Other ADB Members
Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline||CHF/CHE/CHW100,060,841,905||USD104,507,122,306|
|01A - Short-term lending info_outline||CHF/CHE/CHW550,000,000||USD574,439,673||
(i) 25 March 2020, The SNB introduced the new SNB COVID-19 refinancing facility (CRF), aimed at strengthening the supply of credit to the Swiss economy by providing the banking system with additional liquidity; (ii) 1 July 2020, Federal Council decided to support the Swiss Federal Railways (SBB) to bridge an acute liquidity shortfall with additional CHF550 million in the form of a loan of up to one year at market interest rates.
|01B - Support policies for short-term lending info_outline||
(i) 11 May 2020, SNB COVID-19 refinancing facility expanded to include cantonal loan guarantees as well as joint and several loan guarantees for startups;
|01C - Forex operations info_outline||CHF/CHE/CHW99,510,841,905||USD103,932,682,633||
(i)18 March 2020 to 17 April 2020, USD liquidity injected via auctions totaled USD25.6 billion. The Swiss National Bank (SNB) offered a new 84-day maturity and increased the frequency of the 7-day maturity operations from weekly to daily; (ii) The SNB has increased its interventions in the FX market to limit appreciation of the Swiss franc. (iii) Sight deposits held at the SNB have increased by around CHF48 billion (or 6.9 percent of 2019 GDP) since early February, a proxy for the amount of Swiss franc liquidity injected through both FX interventions and the Covid-19 refinancing facility; (iv) As of 7 May 2020, sight deposits held at the SNB have increased by around CHF75 billion since early February to limit appreciation of the Swiss franc.
|02 - Credit creation info_outline||CHF/CHE/CHW42,652,000,000||USD44,547,274,396|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline|
|02B1 - Interest rate adjustments||
No amount/estimate: 29 June 2020, adjusted the calculation of the special rate for COVID-19 refinancing facility (CRF) as of July 1 2020, the lower limit for the special rate will be reduced to 0% from 0.5%.
|02B2 - Other policies to support long-term lending||
No amount/estimate: (i) 19 March 2020, The SNB announced that starting April 1 the threshold factor for exempting sight deposits from negative interest rates would be raised from 25 to 30; (ii) 27 March 2020, the SNB request for deactivation of the countercyclical capital buffer was approved by the Federal Council; (iii) On the supervisory front, the Swiss Financial Market Supervisory Authority (FINMA) introduced a temporary exclusion of deposits held at the central bank from the calculation of banks’ leverage ratio. FINMA emphasized that the capital released from this relaxation should be used to support liquidity provision and is not to be distributed as dividends or other similar distributions related to 2019.
|02C - Loan guarantees||CHF/CHE/CHW42,652,000,000||USD44,547,274,396||
(i) 13 March 2020, CHF580 million for loan guarantees to SMEs; (ii) 20 March 2020, A guarantee program up to CHF20 billion to support bridging loans to SMEs; (iii) April 3, The Federal Council announced doubling the size of the loan guarantee program from CHF20 billion to CHF40 billion; (iv) 22 April 2020, Extended the SME loan guarantee program to include start-ups. The new procedure for startups will begin by April 30, 2020. The federal government can guarantee up to 65% of the loan, and the rest can be covered by cantons. In total, the Confederation can guarantee up to CHF 100 million, and together with the cantons, loans of up to CHF 154 million can be guaranteed. Therefore, the total amount guaranteed has gone up to 100 million; (v) 29 April 2020, the FC announced CHF1.9 billion credit guarantee support to airlines and aviation-related businesses to help it through the liquidity crisis; (vi) As of mid-June 2020, the take-up of bridge loans under the federal guarantee program is lower than budgeted; (vii) 1 July 2020, FC granted SR Technics Switzerland AG a deficiency guarantee of 60% on a bank loan of CHF 120 million in order to bridge a liquidity shortage. The remaining 40% of the credit risk is assumed by the banks.
|03 - Direct long-term lending info_outline|
|03A - Long-term lending info_outline|
|03B - Forbearance||
18 March 2020, To address liquidity bottlenecks, the Federal Council ordered a debt enforcement standstill from March 19 to April 4.
