| A | B | C | D | E | F | G | H | K | L | |
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1 | Historical COVID-19 Financial Response Tracker | by the Yale Program on Financial Stability (YPFS) | FOR INTERVENTIONS MADE AFTER 9/1/20 PLEASE VIEW OUR NEW TRACKER STYLE ON THE YPFS COVID-19 WEBSITE. Purpose: This tracker follows interventions by central banks, fiscal authorities, and organizations aimed at restoring financial stability. The tracker will also highlight proposals from people and institutions outside of government. Email us with questions or comments at ypfs@yale.edu. PLEASE NOTE: this tracker is not meant to be comprehensive and aims to track as many interventions as possible across the globe. If you have any questions or suggestions for responses we may have missed, please click here: https://forms.gle/jwtsWjZSiDKUAba16 | Link to YPFS COVID-19 Crisis Materials | ||||||
2 | Blue=Official actions | Green=Official proposals | Yellow=Other experts | Link to the Tracker Visualization | ||||||
3 | Country(ies) | Date (MM/DD/YYYY) | Action or Proposal | Name and/or Organization | Policy Action Type | Policy Action Details | Action Link | |||
4 | United States of America | 9/2/2020 | Action | Centers for Disease Control and Prevention | Macroprudential Policy | Implemented a temporary eviction moratorium through the end of the year. Renters will be eligible for the moratorium's protection if they received a stimulus check, and they must be able to prove that they made an effort to receive government assistance and that they could not afford rent. | https://www.marketwatch.com/story/cdc-issues-nationwide-eviction-moratorium-through-end-of-the-year-white-house-says-2020-09-01 | |||
5 | United Kingdom | 9/2/2020 | Action | HM Treasury | Fiscal Stimulus | Announced the "Kickstart Scheme," a EUR-2 billion initiative meant to create thousands of new jobs for young people. Young people ages 16-24 will be offered six-month work placements, and the government will pay the wages. | https://www.gov.uk/government/news/landmark-kickstart-scheme-opens | |||
6 | Spain | 9/2/2020 | Action | Treasury | Fiscal Stimulus | Approved the distribution to the Autonomous Communities (CCAA) of EUR 2 billion of the educational tranche of the COVID Fund. This brings the total level of non-reimbursable transfers to EUR 16 billion. | https://www.hacienda.gob.es/en-GB/Prensa/En%20Portada/2020/Paginas/20200902_REPARTO_FONDO_EDUCATIVO_CCAA.aspx | |||
7 | Netherlands | 9/2/2020 | Proposal | Dutch Authority for the Financial Markets | Macroprudential Policy | The Netherlands Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB) made a number of recommendations to the Ministries of Finance and the Interior and Kingdom Relations to create more income buffers at the household level. These recommendations are in response to the temporary mortgage loan scheme 2021. | https://www.afm.nl/nl-nl/professionals/nieuws/2020/september/verminderen-fin-kwetsbaarheid-leennormen | |||
8 | Hong Kong | 9/2/2020 | Action | Hong Kong Government | Credit Guarantees | Extended until March 31, 2021 the application period for principal moratorium for the 80% Guarantee Product and the 90% Guarantee Product under the SME Financing Guarantee Scheme. | https://www.news.gov.hk/eng/2020/09/20200902/20200902_164321_258.html?type=category&name=covid19 | |||
9 | Germany | 9/2/2020 | Action | Ministry of Finance | Fiscal Stimulus | Investments by small and medium-sized companies receive more tax incentives with a deduction of 50% | https://www.bundesfinanzministerium.de/Content/DE/Pressemitteilungen/Finanzpolitik/2020/09/2020-09-02-PM-Steuerliche-Verbesserungen.html | |||
10 | Germany | 9/2/2020 | Action | Ministry of Finance | Fiscal Stimulus | Tax exemption of the employer's subsidies for short-time work allowance will be extended to December 31, 2021 | https://www.bundesfinanzministerium.de/Content/DE/Pressemitteilungen/Finanzpolitik/2020/09/2020-09-02-PM-Steuerliche-Verbesserungen.html | |||
11 | Germany | 9/2/2020 | Action | Ministry of Finance | Fiscal Stimulus | Landlords can deduct their advertising expenses in full even if the rental is very cheap. This applies if the fee is at least 50 percent (previously: 66 percent) of the local rent. | https://www.bundesfinanzministerium.de/Content/DE/Pressemitteilungen/Finanzpolitik/2020/09/2020-09-02-PM-Steuerliche-Verbesserungen.html | |||
12 | European Bank for Reconstruction and Development | 9/2/2020 | Action | European Bank for Reconstruction and Development | Credit Facilities | Supported the delivery of vital infrastructure services in Morocco with a EUR 300 million financing package to state-owned utility and transport companies. It will also support the government’s reform agenda on the governance of state-owned companies. | https://www.ebrd.com/news/2020/ebrd-supports-vital-infrastructure-services-in-morocco-during-pandemic-.html | |||
