Other ADB Members
Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline||EUR457,000,000,000||USD505,530,973,451|
|01A - Short-term lending info_outline||EUR457,000,000,000||USD505,530,973,451||
23 March 2020: (i) EUR100 billion within the Economic Stabilisation Fund (WSF) for the refinancing of large Kreditanstalt für Wiederaufbau (KfW) loans; (ii) EUR357 billion increase of the KfW guarantee framework (roughly EUR465 billion) to around EUR822 billion available through guarantee loans and to set up new ones and expand liquidity assistance programs; (iii) No amount/estimate: 28 October 2020, Companies with up to 10 employees can apply for KfW Quick Loan (up to EUR300,000).
|01B - Support policies for short-term lending info_outline|
|01C - Forex operations info_outline|
|02 - Credit creation info_outline||EUR483,840,000,000||USD535,221,238,938|
|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||
(i) No amount/estimate: 1 April 2020, Release of the countercyclical capital buffer for banks from 0.25% to zero; (ii) No amount/estimate: 29 July 2020, The Federal Cabinet passed a draft law to strengthen the stability of the banking sector and protect taxpayers and investors. Large banks will have to maintain loss buffers of at least 8% of their total assets, which cushion losses in the event of a crisis (https://bit.ly/3gxzoTh).
|02C - Loan guarantees||EUR483,840,000,000||USD535,221,238,938||
(i) 23 March 2020, EUR400 billion under the WSF to provide guarantees to companies' debt (up to 60 months) and EUR63 billion in guarantees by Länder; (ii) 7 July 2020, The federal government supports the financing of German exports with export credit guarantees (annual guarantee volume is EUR20 billion). This is part of the package of measures announced to support the export industry; (iii) 31 July 2020, European Commission approves EUR840 million German guarantee scheme to cover vouchers issued by travel operators for cancelled travel packages booked prior to 8 March 2020. Any traveller that accepts a voucher issued by a travel operator will be able to either use it or receive a full refund (https://bit.ly/2PMOtoh).
|03 - Direct long-term lending info_outline||EUR3,550,000,000||USD3,926,991,150|
|03A - Long-term lending info_outline||EUR3,550,000,000||USD3,926,991,150||
(i) 27 April 2020, EUR550 million loan to Condor, a German leisure airline; (ii) 25 May 2020, Lufthansa gets a EUR9 billion support, of which EUR3 billion is a KfW syndicated loan (private banks will contribute EUR600 million).
|03B - Forbearance||
No amount/estimate: (i) March 2020, A law suspended the obligation to file for insolvency for companies that have become ripe for bankruptcy as a result of the COVID-19 pandemic. The suspension expires on 30 September 2020. On 18 September 2020, The suspension was extended until 31 December 2020; (ii) May 2020, A payment moratorium on consumer loans established before 15 March is granted until 30 June if the debtor is financially affected by the COVID-19 crisis; (iii) 1 July 2020, New insolvency law making cheaper and easy to file for insolvency for companies and consumers; (iv) 7 July 2020, Improved financing conditions for new export transactions (e.g., reduced down payments and delayed repayments for certain transactions). This is part of the package of measures announced to support the export industry; (v) No amount/estimate: 12 February 2021, The Federal Council has now agreed to seamlessly extend the suspension of the obligation to file for insolvency until 30 April.
|04 - Equity support info_outline||EUR121,750,000,000||USD134,679,203,540||
(i) 23 March 2020, EUR100 billion under the WSF to directly acquire equity of larger affected companies and strengthen their capital position. On 25 May 2020, Lufthansa got a EUR9 billion support, of which EUR6 billion will be equity; (ii) 1 April 2020, EUR2 billion to expand venture capital financing to start-ups, new technology companies, and small businesses during the coronavirus crisis; (iii) EUR10 billion fund by the state of Bavaria to buy stakes in struggling companies; (iv) 29 October 2020, A new stimulus package includes equity for public railways (EUR5 billion); (v) 1 December 2020, German “umbrella” scheme to enable capital support to enterprises affected by coronavirus outbreak has been approved by the EC. The support will take the form of (i) subordinated loans, and (ii) recapitalisation instruments, in particular equity instruments and hybrid capital instruments. Individual measures will be limited to EUR250 million per beneficiary and the total provisional budget of the scheme is around EUR3.5 billion. Support can be granted until 30 September 2021; (vi) 4 January 2021, EUR1.25 billion to recapitalize TUI AG (TUI), the parent company of the TUI Group, as part of a wider support package for the tourism sector.
