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||
March 2020, (i) EUR1 billion of the Bank of Finland's liquidity support by investing in short-term Finnish corporate commercial paper; (ii) EUR1 billion for the State Pension Fund investments in commercial paper.
|01B - Support policies for short-term lending info_outline|
|01C - Forex operations info_outline|
|02 - Credit creation info_outline||EUR86,080,000,000||USD95,221,238,938|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline||EUR82,000,000,000||USD90,707,964,602|
|02B1 - Interest rate reductions|
|02B2 - Other policies to support long-term lending||EUR82,000,000,000||USD90,707,964,602||
(i) EUR52 billion in lending capacity due to the 1 ppt reduction in the structural buffer requirements of all credit institutions by removing the systemic risk buffer and adjusting institution-specific requirements; (ii) EUR30 billion in lending capacity due to the decisions of the macroprudential supervisors of other countries.
|02C - Loan guarantees||EUR4,080,000,000||USD4,513,274,336||
(i) 20 March 2020, EUR600 million of state guarantee for Finnair. On 20 May 2020, the fund was finally established for a maximum loan guarantee fund of EUR540 million (the EU Commission authorized only a 90% guarantee on loan, nevertheless, added in the amounts column is the EUR600 million, the total loans available under this fund); (ii) EUR600 million of state guarantee for shipping companies; (iii) No amount/estimate: 7 May 2020, Finnvera (official export credit agency) increased its guarantee share for SME loans from 80% to 90%; (iv) 11 June 2020, EUR880 million, state guarantee for loans and interest from the Employment Fund; (v) 14 July 2020, The new COVID-19 Credit Guarantee Scheme (CGS) amounting to EUR2 billion will make low cost loans available to businesses impacted by the pandemic. It will ensure that SMEs, primary producers and small Mid-Caps can access liquidity to keep their businesses operating, as the economy continues to reopen and more and more people get back to work. It will be available for a wide range of products including overdrafts, term loans and working capital.
|03 - Direct long-term lending info_outline||EUR14,200,000,000||USD15,707,964,602|
|03A - Long-term lending info_outline||EUR14,200,000,000||USD15,707,964,602||
(i) EUR 14.2 billion (increased from EUR10 billion) to expand Finland’s Export Credit Agency's lending and guarantee capacity to small and medium enterprises; (ii) No amount/estimate: 20 March 2020, Easier re-borrowing of pension contributions allowed.
|03B - Forbearance|
|04 - Equity support info_outline||EUR710,500,000||USD785,951,327||
(i) 6 June 2020, Further capital funding of EUR250 million is proposed for Tesi (Finnish Industry Investment Ltd), to increase equity financing for companies ; (ii) 6 June 2020, Capital funding of EUR 150 million is proposed for strengthening the balance sheet of Finnish Minerals Group; (iii) 10 June 2020, The EU Commission approved Finland's plans to contribute to the recapitalisation of Finnair, amounting to EUR286 million through the subscription of new shares by the State in the rights issue launched by Finnair on 10 June 2020 in the context of the coronavirus outbreak; (iv) 15 June 2020, EUR24.5 million of investment support for NordFuel Oy's Haapevesi biorefinery project for large renewable energy demo projects.
|05 - Health and income support||EUR27,930,900,000||USD30,897,013,274|
|05A - Health support||EUR1,005,000,000||USD1,111,725,664||
20 March 2020, (i) EUR1 billion for healthcare and testing, protection and medical equipment, public safety and border controls, and research on the coronavirus epidemic, in particular to develop methods for rapid diagnostics and vaccines and a knowledge base for timely decision-making on coronavirus measures, (especially on the exit strategy; (ii) EUR5 million contribution to international non-profit companies working on the development of a COVID-19 vaccine.
|05B - Income support||EUR26,925,900,000||USD29,785,287,611|
|05B1 - Tax and contribution deferrals and policy changes||EUR4,500,000,000||USD4,977,876,106||
20 March 2020, EUR4.5 billion in tax and pension payment deferrals.
|05B2 - Tax and contribution rates reduction||EUR1,050,000,000||USD1,161,504,425||
20 March 2020, EUR1.05 billion (increased from EUR900 million) in lower pension contributions through the remainder of 2020.
|05B3 - Wage support and subsidies to individuals and households||EUR3,710,000,000||USD4,103,982,301||
20 March 2020, (i) EUR650 million for grants to SMEs and self-employed; (ii) EUR3 billion for expanded parental allowance, social assistance and unemployment insurance; (iii) No amount/estimate: 11 June 2020, The exempt amount of the unemployment benefit will be temporarily raised. Eligibility for commuting and relocation allowance for full-time work will be temporarily amended by decreasing the distance required for daily commuting. The aim is to improve the financial security of unemployed persons when they take part-time work or other short-term work in a situation where full-time work is not yet available. Another aim is to help people find full-time work or seasonal work critical for agriculture; (iv) No amount/estimate: 5 June 2020, The Government proposes to continue the measures that have secured the livelihoods of jobseekers and entrepreneurs and helped businesses to overcome the worst of the crisis. The measures concern lay-offs and co-operation procedures; the right of laid-off employees and entrepreneurs to unemployment benefit; and start-up funding; (v) 3 September 2020, The government published a fifth supplementary budget proposal for 2020 which included EUR60 million basic income support for persons who have received basic social assistance during the period of restrictions, if they continue to continue to receive basic social assistance during the payment period in autumn 2020.