14 | Nigeria | 9/1/2020 | Action | Central Bank of Nigeria | Monetary Policy | Announced to all deposit money banks that the interest rate on local currency savings deposits shall be negotiable subject to a minimum of 10% per annum of the Monetary Policy Rate. | https://www.cbn.gov.ng/Out/2020/CCD/Letter%20to%20All%20Banks%20on%20Interest%20Rate%20on%20Savings%20Sept%202020.pdf | |||
15 | European Bank for Reconstruction and Development | 9/1/2020 | Action | European Bank for Reconstruction and Development | Credit Facilities | Provided a loan of up to UAH 440 million (EUR 15 million equivalent) to Nadezhda the Poltava-headquartered company, while up to 60 per cent of the risk on the loan will be shared by the EBRD under a Risk Sharing Facility signed between the financial institutions. | https://www.ebrd.com/news/2020/ebrd-and-raiffeisen-bank-aval-support-ukrainian-lpg-retailer.html | |||
16 | Colombia | 9/1/2020 | Action | Ministry of Finance and Public Credit | Emergency Liquidity | Placed COP 250 billion in nominal value in the Colombian public securities market in Short-Term Treasury Securities (TCO), maturing on June 8, 2021. | https://www.minhacienda.gov.co/webcenter/portal/SaladePrensa/pages_DetalleNoticia?documentId=WCC_CLUSTER-143053 | |||
17 | Chile | 9/1/2020 | Action | National Congress | Fiscal Stimulus | Passed the bill that extends and perfects the Employment Protection Law, while temporarily making access requirements more flexible and increasing the amount of benefits provided by Unemployment Insurance, which will allow to continue protecting the income and wages of thousands of Chileans and their families amid the pandemic that the country is experiencing as a result of Covid-19. | https://www.mintrab.gob.cl/congreso-despacha-proyecto-que-mejora-acceso-y-montos-del-seguro-de-desempleo-y-perfecciona-los-beneficios-de-la-ley-de-proteccion-del-empleo/ | |||
18 | Australia | 9/1/2020 | Action | Reserve Bank of Australia | Credit Facilities | Decided to increase the size of the Term Funding Facility and make the facility available for longer. Under the expanded Term Funding Facility, authorised deposit-taking institutions (ADIs) will have access to additional funding, equivalent to 2 percent of their outstanding credit, at a fixed rate of 25 basis points for three years. ADIs will be able to draw on this extra funding up until the end of June 2021. | https://www.rba.gov.au/media-releases/2020/mr-20-20.html | |||
19 | Asian Development Bank | 9/1/2020 | Action | Asian Development Bank | Credit Facilities | Approved USD 250 million in concessional financing to support Cambodia’s COVID-19 response. The assistance, provided through ADB’s COVID-19 Active Response and Expenditure Support (CARES) Program, will support the Government of Cambodia’s efforts in addressing the social protection requirements, the health response, as well as the revival of small and medium sized enterprises. | https://www.adb.org/news/videos/adb-loan-cambodia-covid-19-response | |||
20 | Argentina | 9/1/2020 | Action | Banco Central de la Republica Argentina | Macroprudential Policy | Established a new extension, until September 20, 2020, of the suspension of the summary exchange and financial actions instructed in the terms of the Laws of the Criminal Exchange Regime No. 19,359 and of Entities Financieras N ° 21,526, respectively, without prejudice to the validity of the procedural acts that are carried out in said period because the intervention of the accused is not necessary in them. | https://www.bcra.gob.ar/Noticias/Coronavirus-BCRA-prorroga-sumarios-financieros-al-20-septiembre.asp | |||
21 | Russia | 8/31/2020 | Proposal | Ministry of Finance | Macroprudential Policy | Proposed to maintain the insurance premia for individual entrepreneurs the same in 2021 as they were in 2020. These premia are compulsory contributions to health and pension funds. The aim of this maintenance is to create more comfortable conditions for small entrepreneurs in the context of the pandemic. | https://minfin.gov.ru/ru/press-center/?id_4=37162-fiksirovannye_razmery_strakhovykh_vznosov_dlya_ip_v_2021_g._predlagaetsya_sokhranit_na_urovne_2020_g. | |||
22 | Paris Club | 8/31/2020 | Action | Paris Club | Macroprudential Policy | Accepted to provide to the Republic of Angola a time-bound suspension of debt service due from 1st May to 31st December 2020. | https://clubdeparis.org/en/communications/press-release/angola-benefits-from-the-debt-service-suspension-initiative-dssi-31-08 | |||