|05 - Health and income support||EUR878,006,500,000||USD971,246,128,319|
|05A - Health support||EUR88,265,000,000||USD97,638,274,336||
(i) 23 March 2020, EUR3.5 billion for emergency measures, such as procuring protective suits and masks, funding for development of a vaccine and treatment, support services provided by the Federal Armed Forces, assistance for German and European Union citizens abroad, and public outreach to keep the population informed; (ii) EUR55 billion funds made available for further pandemic control projects; (iii) EUR2.8 billion will be provided by the Federal government as additional funding for hospitals to balance losses due to rescheduled surgeries and to increase intensive care unit (ICU) capacity; (iv) No amount/estimate: 14 May 2020, Relatives who look after people in need of care at home during the COVID-19 crisis and who are employed at the same time will receive better support. Employees have the opportunity to claim the care support allowance for a total of up to 20 working days until 30 September 2020. On 2 September 2020, The assistance for family carers was extended until 31 December 2020; (v) 3 June 2020, The government has decided on a new stimulus package which includes EUR9.5 billion to strengthen health care, by investing in local health offices, more modern hospitals, sufficient medicines, and protective equipment. On 18 September 2020, EUR3 billion is allocated for an investment program for digitization and strengthening regional care structures as provided for in the Hospital Future Act; (vi) 20 July 2020, A total of EUR45 million is allocated by the Federal Ministry of Education and Research (BMBF) to strengthen research into effective strategies and therapies against the coronavirus SARS-CoV-2 and the disease COVID-19; (vii) 29 July 2020, EUR750 million for the special vaccine development program. On 9 October 2020, Three pharmaceutical companies - CureVac, BioNTech and IDT Biologika-are being funded; (viii) No amount/estimate: 27 August 2020, To relieve families in the COVID-19 pandemic, children's sickness benefit is to be paid for five additional days per parent in 2020, and for single parents for ten additional days; (ix) 4 September 2020, Bonus of up to EUR1,000 for nurses in hospitals who were stressed by caring for COVID-19 patients. For this purpose, EUR100 million is made available; (x) 11 September 2020, The Federal Ministry of Research is investing EUR20 million in the research and development of innovative medical technology; (xi) No amount/estimate: 18 September 2020, Nursing staff in hospitals and clinics who were particularly burdened by the care of COVID-19 patients are to receive a bonus of up to EUR1,000; (xii) 23 September 2020, New funding program for ventilation and air conditioning systems in public buildings and places of assembly systems (EUR500 million); (xiii) 30 October 2020, EUR3 billion for increased testing for COVID-19; (xiv) 26 November 2020, A new health care law has been passed (Health Care and Care Improvement Act) to enable the hiring of 20,000 additional nursing assistants and to reinforce the statutory health insurance system with EUR13 billion; (xv) 6 January 2021, EUR50 million from the Federal Ministry of Education and Research for the development of drugs and other therapeutics against COVID-19; (xvi) No amount/estimate: 28 January 2021, The federal government provides 50 million FFP2 masks for people with basic security, in order to enable complying with the new obligation of wearing surgical masks or FFP masks in public transport and in shops.
|05B - Income support||EUR789,741,500,000||USD873,607,853,982|
|05B1 - Tax and contribution deferrals and policy changes||EUR500,000,000,000||USD553,097,345,133||
(i) EUR500 billion (Bruegel estimate) tax deferrals for businesses, that is, EUR70 billion for direct corporate income tax plus EUR430 billion if we include indirect taxes and social contributions (assuming 75% tax deferral and 5% of gross domestic product [GDP] loss in 2020); (ii) No amount/estimate: 30 July 2020, tax deferral for companies, and waiver of enforcement of overdue tax debt payments (https://bit.ly/2PtMhSd); (iii) No amount/estimate: 2 September 2020, The federal cabinet approved the draft for the 2020 Annual Tax Act, which provides for tax improvements for investment, reduced working hours and affordable housing.