|04 - Equity support info_outline|
|05 - Health and income support||CHF/CHE/CHW54,576,300,000||USD57,001,439,829|
|05A - Health support||CHF/CHE/CHW1,592,000,000||USD1,662,741,743||
(i) No amount/estimate: 24 June 2020, Federal government will assume the cost of testing for COVID-19 and eliminates the retention fee for patients; (ii) 8 July 2020, CHF300 million for procurement of 4.5 million doses of vaccine from Moderna; (iii) 12August 2020, CHF288.5 million government will assume all costs of COVID-19 testing; (iv) No amount/estimate: 16 October 2020, agreement with AstraZeneca for the delivery of up to 5.3 million doses of vaccine; (v) No amount/estimate: 27 January 2021, The federal government will pay for persons without symptoms to be tested. Fines can be imposed if certain measures are not respected. Cost of pharmacies carrying out vaccinations will be covered by the federal government. ; (vi) No amount/estimate: 03 February 2021, Federal government signed an agreement with German pharmaceuticals company Curevac and the Swedish government for the delivery of 5 million vaccine doses; a preliminary agreement with Novavax for 6 million vaccine doses ; (vii) 03 February 2021, CHF3.5 million to cover the cost of vaccinations for people who live in Switzerland but do not have mandatory health insurance cover, such as diplomats. The vaccination will also be free for cross-border workers employed by Swiss healthcare and care institutions who are not insured in Switzerland, (viii) CHF1 billion for the expansion of free tests; (ix) 10 March 2021, signed another contract for additional 3 million doses of Pfizer vaccine. [update]
|05B - Income support||CHF/CHE/CHW52,984,300,000||USD55,338,698,086|
|05B1 - Tax and contribution deferrals and policy changes|
|05B2 - Tax and contribution rates reduction|
|05B3 - Subsidies to individuals and households||CHF/CHE/CHW39,033,000,000||USD40,767,461,350||
(i) 13 March 2020, up to CHF8 billion for partial unemployment compensation; (ii) 25 March 2020, The Federal Council announced a set of additional measures to support the economy, which are estimated to cost around CHF600 million per month in unemployment insurance; (iii) 16 April 2020, Extension of the right to corona-replacement earnings to the self-employed (CHF1.3 billion over a two-month period). Parents with special-needs children may receive benefits until the child reaches 20 years of age (CHF33 million over a six-month period); (iv) 22 April 2020, the FC extended the loss compensation for the self-employed to May 16 even if they had reopened their business on an earlier date; (v) 20 May 2020, CHF14.2 billion additional unemployment insurance funding; (vi) 4 June 2020, CHF14.9 billion agreed by parliament, most will go towards unemployment insurance which finances short-time work compensation; (vii) No amount/estimate: As of mid-June 2020, assistance to self-employed has been lower than budgeted; (viii) No amount/estimate: 1 July 2020, extended the maximum period for receiving short-time work compensation from twelve months to eighteen months; companies can continue to receive government support for short-time work compensation (KAE) effective September 1, 2020 until December 31, 2021; (ix) No amount/estimate: 12 August 2020, amended and extended the COVID-19 regulation on unemployment insurance;
|05B4 - Subsidies to businesses||CHF/CHE/CHW1,730,000,000||USD1,806,873,879||
(i) 13 March 2020, CHF1 billion for financial aid to particularly affected firms; (ii) 13 March 2020, CHF0.42 billion compensation for cancelled events; (iii) 8 May 2020, Support worth CHF65 million for childcare institutions that have lost earnings due to the coronavirus pandemic; (iv) 20 May 2020, CHF75 million financial support to the private institutions of family-supplementary childcare for childcare contributions from parents; (v) 20 May 2020, CHF20 million support for the wine industry; (vi) 12 August 2020, CHF150 million financial stabilization of Skyguide (air navigation service provider); (vii) No amount/estimate: 11 November 2020, transitional measures put in place to support the print media in relation to the coronavirus are to be extended up until 30 June 2021 and the confederation will assume the cost of subscriptions to the Keystone-SDA news agency.
|05B5 - Indirect income support||CHF/CHE/CHW221,300,000||USD231,133,636||
(i) 12 August 2020, CHF221.3 million increase in the railway infrastructure fund.
|05B6 - No breakdown (income support)||CHF/CHE/CHW12,000,000,000||USD12,533,229,221||
(i) 20 March 2020, CHF12 billion for (a) temporary, interest-free deferral of social-security contribution payments; (b) extended payment periods for taxes and payables to federal suppliers; (c) extension of short-time work allowance; and (d) compensation for loss of earnings.
|05C - No breakdown (health and income support)||
(i) 17 February 2021, CHF15.8 billion deficit of 2020 federal budget caused by the COVID-19 pandemic.
|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||CHF/CHE/CHW10,914,984,286||USD11,400,000,000|
|08A - Swaps info_outline||CHF/CHE/CHW10,914,984,286||USD11,400,000,000||
The SNB activated the unlimited U.S. dollar liquidity swap line with the Federal Reserve. Amount outstanding as of as of June 11: USD10.83 billion. Peak outstanding amount of USD11.4 billion in April 20.