23 | Netherlands | 8/31/2020 | Action | Government | Fiscal Stimulus | Announced a second support package, worth EUR 777 million, to compenste municipalities, provinces, and water boards for the income they miss and extra costs that they incur from the COVID-19 outbreak. | https://www.rijksoverheid.nl/actueel/nieuws/2020/08/31/aanvullende-compensatie-corona-voor-gemeenten | |||
24 | Ireland | 8/31/2020 | Action | Department of Business, Enterprise, and Innovation | Fiscal Stimulus | EUR 16M package for pubs - 40% Restart Grant Plus Top Up for pubs, bars and nightclubs that remain closed to help them to reopen. Waiver of court fees and associated excise and stamp duties relating to the renewal of pub and other liquor licences in 2020. | https://dbei.gov.ie/en/News-And-Events/Department-News/2020/August/20200831.html | |||
25 | Ireland | 8/31/2020 | Action | Department of Business, Enterprise, and Innovation | Credit Facilities | €15m is being made available to re-open the Covid-19 Loan Fund for microenterprises. | https://dbei.gov.ie/en/News-And-Events/Department-News/2020/August/20200831.html | |||
26 | Inter-American Development Bank | 8/31/2020 | Action | Inter-American Development Bank | Credit Facilities | Announced its approval of two conditional credit lines for investment projects (CCLIP) in El Salvador totaling USD 650 million. This support aims on one hand to improve human capital by boosting the quality and scope of the country's education system and, on the other, to promote production and social welfare through access to credit in the business and housing sectors. | https://www.iadb.org/en/news/idb-approves-two-credit-lines-totaling-usd650-million-el-salvador | |||
27 | Inter-American Development Bank | 8/31/2020 | Action | Inter-American Development Bank | Credit Facilities | Approved a USD 100 million project to support vulnerable populations in Guatemala which have been affected by emergency measures taken to battle the COVID-19 pandemic. The goal is ensure a minimum income for these people right now and as the country recovers from the health crisis, with the help of a family voucher. | https://www.iadb.org/en/news/idb-helps-vulnerable-people-guatemala-fight-covid-19 | |||
28 | India | 8/31/2020 | Action | Reserve Bank of India | Emergency Liquidity | Announced simultaneous purchase and sale of government securities under Open Market Operation (OMO) for an aggregate amount of ₹20,000 crores in two tranches of ₹10,000 crores each. The first auction was conducted on August 27, 2020 and the second auction is scheduled for September 03, 2020. | https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50288 | |||
29 | India | 8/31/2020 | Action | Reserve Bank of India | Emergency Liquidity | Announced it will conduct term repo operations for an aggregate amount of ₹100,000 crore at floating rates (i.e., at the prevailing repo rate) in the middle of September to assuage pressures on the market on account of advance tax outflows. In order to reduce the cost of funds, banks that had availed of funds under long-term repo operations (LTROs) may exercise an option of reversing these transactions before maturity. Thus, the banks may reduce their interest liability by returning funds taken at the repo rate prevailing at that time (5.15 per cent) and availing funds at the current repo rate of 4 per cent. | https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50288 | |||
30 | India | 8/31/2020 | Action | Reserve Bank of India | Emergency Liquidity | Decided to allow banks to hold fresh acquisitions of SLR securities acquired from September 1, 2020 under HTM up to an overall limit of 22 per cent of NDTL up to March 31, 2021 which shall be reviewed thereafter. | https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50288 | |||
31 | India | 8/31/2020 | Action | Reserve Bank of India | Emergency Liquidity | Announced the Sale (Re-issue) of (i) 5.22 percent Government Stock, 2025 for a notified amount of 12,000 crore (nominal) through price based auction, (ii) „6.19 percent Government Stock, 2034‟ for a notified amount of ` 11,000 crore (nominal) through price based auction, and (iii) 7.16 per cent Government Stock, 2050‟ for a notified amount of ` 7,000 crore (nominal) through price based auction. | https://dea.gov.in/sites/default/files/Press%20Release%20for%20auction%20of%20G-Sec-31-8-2020.pdf | |||
32 | Colombia | 8/31/2020 | Action | Ministry of Finance and Public Credit | Fiscal Stimulus | Authorized in its session today the participation of the Nation in the restructuring of Avianca , by financing up to USD 370 million within the process that the company follows under Chapter 11 of the Bankruptcy Code of the United States. | https://www.minhacienda.gov.co/webcenter/portal/SaladePrensa/pages_DetalleNoticia?documentId=WCC_CLUSTER-142580 | |||