|05B2 - Tax and contribution rates reduction||EUR59,700,000,000||USD66,039,823,009||
(i) No amount/estimate: Temporary VAT reduction (19% to 16% and 7% to 5%) until December 31; (ii) No amount/estimate: 6 May 2020, Sales tax rate for restaurant and catering services rendered between 30 June 2020 and 1 July 2021 will be reduced from 19% to 7%, except for beverage sales; (iii) 3 June 2020, A new stimulus package which includes EUR59.7 billion for an economic and crisis management package, mainly tax cuts and investments; (iv) No amount/estimate: 10 February 2021, Under a new tax aid law: (a) The VAT rate for meals in restaurants and pubs has been reduced from 19 to 7 percent until 31 December 2022; (b) 10 February 2021, No amount/estimate: The tax loss carryforward for the years 2020 and 2021 will be expanded again and raised to EUR10 million (EUR20 million euros for joint assessments). As of 26 February, this law has been approved by the Bundestag.
|05B3 - Subsidies to individuals and households||EUR63,926,500,000||USD70,715,154,867||
(i) 23 March 2020, EUR50 billion in direct grants to distressed one-person businesses and micro-enterprises; (ii) EUR7.7 billion to expand access to welfare payments such as child allowance and income support, removing means-testing rules, and including self-employed workers; (iii) No amount/estimate: 22 April 2020, The government decided to increase the replacement rate of lost net earnings to 70% for childless workers and to 77% for workers with children from the fourth month of short-time work onwards if they have reduced their working time by at least 50%. In the seventh month, payments are increased further to 80% and 87% respectively. 20 November 2020, The regulation to increase the short-time allowance will be extended to 31 December 2021 for all employees who are entitled to short-time allowance by 31 March 2021. The existing fixed-term additional income regulations will be extended until 31 December 2021, as remuneration from low-paid employment (so-called mini-jobs up to EUR450) that was started during short-time work remains free of credit; (iv) April 2020, The labor agency will cover 100% of social-security contributions for lost hours of short-time workers; (v) No amount/estimate: EUR300 one-off for every child; (v) 14 May 2020, Under the Social Protection Package, the increase in short-time work benefits leads to additional expenditure in the budget of the Federal Employment Agency of an estimated EUR680 million. The extension of the eligibility period for unemployment benefit leads to additional expenditure in the budget of the Federal Labor Agency estimated around EUR1.95 billion; (vi) 3 July 2020, EUR853 million is allocated for children, young people, and families, with the passage of the Second Supplementary Budget 2020 on 2 July 2020. This creates the financial prerequisites for implementing the measures of the economic stimulus package; (vii) 23 July 2020, EUR43.5 million increase in scholarship for cultural workers; (viii) No amount/estimate: 28 October 2020, The Federal Cabinet has decided to continue to support social service providers until 31 March 2021. With a regulation in Social Protection Package I, it obliged the service providers such as the German Pension Insurance, the Federal Employment Agency and the social welfare offices to pay the institutions subsidies of up to 75% of the previously paid contractual benefits; (ix) No amount/estimate: 13 November 2020, Bridging Aid III runs from January 2021 to June 2021. This also includes the so-called "restart aid for self-employed people," taking into account the special situation of self-employed soloists, in particular artists and cultural workers (https://bit.ly/2JbUevu); (x) No amount/estimate: 18 January 2021, childhood illness days for working parents are doubled from ten to 20 days per child, and for single parents, from 20 to 40 days per child. If there are several children, each parent is entitled to a maximum of 45 working days, while for single parents, the entitlement increases to a maximum of 90 working days. The regulation is to come into effect retrospectively as of 5 January 2021; (xi) 10 February 2021, EUR2.7 billion - Parents receive a one-time child bonus of EUR150 for every child eligible for child benefit in 2021. A total of around 18 million children in Germany benefit from the child bonus; (xii) No amount/estimate: 10 February 2021, Beneficiaries in the basic security receive a one-off payment of EUR150; (xiii) No amount/estimate: 17 February 2021, Self-employed people who suffered from a drop in sales, as well as those working in the performing arts industry, will get EUR7,500 as a restart aid for the period January 1 to June 30.
