Other ADB Members
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|
|01B - Support policies for short-term lending info_outline|
|01C - Forex operations info_outline|
|02 - Credit creation info_outline||EUR27,269,000,000||USD30,164,823,009|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline||EUR6,000,000||USD6,637,168||
March, (i) EUR6 million credit created by reducting interest rates from (Qredits); (ii) No amount/estimate: De Nederlandsche Bank (DNB) reduced systemic buffers from the current 3% of global risk-weighted exposures to 2.5% for ING, 2% for Rabobank and 1.5% for ABN Amro; (iii) No amount/estimate: the planned introduction of a risk weight floor for mortgage loans has been postponed. It is expressly intended that this released capital is used to support lending, as opposed to paying dividends or buying back own shares.
|02C - Loan guarantees||EUR27,263,000,000||USD30,158,185,841||
(i) No amount/estimate: March 30, The government increased export credit insurance for firms through the credit insurer Atradius. The share of the working capital that companies need for their export production was raised from 80% to 95%; (ii) April 9, Budget for guarantee facility for SME loans via BMKB was raised to EUR1.5 billion, while the premium for SME loans has been reduced from 3.9 to 2%; (iii) Increase to EUR10 billion (from EUR400 million) in the ceiling of the GO business loan guarantee scheme; (iv) The government provides EUR12 billion guarantees for the credit insurance market to ease lending to small firms; (v) April 17, EUR650 million (increased from EUR400 million) additional temporary guarantee for working capital and other type of support for agricultural and horticultural companies; (vi) May 14, EUR713 million in guarantees for bridging loans for small companies under the Small Credits Corona Guarantee Scheme. The guarantee covers 95% of bank loans, and funding is provided for a maximum of five years at an interest rate of 4% for company with positive profits over the last three years; (vii) No amount/estimate: May 7, Finnvera (official export credit agency) increased its guarantee share for SME loans from 80% to 90%; (viii) June 26, EUR2.4 billion in guarantees for bank loans made by KLM Airlines.
|03 - Direct long-term lending info_outline||EUR1,365,000,000||USD1,509,955,752|
|03A - Long-term lending info_outline||EUR1,365,000,000||USD1,509,955,752||
(i) EUR200 million available for bridging loans to start-ups, scale-ups and innovative small and medium enterprises. These loans will be provided through regional development companies in the Netherlands; (ii) Loans at reduced interest rates are available under the scheme in (ii) of Non-health, Measure 5; (iii) June 26, EUR1 billion in direct loans to KLM Airlines, to be given in tranches through to 2025; (iv) EUR165 million in subsidized loans to the five Dutch Travel Guarantee Funds that operate package travel guarantee schemes, subject to the following conditions: (a) the reduced interest rates will be above the minimum levels set in the Temporary Framework; (b) the loan contracts will be signed by 31 December 2020 at the latest; and (c) the maturity of the loans will not exceed six years.
|03B - Forbearance||
(i) No amount/estimate: The banking sector has responded by giving an automatic 6-month payment holiday (interest and amortisation) for all business loans of less than EUR2.5 million; (ii) No amount/estimate: Ban on forced home sales of homeowners who are temporarily unable to meet their mortgage obligations due to the corona crisis until 1 July (7 April) and automatic extension of temporary rent contracts until the end of June (8 April); (iii) No amount/estimate: June 17, Proposed the temporary deferral of debt payments by four months.