33 | Colombia | 8/31/2020 | Action | Banco de la Republica | Interest Rate Change | Lowered its interest rate by a quarter of a percentage point to 2%. | https://www.banrep.gov.co/es/junta-directiva-del-banco-republica-unanimidad-redujo-su-tasa-interes-cuarto-punto-porcentual-2 | |||
34 | Colombia | 8/31/2020 | Action | Banco de la Republica | Macroprudential Policy | Decided to renew until September 25 (September board session) the expiration dates of future dollar sale contracts with financial compliance, through the auction mechanism in the days of expiration. | https://www.banrep.gov.co/es/banco-republica-renovara-vencimientos-forwards-septiembre | |||
35 | Chile | 8/31/2020 | Action | Department for Work and Pensions | Fiscal Stimulus | Disbursed a total of 3,000 free scholarships for training courses specially designed for those who work in performing arts, music, design and audiovisual sectors. | https://www.mintrab.gob.cl/ministerios-del-trabajo-y-de-las-culturas-lanzan-3-000-becas-gratuitas-de-capacitacion-para-artes-escenicas-musica-diseno-y-audiovisual/ | |||
36 | Canada | 8/31/2020 | Action | Office of the Superintendent of Financial Institutions | Macroprudential Policy | Lifted regulatory adjustments to protect the interests of pension plan members and beneficiaries, and which allowed administrators of federally regulated private pension plans to focus their efforts on addressing the many challenges posed by COVID-19. | https://www.osfi-bsif.gc.ca/Eng/pp-rr/ppa-rra/Pages/directives-let.aspx | |||
37 | Canada | 8/31/2020 | Action | Office of the Superintendent of Financial Institutions | Macroprudential Policy | Announced the following updates to the special capital treatment of loans subject to payment deferrals: 1) Loans granted payment deferrals before August 31 will continue to be treated as performing loans under the CAR Guideline for the duration of the deferral, up to a maximum of 6 calendar months from the effective date of the deferral; 2) Loans granted new payment deferrals after August 30 and on or before September 30 will be treated as performing loans under the CAR Guideline for the duration of the deferral, up to a maximum of 3 calendar months from the approval date of the deferral; and 3) Loans granted payment deferrals with approval dates after September 30, 2020 will not be eligible for the special capital treatment. | https://www.osfi-bsif.gc.ca/Eng/fi-if/in-ai/Pages/DTI20200828_let.aspx | |||
38 | Canada | 8/31/2020 | Action | Office of the Superintendent of Financial Institutions | Macroprudential Policy | Announced the following updates to the special capital treatment that applies when loan payment deferrals or premium deferrals have been granted: 1) The special capital treatment for payment or premium deferrals granted before August 31 will remain limited to a maximum of six calendar months from the effective date of the deferral. 2) A new payment or premium deferral granted for the first time after August 30 and on or before September 30 will receive the special capital treatment for the duration of the deferral, up to a maximum of three calendar months from the approval date of the deferral. 3) Payment and premium deferrals with approval dates after September 30, will not be eligible for the special capital treatment. | https://www.osfi-bsif.gc.ca/Eng/fi-if/in-ai/Pages/FRI20200828_let.aspx | |||
39 | Brazil | 8/31/2020 | Action | Ministry of Economy | Fiscal Stimulus | Published in the Official Gazette recommendations that the Special Secretariat for Social Security and Labor Ministry of Economy forward legislative proposal to extend the payroll loan margin from the current 35% to 40% , 35% for the payroll loan and 5% for the credit card. The measure, effective until December 31, 2020, was unanimously approved by the National Social Security Council (CNPS) and will benefit retirees and pensioners of the National Social Security Institute (INSS). | https://www.gov.br/economia/pt-br/assuntos/noticias/2020/previdencia/agosto/resolucao-recomenda-aumento-de-5-na-margem-para-contratacao-de-emprestimo-consignado | |||
40 | Australia | 8/31/2020 | Action | Australian Government | Fiscal Stimulus | Provided an additional AUD 563.3 million to extend support for the aged care sector’s response to COVID-19, announced in March and subsequently as part of the Aged Care response plan. | https://www.health.gov.au/ministers/the-hon-greg-hunt-mp/media/additional-funding-to-reinforce-australias-aged-care-sector | |||