|05B4 - Subsidies to businesses||EUR88,270,000,000||USD97,643,805,310||
(i) EUR10 billion for keeping people employed, by expanding the reduced hours compensation benefit scheme (‘Kurzarbeitergeld’). 26 August 2020, The subscription period was extended up to 24 months, at an additional cost of EUR10 billion (i.e. until 31 December 2021 at the latest); (ii) Subsidies to loans (included in the EUR357 billion mentioned in Measure 1) made available through KfW; (iii) Employer grants for short-time work benefits and seasonal short-time work benefits for wage payment between 29 February 2020 and 1 January 2021 will be up to 80% of the difference between the target salary and the actual salary; (iv) 3 June 2020, A new stimulus package which includes Bridging Aid to businesses hard hit by the COVID-related restrictions. 18 September 2020, The bridging aid was extended and expanded for the months of September to December 2020, and then to July 2021. (https://bit.ly/3mHeQet), (https://bit.ly/32WUGFr); (v) No amount/estimate: Increase on limits to offset losses against profits from previous years; (vi) 7 August 2020, The European Commission has approved EUR6 billion scheme to compensate companies providing regional and local public passenger transport services in Germany for the damage suffered due to the coronavirus outbreak; (vii) 29 October 2020, Companies with up to 50 employees and the self-employed will receive 75% of their income in support (EUR10 billion); (viii) 6 November 2020, The federal government has launched quick and unbureaucratic aid of up to EUR10 billion in grants that offer further support for companies, businesses, associations, and institutions that are particularly affected by the current COVID-related restrictions (https://bit.ly/2Iyx8iw); (ix) 20 November 2020, “Umbrella” scheme to support uncovered fixed costs of companies affected by coronavirus outbreak has been approved by the EC (EUR30 billion); (x) 21 January 2021, EUR12 billion umbrella scheme to compensate companies for damages suffered during the COVID-19 outbreak; (xi) 1 February 2021, As part of the EUR1 billion Neustart Kultur package: (a) EUR250 million to help cultural business such as theatres and literature houses reopen, (b) EUR20 million to support small, regional broadcasters whose advertising revenues have collapsed. The balance is under item (iv) of Measure 5B5; (xii) No amount/estimate: 1 March 2021, Companies can now choose which aid they want - the small aid, the fixed costs or the compensation scheme. In addition, the EU Commission has increased the maximum amounts for the subsidies: Small subsidies are now possible up to EUR1.8 million (previously a maximum of EUR800,000), and fixed cost subsidies up to EUR10 million (previously a maximum of EUR3 million); (xiii) No amount/estimate: 19 March 2021, The federal government is expanding its "Secure apprenticeship positions" program, specifically by: (a) doubling premiums given to companies employing apprentices/trainees, (b) increasing the number of eligible companies, (c) extending the program to cover apprenticeships up to 2022. [update]
|05B5 - Indirect income support||EUR76,845,000,000||USD85,005,530,973||
(i) 3 June 2020, A new stimulus package which includes: (a) Strengthening Länder and municipalities (EUR15.6 billion), (b) Social expenditure (EUR9 billion), (c) Future program (green and technological) (EUR47 billion), and (d) Humanitarian aid (EUR3 billion); (ii) 3 July 2020, NEUSTART KULTUR: Aid for cultural institutions for the preservation and strengthening of the nationwide important cultural landscape (EUR1 billion). 11 September 2020, Financing a default fund at EUR50 million is provided for films and series productions in order to cushion COVID-19 related disruptions. 15 September 2020, EUR15 million is earmarked for sociocultural centers, networks and similar initiatives to help them in getting back into their program work. 16 September 2020, EUR25 million is allocated for local and private museums, exhibition halls and publicly accessible memorials to enable them to make the necessary investments to resume operations under the applicable COVID-19 regulations; (iii) 29 January 2021, EUR500 million from the federal government so that schools can give out laptops to teachers; (iv) 1 February 2021, As part of the EUR1 billion Neustart Kultur package: (a) EUR480 million for maintaining the cultural infrastructure, (b) EUR150 million to strengthen new formats for digital communication, (c) EUR100 million to compensate pandemic-related losses of federally funded cultural institutions. The balance is under item (xi) of Measure 5B4; (v) 15 March 2021, EUR15 million in research grants to projects that study the long-term social consequences of the pandemic. [update]
|05B6 - No breakdown (income support)||EUR1,000,000,000||USD1,106,194,690||