|04 - Equity support info_outline|
|05 - Government support to income/revenue||EUR63,009,000,000||USD69,700,221,239|
|05A - Health|
|05B - Non-health||EUR63,009,000,000||USD69,700,221,239||
(i) April 1, EUR10 billion for temporary compensation of employers’ wage costs, up to 90% of wage bill, conditional on at least 20% fall in turnover in the months March to May compared to 2019 (NOW scheme). In addition, the government will cover 30% of pension contributions and the employers' premium; (ii) EUR2 billion for compensation of self-employed and independent entrepreneurs without staff; (iii) EUR465 million in emergency support in the form of a lump sum of EUR4,000 for businesses that were forced to close doors due to government regulations (TOGS scheme); (iv) EUR175 million for Childcare Compensation for parents who continue paying for childcare during the lockdown (8 April); (v) EUR36 billion for deferral of tax collection of VAT, income, corporate, wage and turnover taxes from companies. Furthermore, under the measures, default penalties will not need to be paid in cases where extensions are approved, while interest on overdue taxes will be reduced to 0.01% until October 1, 2020; (vi) No amount/estimate: April 1, the government will cover 30% of pension contributions and the employers' premium; (vii) No amount/estimate: March 30, self-employed (without employees) hit by the corona crisis are to receive monthly 1,050 'euros over the next three months, irrespective of their savings. For married couples or couples with children a maximum of EUR 1,500 a month will apply; (viii) April 17, EUR300 million grants for the culture sector, including museums and theatres; (ix) May 1, EUR110 million to support sports clubs; (x) No amount/estimate: May 20, The government will compensate public transport companies for the loss of income and extra costs they face due to the crisis; (xi) May 20, EUR500 million allocated to education spending. EUR200 million will go to students to mitigate the consequences of the coronavirus epidemic, and EUR244 million will go to primary, secondary, and vocational education to make up for educational gaps caused by the coronavirus; (xii) May 20, Short-term measures for the construction sector: (a) EUR50 million in construction projects, (b) Increased subsidies for citizens to make their homes more environmentally sustainable (the “SEEH scheme"), (c) EUR20 million available for municipalities in the form of “flex pools” (civil servants with technical knowledge about planning and licensing), (d) EUR50 million in housing incentives for prospective homeowners belonging to vulnerable groups; (xiii) EUR1.4 billion allocated for tax-free allowances to affected SMEs to pay their fixed material costs; (xiv) EUR77 million to support remote care, aimed at frail elderly people living at home and people with chronic illnesses or disabilities. The intervention takes the form of a subsidy for healthcare providers who want to use digital applications, and applications are limited at EUR50,000 per request; (xv) August 28, EUR11 billion in additional expenditures from extending the following initiatives through to 2021: (a) NOW scheme, an allowance for wage costs; (b) Tozo, income support for the self-employed; (c) TVL, fixed cost allowances for SMEs, and (d) tax deferment measures; (xvi) August 28, EUR777 million to compensate municipalities, provinces, and water boards for lost income; (xvii) September 2, EUR8.5 million as compensation for parents who fall outside the emergency childcare scheme.
|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||EUR21,235,955||USD23,491,100|
|09A - Swaps info_outline|
|09B - International loans/grants||EUR21,235,955||USD23,491,100||
(i) As of May 20, contributed USD16,853,932 to the UN COVID-19 Response and Recovery Fund; (ii) September 11, Pledged a contribution of EUR6 million in support of Education Cannot Wait’s COVID-19 education in emergency response. [update]
|10 - No breakdown||EUR13,000,000,000||USD14,380,530,973||
May 20, EUR13 billion for a new emergency package, which has five major components: (a) Companies will receive a tax-free allowance from the Ministry of Economic Affairs so that they can pay for their fixed costs, (b) Adjusted labor compensation ("NOW") program that does not reduce compensation for commercial dismissals, (c) Bridging ("TOZO") program that now applies to entrepreneurs and self-employed persons, (d) Prolonged tax relief, and (e) Lending and guarantees ("BMKB", "GO", "KKC", "COL") for entrepreneurs.
|11 - Other Economic Measures||
(i) No amount/estimate: June 2, Extended the agreement on tax treatment of cross-border workers until June 30, 2020; (ii) Approved an amendment to the Municipal Debt Assistance Act, allowing municipalities to exchange data from citizens with payment arrears at an early stage with housing corporations, energy, and drinking water companies and health insurers to identify people with debts in time and to offer debt counseling. The amendment will take effect on January 1, 2021; (iii) Imposed new conditions on companies that seek support (including corona-related support) from the Dutch government: (a) the company cannot be located in a country that already has a low tax rate, and (b) the Dutch branches of the company cannot have paid interest or royalties to branches of the group in countries with too low tax rates.
|12 - Non-Economic Measures||
(i) The authorities have taken measures to limit the spread of the virus, including ordering closure of schools and many catering businesses, and advising to avoid social contact and work from home to the extent possible; (ii) As the number of new infections and death continue to decline, the Dutch government is laying down a progressive easing of the lockdown measures; (iii) Starting on May 11, and under strict conditions, childcare services and primary schools will be allowed to reopen, as well as some businesses (including for example hairdressers and nail stylists). The authorities have stressed that further relaxation of the containment measures will follow only to the extent that the spread of virus remains contained; (iv) Starting on June 1, secondary schools and more businesses (e.g. restaurants and cafes, cultural institutions) will also reopen; (v) As of June 15, tourists from EU or Schengen countries can enter the Netherlands. However, tourists from Sweden and the United Kingdom should go into quarantine for 14 days. Tourists must reserve their holiday accommodation before they travel to the Netherlands; (vi) Starting July 1, gatherings of more than 100 people in a closed space will be allowed, and no limit on occupancy will be imposed on cinemas, cafés and restaurants. Social distancing requirements will remain in place, however. (vii) The Netherlands will reinstate the entry ban for Morocco from 13 August 2020; (viii) August 6, the Dutch government introduced new nationwide measures to curb the spread, including compulsory testing at Schiphol airport and mandatory temporary closing of entertainment businesses experiencing an outbreak.