41 | Asian Infrastructure Investment Bank | 8/31/2020 | Action | Asian Infrastructure Investment Bank | Credit Facilities | Approved a loan of EUR70 million (approximately USD 82.6 million equivalent) to support the Government of Turkey in strengthening its healthcare emergency response against the COVID-19 pandemic. | https://www.aiib.org/en/news-events/news/2020/AIIB-Approves-EUR70-M-Loan-to-Support-Turkey-Healthcare-Infrastructure.html | |||
42 | Argentina | 8/31/2020 | Action | Superintendency of Health | Fiscal Stimulus | Established a new exceptional financial support for Health Insurance Agents who had suffered falls in collection during the month of July in relation to the month of March. | https://www.boletinoficial.gob.ar/detalleAviso/primera/234388/20200901 | |||
43 | European Union | 8/29/2020 | Action | European Central Bank | Macroprudential Policy | Announced today changes to the organisational structure of its supervisory arm to ensure continued effective and efficient supervision of banks in the euro area and beyond. | https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200729~e5c783c499.en.html | |||
44 | United States of America | 8/28/2020 | Action | Treasury | Fiscal Stimulus | Released guidance, along with the IRS, on President Donald J. Trump’s memorandum of August 8, 2020 directing the Secretary of the Treasury to use his authority to defer certain payroll taxes. | https://home.treasury.gov/news/press-releases/sm1110 | |||
45 | Sri Lanka | 8/28/2020 | Action | Central Bank of Sri Lanka | Emergency Liquidity | Announced that LKR 40,000 million Treasury bills are to be issued through an auction on 2 September 2020. | https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/notices/notice_20200828_rs_40000_mn_treasury_bills_are_to_be_issued_through_auctions_on_02_9_2020_e.pdf | |||
46 | Romania | 8/28/2020 | Action | National Bank of Romania | Emergency Liquidity | The European Central Bank (ECB) and the National Bank of Romania (NBR) agreed to extend the framework arrangement for the repo lines that supply NBR with euro liquidity. This repo line was established in the context of market failures induced by COVID-19. The NBR can borrow up to EUR 4.5 billion from the ECB. The end date was extended from December 31, 2020 to June 30, 2021. | https://www.bnr.ro/page.aspx?prid=18276 | |||
47 | Romania | 8/28/2020 | Action | Ministry of Agriculture and Rural Development | Fiscal Stimulus | Approved a state aid scheme for pig farmers that suffered economic losses from the COVID-19 pandemic. The total value of the aid scheme is RON 119 million, and the limit on individual compensation is the RON equivalent of EUR 100 thousand. | https://www.madr.ro/comunicare/6295-masuri-de-sprijin-pentru-sectorul-suin-in-contextul-pandemiei-covid-19.html | |||
48 | Romania | 8/28/2020 | Action | Ministry of Agriculture and Rural Development | Fiscal Stimulus | Approved a state aid scheme for poultry farmers that suffered economic losses from the COVID-19 pandemic. The total value of the aid scheme is RON 109 million, and the limit on individual compensation is the RON equivalent of EUR 100 thousand. | https://www.madr.ro/comunicare/6294-masuri-de-sprijin-pentru-sectorul-avicol-in-contextul-pandemiei-covid-19.html | |||
49 | Romania | 8/28/2020 | Action | Ministry of Agriculture and Rural Development | Fiscal Stimulus | Approved a state aid scheme for beekeepers that suffered economic losses from the COVID-19 pandemic. The total value of the aid scheme is RON 49 million. | https://www.madr.ro/comunicare/6293-masuri-de-sprijin-pentru-sectorul-apicol-in-contextul-pandemiei-covid-19.html | |||
50 | Romania | 8/28/2020 | Action | Ministry of Agriculture and Rural Development | Fiscal Stimulus | Approved a state aid scheme for cattle farmers that suffered economic losses from the COVID-19 pandemic. The total value of the aid scheme is RON 35.7 million, and the limit on individual compensation is the RON equivalent of EUR 100 thousand. | https://www.madr.ro/comunicare/6292-masuri-de-sprijin-pentru-sectorul-bovin-in-contextul-pandemiei-covid-19.html | |||
51 | Peru | 8/28/2020 | Action | Superintendencia de Banca y Seguros | Macroprudential Policy | Implemented modifications to the Regulation of Management of Market Conduct of the Financial System. The standard specifies that companies must implement policies and procedures for the adequate treatment of clients with temporary difficulties in paying their credits, within the framework of a national emergency declaration, incorporating the following minimum aspects: (i) adequate communication to the clients on the procedures and deadlines for the presentation of their request, (ii) the reception and evaluation of the client's request, without application of interest or additional charges to those originally agreed while the evaluation lasts, (iii) the analysis of alternatives of payment, with adequate information to the client on their characteristics, benefits and risks, and (iv) the periodic monitoring of the client, having to take actions in the face of new difficulties that this may present. | https://www.sbs.gob.pe/noticia/detallenoticia/idnoticia/2510 | |||