3 March 2021, The Budget Committee of the German Bundestag approved an additional EUR1 billion to continue the Neustart Kultur program. The previous EUR1 billion tranche are in Measures 5B4 and 5B5. [update]
|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|
|08 - International Assistance Received|
|08A - Swaps info_outline|
|08B - International loans/grants|
|08B1 - Asian Development Bank|
|08B2 - Other|
|09 - International Assistance Provided||EUR70,000,000||USD77,433,628|
|09A - Swaps info_outline|
|09B - International loans/grants||EUR70,000,000||USD77,433,628||
(i) 2 November 2020, To support small farmers in Africa and Latin America during the corona crisis, KfW is providing additional funds amounting to EUR40 million. On behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), loans are being extended to agricultural cooperatives and enterprises, which are facing liquidity problems as a result of the pandemic; (ii) 13 November 2020, On behalf of the Federal Ministry for Economic Cooperation and Development (BMZ), KfW is providing the EU with EUR20 million in wage replacement payments for employees in the Bangladeshi textile industry, who have been particularly affected by the consequences of the COVID-19 pandemic; (iii) 2 February 2021, EUR10 million euros to the Health Emergency Preparedness and Response Trust Fund (HEPR) Program, established last year to help developing countries respond to the health consequences of COVID-19 and increase investments in health preparedness and emergency response.
|10 - No breakdown||
EUR67 billion, Proposed a Solidarity Pact for cities and municipalities suffering from significant reduced income due to the coronavirus. The solidarity pact has two elements: old debt relief and emergency aid to compensate for trade tax losses. The old debt relief would involve a one-off haircut worth a total of EUR45 billion. The emergency aid would entail the federal government and the states each assuming half the tax burden of the municipalities, and losses are currently estimated at EUR12 billion. The amount will be added to the package once approved.
|11 - Other Economic Measures||
1 April 2020, Missed rent payments due to COVID-related reasons cannot lead to evictions and rent payments for these tenants will be postponed (in force from 1 April to 30 June). Consumers that cannot finance running consumption costs for their housing units (such as electricity, gas, telecommunication and water) can postpone them without being charged late payment fees or forced to judicial debt collection.
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
(i) On 15 April 2020, The Federal States of Bavaria, Saarland, and Saxony have introduced stricter lockdowns; (ii) Reintroduction of border controls at the internal Schengen borders to France, Luxembourg, Switzerland, Denmark, Italy, Spain, and Austria, with restriction on entry since 16-19 March. Goods and commuters are allowed to cross the border. On 2 April 2020, the government agreed to exceptionally allow seasonal agricultural workers to enter the country under strict requirements after seasonal workers have generally been denied entry from 25 March onward. Travel warning for all countries in place until the end of April 2020. In accordance with the decision at the European level, individuals from outside the EU, with few exceptions, cannot enter the country for at least 30 days starting 18 March 2020; (iii) 10 May 2020, Travel warning for all countries initially in place until the end of April has been extended until at least mid-June; (iv) 6 May 2020, Border controls to neighboring countries will be gradually lifted; (v) 28 May 2020, Control of lifting the lockdown lies on the federal states. Border controls were eased on 15 May with Austria, France and Switzerland and will be lifted on 15 June; (vi) 3 June 2020, Germany will lift a travel ban for European Union member states plus Britain, Iceland, Norway, Liechtenstein and Switzerland from 15 June as long as there are no entry bans or large-scale lockdowns in those countries; (vii) 17 June 2020, Containment measures re-imposed in two municipalities in the state of North-Rhine Westphalia after a resurgence in new COVID-19 cases (“emergency brake"). Restrictions were eased on 6 July; (viii) 22 October 2020, The Federal Foreign Office has issued travel warnings for other regions in Europe due to the increased number of COVID-19 cases. All of Poland and Switzerland as well as large parts of Italy and almost all of Austria are designated as risk areas, effective October 24; (ix) 5 January 2021, Under the extended lockdown until 31 January 2021 (now extended to 14 February 2021), those residing in districts where new infections are above 200 per 100,000 people over the last seven days will be banned from travelling beyond a 15-kilometre radius of the zones; (x) 30 January 2021, Travelers arriving from "virus-variant" countries are not allowed to enter Germany until 17 February 2021. As of 3 March, this travel restriction has been extended to 17 March.
