach will reallocate funds to strengthen the response capacity of the Spanish health system with supplementary hospital beds, the purchase of pharmaceutical and laboratory material, medical and protective equipment. Moreover, support to SMEs will contribute to boost the economic sector. Finally, EU funds will be redirected to develop the ITC of the education and training sectors. 21 October 2020, EUR1 billion of EU Cohesion policy to support Portugal's recovery redirected to COVID programs; (iv) European Green Deal investments will remain a priority as part of the EU's efforts to kickstart its economy post-crisis. One of its three sources of funding is a grant, the A Just Transition Fund, which will receive EUR7.5 billion of fresh EU funds. In order to tap into their share of the Fund, Member States will, in dialogue with the Commission, have to identify the eligible territories through dedicated territorial just transition plans. They will also have to commit to match each euro from the Just Transition Fund with money from the European Regional Development Fund and the European Social Fund Plus and provide additional national resources. Taken together, this will provide between EUR30 and EUR50 billion of funding. It will, for example, support workers to develop skills and competencies for the job market of the future and help SMEs, start-ups and incubators to create new economic opportunities in these regions. It will also support investments in the clean energy transition, for example in energy efficiency. Another source of funds for this initiative is a public sector loan facility with the European Investment Bank backed by the EU budget to mobilize between EUR25 and EUR30 billion of investments. It will be used for loans to the public sector, for instance for investments in district heating networks and renovation of buildings; (v) 9 September 2020, EIB made available EUR650 million to the Polish Ministry of Finance to support the country’s efforts in combating the pandemic; (vi) 21 September 2020, EIB expects to provide more than EUR1 billion to support new COVID-19 and Brexit business financing programs, climate action and education investment in Ireland in 2020 and work closely with Irish authorities to implement the National Recovery Plan; (vii) 30 September 2020, EIB and Fund FLAG have signed a EUR25 million loan to promote urban regeneration and rehabilitation in cities across Bulgaria. Fund FLAG will match the loan amount with EUR25 million of its own resources and channel the total EUR50 million to municipalities, municipal enterprises and other institutions responsible for providing public services; (viii) 20 November 2020, EIB and Croatian Bank for Reconstruction and Development (HBOR) create a new EUR142.5 million credit line to support faster recovery of Croatian SMEs from COVID-19. For Non-EU Member States: (i) July 2020, The EU will secure financial support to partner countries amounting to more than EUR15.9 billion (increased from EUR15.6) from existing external action resources; (ii) 11 April 2020, A EUR20 billion Team Europe package to support partner countries to combat the coronavirus pandemic and its consequences. The Team Europe package has the aim of supporting the most vulnerable countries and people most at risk, in the EU’s neighborhood, with special emphasis on Africa, and also in the Pacific, in Latin America and the Caribbean. November 2020, The overall figure of the “Team Europe” package reaches almost EUR36 billion (details: https://bit.ly/32LGnD4); (iii) 31 March 2020, Added a new package of almost EUR240 million to the EU Regional Trust Fund in Response to the Syrian Crisis; (iv) June 2020, EUR1 billion for the European Fund for Sustainable Development (EFSD) which is one of the EU financial instruments that promote a pro-active development aid policy. It is part of the complex European external investment plan to support investments primarily in the EU neighborhood and Africa; (v) 16 July 2020, EUR15 million humanitarian funding for Haiti; (vi) 20 July 2020, The European Commission (EC) is providing EUR64.7 million in humanitarian aid for countries in the southern Africa region to help support people in need dealing with the coronavirus pandemic, extreme weather conditions such as persistent drought in the region and other crises; (vii) 3 August 2020, the EIB will lend EUR10 million in synthetic local currency to Credo Bank, the leading actor on microfinance market in Georgia predominantly servicing enterprises in rural areas and agricultural sector. This is the second loan under the EIB's Georgia Outreach Initiative launched to improve access to finance for the country's MSMEs. Loans will be available under flexible terms to help maintain liquidity of MSMEs to continue operating and preserve jobs. The loan comes as a part of the immediate response to Covid-19 pandemic launched by the EU and its Team Europe and is facilitated by an EU grant; (viii) 11 August 2020, EUR3 billion macro-financial assistance (MFA) programs for ten enlargement and neighborhood partners (Albania, Bosnia and Herzegovina, Georgia, Jordan, Kosovo, Moldova, Montenegro, North Macedonia, Tunisia and Ukraine), aimed to help them limit the economic fallout of the coronavirus pandemic. The MFA funds will be made available for 12 months in the form of loans on highly favorable terms to help these countries cover their immediate, urgent financing needs; (ix) 31 August 2020, EU provides