52 | Netherlands | 8/28/2020 | Action | Ministry of Economic Affairs and Climate | Fiscal Stimulus | Extended various coronavirus support measures for entrepreneurs and workers until 2021. In total, the measures amount to EUR 11 billion in additional expenditures and EUR 1.5 billion in early investment. One of the measures includes the "NOW" allowance for wage costs, which will be extended by 9 months starting on October 1, 2021. | https://www.rijksoverheid.nl/ministeries/ministerie-van-economische-zaken-en-klimaat/nieuws/2020/08/28/kabinet-verlengt-coronasteun-banen-en-economie-tot-en-met-2021 | |||
53 | Netherlands | 8/28/2020 | Action | Ministry of Economic Affairs and Climate | Fiscal Stimulus | Extended various coronavirus support measures for entrepreneurs and workers until 2021. In total, the measures amount to EUR 11 billion in additional expenditures and EUR 1.5 billion in early investment. One of the measures includes the "Tozo" income support for the self-employed. The scheme was extended through June 30, 2021. | https://www.rijksoverheid.nl/ministeries/ministerie-van-economische-zaken-en-klimaat/nieuws/2020/08/28/kabinet-verlengt-coronasteun-banen-en-economie-tot-en-met-2021 | |||
54 | Netherlands | 8/28/2020 | Action | Ministry of Economic Affairs and Climate | Fiscal Stimulus | Extended various coronavirus support measures for entrepreneurs and workers until 2021. In total, the measures amount to EUR 11 billion in additional expenditures and EUR 1.5 billion in early investment. One of the measures included the "TVL" fixed-cost allowance for small and medium-sized enterprises (SMEs), which was extended through June 30, 2021. | https://www.rijksoverheid.nl/ministeries/ministerie-van-economische-zaken-en-klimaat/nieuws/2020/08/28/kabinet-verlengt-coronasteun-banen-en-economie-tot-en-met-2021 | |||
55 | Netherlands | 8/28/2020 | Action | Ministry of Economic Affairs and Climate | Loan Guarantees | Extended various coronavirus support measures for entrepreneurs and workers until 2021. In total, the measures amount to EUR 11 billion in additional expenditures and EUR 1.5 billion in early investment. Several of the measures included lending and guarantee programs (BMKB-C, GO-C, KKC) for small and medium-sized enterprises. | https://www.rijksoverheid.nl/ministeries/ministerie-van-economische-zaken-en-klimaat/nieuws/2020/08/28/kabinet-verlengt-coronasteun-banen-en-economie-tot-en-met-2021 | |||
56 | Netherlands | 8/28/2020 | Action | Ministry of Economic Affairs and Climate | Fiscal Stimulus | Extended various coronavirus support measures for entrepreneurs and workers until 2021. In total, the measures amount to EUR 11 billion in additional expenditures and EUR 1.5 billion in early investment. One of the measures extended the period for which entrepreneurs could forgo the payment of tax debts--up to December 31, 2021. | https://www.rijksoverheid.nl/ministeries/ministerie-van-economische-zaken-en-klimaat/nieuws/2020/08/28/kabinet-verlengt-coronasteun-banen-en-economie-tot-en-met-2021 https://www.rijksoverheid.nl/actueel/nieuws/2020/08/28/belastinguitstel-tot-1-januari-ruime-terugbetalingsregeling-voor-ondernemers | |||
57 | Netherlands | 8/28/2020 | Action | Ministry of Economic Affairs and Climate | Credit Facilities | Extended various coronavirus support measures for entrepreneurs and workers until 2021. In total, the measures amount to EUR 11 billion in additional expenditures and EUR 1.5 billion in early investment. Several funding measures included: the creation of a national scale-up facility (EUR 150 million), a private fund to recapitalize medium and large companies (EUR 300 million), and a fund to supplement regional development companies (ROMs) (EUR 150 million). | https://www.rijksoverheid.nl/ministeries/ministerie-van-economische-zaken-en-klimaat/nieuws/2020/08/28/kabinet-verlengt-coronasteun-banen-en-economie-tot-en-met-2021 | |||
58 | Netherlands | 8/28/2020 | Action | Ministry of Economic Affairs and Climate | Fiscal Stimulus | Extended various coronavirus support measures for entrepreneurs and workers until 2021. In total, the measures amount to EUR 11 billion in additional expenditures and EUR 1.5 billion in early investment. One of these measures was a supplementary social package worth EUR 1 billion. The package was designed to assist undertrained, unemployed, impoverished, and indebted citizens. | https://www.rijksoverheid.nl/ministeries/ministerie-van-economische-zaken-en-klimaat/nieuws/2020/08/28/kabinet-verlengt-coronasteun-banen-en-economie-tot-en-met-2021 | |||