|08B - International loans/grants|
|08B1 - Asian Development Bank|
|08B2 - Other|
|09 - International Assistance Provided||CHF/CHE/CHW9,309,351,129||USD9,723,019,300|
|09A - Swaps info_outline|
|09B - International loans/grants||CHF/CHE/CHW9,309,351,129||USD9,723,019,300||
(i) As of 12 June 2020, USD8.2million committed to the United Nations (UN) COVID-19 Response and Recovery Multi-Partner Trust Fund (COVID-19 MPTF); (ii) 19 June 2020, CHF8.5 billion Federal Council decide to make contributions to IMF which are for (a) securing the regular funds of the IMF, (b) supporting lower-income countries to deal with the COVID-19 Pandemic, and (c) relieving Somalian debt; (iii) 19 June 2020, Federal Council guaranteed the Swiss National Bank's recent credit line to the IMF's Poverty Reduction and Growth Trust (PRGT) up to CHF 800 million; (iv) CHF1.5 million start-up funding to support the production of low-cost ventilators for developing economies through the Swiss Agency for Development and Cooperation.
|10 - No breakdown||CHF/CHE/CHW1,400,000,000||USD1,462,210,076||
(i) 25 September 2020, The Federal Council and Parliament have adopted various measures to combat the COVID-19 pandemic in recent weeks, resulting in a need for additional funds of CHF1.4 billion in the 2021 budget; (ii) 25 November 2020, No amount/estimate: the Federal Council adopted the ordinance governing the details of the COVID-19 Hardship Assistance Ordinance of the Confederation and cantons. The Hardship Assistance measures comprise loans, guarantees and non-repayable contributions (“à fond perdu”). The loans and guarantees have a maximum term of ten years. They amount to a maximum of 25% of a company's 2019 turnover and to a maximum of 10 million francs. Contributions “à fond perdu” (non-repayable) are limited to a maximum of 10% of the 2019 turnover and 500,000 francs per company. The Confederation participates in any eventual losses resulting from repayable aids or in the costs of non-repayable contributions up to the financial participation prescribed by law.
|11 - Other Economic Measures||
(i) 3 April 2020, the Federal Council announced the coordination of the supply of important medical products; (ii) The Federal Council mentioned the possibility of restricting exports of important medical products and the possibility to impose the production of some of these medical goods; (iii) 20 May 2020, the Federal Council dealt with the gradual phase-out of some COVID measures.
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
(i) People from high-risk countries and areas will be refused entry into Switzerland; (ii) 15 June 2020, Covid-19 related entry restrictions were lifted for all EU/EFTA states and the United Kingdom:
|12B - Measures affecting business and workplace||
(i) The Federal Council has banned public and private events; (ii) Classroom teaching is banned at schools, universities and other training and educational institutions. The ban will apply until 19 April 2020; (iii) 16 March 2020, the government declared a ban on all private and public events and closing bars, restaurants, sports and cultural spaces; (iv) 12 October 2020, restrictions on private events, no gatherings in public of more than 15 people; masks mandatory in more areas and working from home recommended; (v) 28 October 2020, Further measures to contain the epidemic: (a) discos and nightclubs will have to shut, while bars and restaurants will close at 11pm; (b) all events with more than 50 people, and recreational sporting and cultural activities with more than 15 people will be prohibited; (c) requirement to wear masks will be extended to an additional range of situations; (iv) 4 December 2020, further measurs like fewer people allowed in shops, new rules for restaurants and ski areas. (v) 11 December 2020, restaurants and bars, shops and markets, museums and libraries, and sports and leisure facilities will be required to close at 7pm and, with the exception of restaurants and bars, they must also remain closed on Sundays and public holidays; (vi) 13 January 2021, extending the measures introduced in December by a further five weeks: restaurants, cultural venues, and sports and leisure facilities are to remain closed until the end of February. Starting Monday, 18 January, there will be a requirement to work from home, shops selling non-essential goods will be closed, stricter rules will apply to private events and gatherings, and measures to protect those at especially high risk will be strengthened in the workplace.
|12C - Others||
(i) Gatherings in public spaces of more than five people are prohibited; (ii) While protective and relief measures continue to be rolled out or amended, the authorities also announced a plan to gradually reopen the economy starting from the week of April 27; (ii) 24 February 2021, from Monday, 1 March, shops, museums and library reading rooms can reopen, along with outdoor sports and leisure facilities, zoos and botanical gardens. Outdoor events for family and friends and sports and cultural activities involving up to 15 people will also be permitted. Young people up to the age of 20 will be able to take part in most sporting and cultural activities without restriction.