Solomon Islands EUR8 million to heighten service delivery of Provincial Governments; (x) 6 September 2020, EIB and Egypt’s National Bank of Egypt have signed an agreement, worth EUR800 million, to meet the financial needs of small- and medium-sized enterprises and build their resilience to the novel coronavirus (COVID-19) pandemic. The agreement between the two banks comes as part of a larger agreement approved by the EIB worth EUR1.9 billion, where EUR1.1 billion will be provided for the transport sector and EUR800 million for SMEs; (xi) 16 September 2020, EIB and Morocco’s Crédit Agricole du Maroc sign a EUR200 million financing agreement to support agricultural ecosystems; (xii) 13 October 2020, EIB approved EUR1.3 billion loans to transform access to clean energy and water in Europe and Africa; EUR381 million to improve sustainable transport in Poland and Ukraine; and EUR764 million for education, health, social housing and urban Development; (xiii) 30 October 2020, EU's EUR8.1 million in humanitarian aid for the Philippines, Nepal, and countries in the South-East Asian region to support those affected by the coronavirus pandemic, natural disasters, and the consequences of man-made conflicts. Funding from this aid package will go for humanitarian and disaster preparedness projects in the Philippines (EUR2.51 million), Nepal (EUR2 million), and regional South-East Asia (EUR3.5 million); (xiv) 11 November 2020, EU program amounting to EUR93 million designed to mitigate the drastic economic effects of the COVID-19 pandemic on employees in the textile sector, an important industry in Bangladesh. Germany's Federal Ministry for Economic Cooperation and Development (BMZ), KfW contributed EUR20 million to this program.
|10 - No breakdown|
|11 - Other Economic Measures||
(i) March to April 2020, the European Securities and Markets Authority (ESMA), EU's securities and markets regulator, issued various statements to adjust compliance and reporting schedule, clarify accounting standard applications (e.g. IAS 8, IFRS 9, and IFRS 17), and ensure alignment of reporting requirements and supervisory practices in the EU; (ii) 26 April 2020, Export restriction of critical COVID-related products; (iii) 7 September 2020, ESMA provides for the option to apply the annual transparency calculations for non-equity instruments from 21 September 2020; (iv) 17 September 2020, the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has renewed its decision to temporarily require the holders of net short positions in shares traded on a European Union (EU) regulated market to notify the relevant national competent authority (NCA) if the position reaches or exceeds 0.1% of the issued share capital. The measure applies from 18 September 2020 for a period of three months; (v) 25 September 2020, The European Banking Authority launched its 7th annual EU-wide transparency exercise, with the objective of providing market participants with updated information on the financial conditions of EU banks as of June 2020, thus assessing the preliminary impact of the COVID-19 crisis on the sector. The EBA expects to publish the results of this exercise at the beginning of December, along with the Risk Assessment Report; (vi) 13 October 2020, EC has decided to prolong and extend the scope of the State aid Temporary Framework adopted on 19 March 2020 to support the economy in the context of the coronavirus outbreak. All sections of the Temporary Framework are prolonged for six months until 30 June 2021, and the section to enable recapitalization support is prolonged for three months until 30 September 2021; (vii) 19 October 2020, EU hired banks to start selling new 10- and 20-year bonds under the SURE programme and under the EU EUR750 billion recovery fund; (viii) 21 October 2020, EC issued a EUR17 billion inaugural social bond under the EU SURE instrument to help protect jobs and keep people in work. The issuing consisted of two bonds, with EUR10 billion due for repayment in October 2030 and EUR7 billion due for repayment in 2040. So far, 17 Member States will receive financial support under the SURE instrument; financial support will be provided in the form of loans granted on favorable terms from the EU to Member States.
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
Most European countries have taken several containment measures ranging from lockdowns and travel restrictions to school closures and bans on large gatherings. Measures that favor teleworking were also widely implemented. The European Commission presented guidelines for exit strategies and called for a common framework across member states. The criteria include: (i) sustained reduction and stabilization of new cases, (ii) sufficient health system capacity such as adequate hospital beds, pharmaceutical products, and equipment, and (iii) appropriate monitoring capacity to quickly detect and isolate infected individuals as well as to trace contacts. The Commission invited Schengen Member States and Schengen Associated States to extend the temporary restriction on non-essential travel to the EU until 15 June 2020 and presented further guidance on a gradual lifting of border restrictions.
|12B - Measures affecting business and workplace||
Most European countries have taken several containment measures ranging from lockdowns and travel restrictions to school closures and bans on large gatherings. Measures that favor teleworking were also widely implemented.
|12C - Others|