59 | International Monetary Fund | 8/28/2020 | Action | International Monetary Fund | Credit Facilities | Reached a staff-level agreement to support Ecuador's economic policies with a 27-month arrangement under the Extended Fund Facility (EFF) of about USD 6.5 billion. Ecuador's new Fund-supported program will be anchored on two main objectives: protecting the lives and livelihoods of the population and restoring macro stability in the wake of COVID-19. | https://www.imf.org/en/News/Articles/2020/08/28/pr20290-ecuador-imf-and-ecuadorian-authorities-reach-staff-level-agreement-on-new-eff | |||
60 | India | 8/28/2020 | Action | Reserve Bank of India | Emergency Liquidity | Announced that various State Governments have offered to sell securities by way of an auction, for an aggregate amount of ₹8,250 Cr. (Face Value). | https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50281 | |||
61 | European Union | 8/28/2020 | Action | European Central Bank | Swap Lines | The European Central Bank (ECB) and the Hrvatska narodna banka (Croatian National Bank, HNB) as well as the Banca Naţională a României (National Bank of Romania, BNR) have agreed to extend the respective euro liquidity lines by six months until the end of June 2021. | https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200828~412bf7c3fd.en.html | |||
62 | European Union | 8/28/2020 | Action | European Central Bank | Macroprudential Policy | Extended recommendation not to pay dividends until January 2021 and clarified timeline to restore buffers | https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200728_1~42a74a0b86.en.html | |||
63 | European Bank for Reconstruction and Development | 8/28/2020 | Action | European Bank for Reconstruction and Development | Credit Facilities | Provided a loan of up to EUR 20 million to UniCredit Bank a.d. Banja Luka to help combat the economic impact of the coronavirus pandemic. | https://www.ebrd.com/news/2020/ebrd-and-unicredit-bank-banja-luka-joining-forces.html | |||
64 | Asian Infrastructure Investment Bank | 8/28/2020 | Action | Asian Infrastructure Investment Bank | Credit Facilities | Approved a USD 100-million loan which will enable the Government of Bangladesh to ramp up its testing, tracing and treatment capacity and improve the longer-term pandemic preparedness of the country. | https://www.aiib.org/en/news-events/news/2020/AIIB-Approves-USD100-Million-Loan-to-Bangladesh-for-COVID-19-Response.html | |||
65 | Asian Infrastructure Investment Bank | 8/28/2020 | Action | Asian Infrastructure Investment Bank | Credit Facilities | Approved a USD 100-million loan which will enable the Government of Bangladesh to ramp up its testing, tracing and treatment capacity and improve the longer-term pandemic preparedness of the country. | https://www.aiib.org/en/news-events/news/2020/AIIB-Approves-USD100-Million-Loan-to-Bangladesh-for-COVID-19-Response.html | |||
66 | Argentina | 8/28/2020 | Action | Ministry of Domestic Trade | Fiscal Stimulus | Established the extension of Maximum Prices until 31 December. October inclusive. The regulations, in turn, include the intimation to companies that are part of the chain of production, distribution and marketing of mass consumer goods to increase their production to the highest degree of their installed capacity in order to meet growing demand. of the population and avoid shortages. | https://www.boletinoficial.gob.ar/detalleAviso/primera/234284/20200831 | |||
67 | Argentina | 8/28/2020 | Action | Ministry of Productive Development | Fiscal Stimulus | Presented new modifications to the Competitiveness Support Program (PAC), which will have a global amount of ARS 405 million until the end of the year. They will aim to encourage digital transformation in SMEs, the quality and safety of food, the design and innovation of products and / or production processes and energy efficiency. | https://www.argentina.gob.ar/noticias/el-ministerio-de-desarrollo-productivo-presenta-nuevas-modalidades-del-programa-de-apoyo-la | |||
68 | United States of America | 8/27/2020 | Action | Federal Housing Finance Agency | Macroprudential Policy | Announced that Fannie Mae and Freddie Mac (the Enterprises) will extend the moratoriums on single-family foreclosures and real estate owned (REO) evictions until at least December 31, 2020. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions. The current moratoriums were set to expire on August 31, 2020. | https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Extends-Foreclosure-and-REO-Eviction-Moratoriums.aspx | |||