|05B4 - Subsidies to business||EUR405,900,000||USD449,004,425||
(i) 20 April 2020, EUR250 million grants for sole proprietors for the cost of running business; (ii) EUR40 million to support restaurants in employing workers and EUR83 million compensation for the imposed restrictions on activities; (iii) 1 July 2020, EUR4.5 million fund to develop tourism in regions (EUR4 million) and domestic campaign to promote domestic tourism (EUR0.5 million); (iv) EUR28.4 million compensation for maritime transport; (v) No amount/estimate: October 15, the Government has enabled the granting of business development aid in the form of so-called temporary state aid for a maximum of EUR 800,000 per company.
|05B5 - Indirect income support||EUR17,260,000,000||USD19,092,920,354||
(i) 20 March 2020, EUR12 billion in increase in fiscal deficit from automatic stabilizers (4-5.0) percentage points of GDP; (ii) June 2020, EUR5.1 billion (which is part of the fourth supplementary budget of 6 June 2020 amounting to EUR 5.5 billion) focusing on aid to municipalities and measures supporting quick economic recovery. This stimulus package is aimed at boosting demand, improving Finland’s long-term growth prospects, combating climate change, promoting biodiversity, and reinforcing the entire country’s capabilities, resilience, self-sufficiency, and skills and competences. The package also includes measures supporting local government that are intended to secure basic services and alleviate the challenges for local government finances resulting from the virus crisis. The supplementary budget proposal also includes a set of measures to support the wellbeing of children and young people; (iii) 27 August 2020, the Government decided in its fourth supplementary budget for 2020 on the regional allocation of employment appropriations for the management of the coronavirus crisis. A total of EUR60 million was allocated to the Centres for Economic Development, Transport and the Environment (Ely Centres). The appropriations will be mainly used for employment services and training for young people as well as for the development of competencies through training and coaching in cooperation with businesses; (iv) 22 October 2020, Regions to receive over EUR100 million for coronavirus recovery efforts in projects related to: development of the operating environment, business development, RDI activities, preservation and creation of jobs, prevention of youth unemployment and labour market mismatch, and development of skills.
|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 & 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||EUR5,500,000||USD6,084,071|
|09A - Swaps info_outline|
|09B - International loans/grants||EUR5,500,000||USD6,084,071||
The Finnish Government agreed to increase funding for the World Health Organization (WHO) to EUR5.5 million .
|10 - No breakdown|
|11 - Other Economic Measures||
9 July 2020, Amendments to pharmaceutical legislation to allow Ministry of Social Affairs and Health has the right to temporarily restrict or authorise the prescription and dispensing of medicines intended for treating infectious diseases.
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
16 March 2020, The government invoked the Emergency Powers Act, which was used to close borders, restrict domestic movements, and expand service obligations of essential health-, social services-, and security personnel. Restrictions to and from the region of Helsinki were lifted on 14 April 2020. On 4 May 2020, the government announced a plan to lift broad restrictions in favor of more targeted containment measures, including: on 14 May 2020, resumption of primary and lower secondary school and cross-border movement of essential traffic; on 1 June 2020, reopening of restaurants and public facilities and limits on public gatherings increased from 10 to 50 people; on 31 July 2020, resumption of public events with more than 500 people. Effective 16 June 2020, the government repealed the use of powers under the Emergency Powers Act, declaring that the country is no longer in a state of emergency. Barring any significant setbacks, the restrictions on gatherings will be lifted altogether on 1 October 2020. On 23 June 2020, the government announced the lifting of internal border control and restrictions on traffic between Finland and countries with similar incidence of COVID-19 with a limit value of 8 new cases per 100,000 persons in the previous 14 days. As of 13 July 2020, travel between Finland and non-EU countries on the ‘green list’ approved by the Council of the European Union will be permitted subject to restrictions which depend on the incidence of COVID-19. On 18 August 2020, the government reinstated travel restrictions on traffic between Finland and several countries based on their 14-day incidence rates. This is in addition to entry restrictions for three countries introduced on 6 August 2020. The government adopted on 11 September 2020 a decision to continue internal border checks and restrictions on border traffic, which entered into force on 19 September 2020 and will continue through 18 October 2020. The government also adopted a resolution on a hybrid strategy for cross-border traffic and travel which requires a rapid increase in cross-border testing capacity and analysis by 10,000 tests/day. This would allow a more flexible approach to border restrictions. On 24 September 2020, the government reintroduced travel restrictions between Finland and several Schengen area countries. On 19 November 2020, the government decided to extend till 13 December 2020 the entry restrictions into Finland due to the acceleration of the COVID-19 epidemic elsewhere. The government continues to recommend that Finnish citizens and residents avoid unnecessary travel to high-risk countries. On 10 December 2020, the government prolonged the current entry restrictions to 12 January 2021, due to a surge in the number of Coronavirus cases in many countries worldwide. Finland continues to restrict entry for all internationals wishing to enter the country from the following select Schengen states. [update]
|12B - Measures affecting business and workplace||
On 13 August 2020, the government adopted resolutions on recommendations for wearing face coverings and face masks, and for remote work. The government has imposed new restrictions starting 22 October 2020 on the opening and licensing hours of food and beverage service businesses [update from 8 October 2020]. As of 20 November 2020, restrictions on the activities of food and beverage service businesses in five regions will continue due to their epidemiological conditions.
|12C - Others||
10 December 2020, The Government adopted a resolution on Finland's COVID-19 vaccine strategy: Vaccination will be offered based on medical risk assessments with priority given to healthcare and social welfare workers caring for COVID-19 patients, homecare workers, elderly persons, and persons at high risk for severe disease due to underlying health conditions.Finland is participating in the European Union's joint vaccine procurement. [update]