|12B - Measures affecting business and workplace||
(i) Restaurants are closed; (ii) A gradual reopening of stores began on 20 April 2020. Some states have allowed reopening of restaurants from 8 May onwards. Other states will follow gradually over the course of May including the re-opening of hotels; (iii) 28 May 2020, Shops are allowed to reopen; (iv) 27 January 2021, Employers are obliged to offer their employees home office wherever possible. This measure is valid until 15 March. As of 10 March, this has been extended to 30 April. [update]
|12C - Others||
(i) Most schools and day care centers are closed until mid-April 2020; Nonessential stores, leisure, and cultural facilities have been closed since 15 March 2020. Larger events were cancelled until end-August 2020; (ii) Contact ban for meetings of more than two individuals in public, with exemption for household members, have been decided on 22 March 2020 across the country, extended until at least 4 May; (iii) 10 May 2020, The contact ban for meetings in public decided on 22 March has been extended until 5 June but eased such that multiple members of two households can meet in public; (iv) 28 May 2020, Big public events like festivals are banned until at least the end of August 2020. Social distancing rules extended until 29 June; (v) 16 June 2020, The government launched a Corona-Warn app that allows users to trace potential contact with COVID-infected individuals. Its use is voluntary; (vi) July 2020, A general contact restriction of keeping distance and wearing masks in stores and public transport should continue until further notice; (vii) 29 July 2020, Free and compulsory coronavirus testing begins at Berlin's Tegel airport. Other airports such as Frankfurt have been offering tests over the previous weeks, but additional preparations are being made to test passengers arriving from countries deemed high risk; (viii) 8 August 2020, Mandatory corona tests for returnees from risk areas begins. Tests are free for the travelers; (ix) 3 August 2020, New school year begins with children returning to school in the Mecklenburg-Western Pomerania region. Germany's 16 states had agreed that schools will reopen full-time after the summer break; (x) 27 August 2020, Returnees from risk areas should be able to end their quarantine at the earliest with a test from the fifth day after their return. The federal states will set the minimum fine for violations of the mask requirement of at least EUR50. There is a ban on major events, where contact tracking and compliance with hygiene regulations, are not possible until at least the end of 2020; (xi) 9 October 2020, The prime minister and mayors from 11 cities agreed to impose stricter measures if infections exceed a threshold of 50 cases per 100,000 population in a week; (xii) 25 November 2020, Christmas celebrations will be limited to a maximum of 10 people (children under 14 are not included in the count); (xiii) 2 December 2020, Restrictive measures currently expiring by the 20th, will be extended until 10 January 2021 in order to stem a tide of new COVID-19 infections. As of 19 January, this has been extended to 14 February. As of 10 February, they have again been extended until 7 March. Schools, leisure and sporting facilities and most shops will remain shut, and people will be allowed to meet up with only one other individual from another household under the new rules, instead of five people previously. On 4 March, German authorities extended the measures by 3 weeks until 28 March, while relaxing some restrictions in regions with relatively low infection rates. As of 8 March, some restrictions have already been relaxed, such as: (a) raising the maximum number of people in private gatherings to five excluding children, (b) allowing limited numbers of people to enter shops, museums, etc, and (c) allowing some outside sports. The government will also now finance at least 1 RT-PCR per week per citizen. [update]; (xiv) 24 February 2021, The Federal Institute for Drugs and Medical Devices has the first special approvals for three COVID-19 antigen tests which can be used as self-tests by ordinary citizens; (xv) 15 March 2021, Use of the AstraZeneca vaccine is temporarily suspended after reports of adverse side effects. [update]