69 | United States of America | 8/27/2020 | Action | Federal Reserve Board | Monetary Policy | Announced the unanimous approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy. | https://www.federalreserve.gov/newsevents/pressreleases/monetary20200827a.htm | |||
70 | United Kingdom | 8/27/2020 | Action | Department for the Economy | Fiscal Stimulus | Announced an apprenticeship recovery package worth GBP 17.2 million. The funding will aim to minimize apprenticeship job losses in Northern Ireland. The package will include financial support to incentivize businesses to return apprentices from furlough, retain them through the period of uncertainty, and continue their employment until they achieve their apprenticeship result. | https://www.economy-ni.gov.uk/news/dodds-announces-apprenticeship-recovery-package-plan | |||
71 | Thailand | 8/27/2020 | Action | Bank of Thailand | Macroprudential Policy | Announced measures to help retail debtors affected by economic conditions related to COVID-19. | https://www.bot.or.th/Thai/PressandSpeeches/Press/2020/Pages/n5563.aspx | |||
72 | Singapore | 8/27/2020 | Action | Ministry of Manpower | Fiscal Stimulus | Increased the minimum qualifying salary (MQS) for entry-level employment pass (EP) holders in the financial services sector to SGD 5,000. The increase in the MQS will provide further support for hiring of Singaporeans in the financial services sector. | https://www.mas.gov.sg/news/media-releases/2020/enhancing-job-opportunities-for-singaporeans-and-staying-open-to-global-talent | |||
73 | Paris Club | 8/27/2020 | Action | Paris Club | Macroprudential Policy | Accepted to provide to the Independent State of Samoa a time-bound suspension of debt service due from 1st May to 31st December 2020. | https://clubdeparis.org/en/communications/press-release/samoa-benefits-from-the-debt-service-suspension-initiative-dssi-27-08 | |||
74 | Norway | 8/27/2020 | Action | Ministry of Labor and Social Affairs | Fiscal Stimulus | Decided to extend the temporary unemployment benefit scheme through the rest of the year 2020. The original end date was October 31, 2020. | https://www.regjeringen.no/no/aktuelt/forhoyet-dagpengesats-ut-aret/id2737121/ | |||
75 | Korea | 8/27/2020 | Action | Financial Services Commission | Macroprudential Policy | Announced the extension of the temporary ban on stock short sale for six months from September 16, 2020 to March 15, 2021, given market volatility amid concerns over a resurgence in COVID-19 cases. | http://www.fsc.go.kr/eng/new_press/releases.jsp?menu=01&bbsid=BBS0048 | |||
76 | Ireland | 8/27/2020 | Action | Department of Higher Education | Fiscal Stimulus | Allocated €25 million for capital works and equipment in higher education institutions. | https://www.gov.ie/en/press-release/ebb7a-minister-harris-announces-25m-grant-for-capital-works-and-equipment-in-higher-education-sector/ | |||
77 | Inter-American Development Bank | 8/27/2020 | Action | Inter-American Development Bank | Credit Facilities | Priced a new USD 2.5 billion Long 3-year global benchmark. The transaction pays a semi-annual coupon of 0.250% and matures on November 15, 2023. It was priced with a spread of 5 basis points over mid-swaps, which equates to 11.4 basis points over the 0.125% UST due August, 2023 and carries a semi-annual yield of 0.300%. This transaction marks IDB’s fifth USD fixed-rate benchmark of 2020 – three conventional transactions and two Sustainable Development Bonds (“SDB”) in response to the COVID-19 pandemic, following IDB’s announcement that it would direct up to $12 billion of additional lending to support countries in their response to the COVID-19 pandemic and its consequences. | https://www.iadb.org/en/news/idb-launches-25-billion-0250-long-3-year-fixed-rate-global | |||
78 | Indonesia | 8/27/2020 | Action | Ministry of Finance | Fiscal Stimulus | Launched government assistance to subsidize salaries / wages for workers / laborers who are paid under IDR 5 million. The total amount that will be given is (for) 15.7 million workers (each) Rp. 2.4 million. It will be given to workers registered with BPJS Ketenagakerjaan whose companies are diligent in paying their Jamsostek contributions. | https://www.kemenkeu.go.id/publikasi/berita/presiden-luncurkan-bantuan-subsidi-gaji-pekerja/ | |||
79 | Hungary | 8/27/2020 | Action | Ministry of Human Resources | Fiscal Stimulus | Allocated ten thousand educators a gross one-time allowance of five hundred thousand forints | https://www.kormany.hu/hu/emberi-eroforrasok-miniszteriuma/hirek/tizezer-pedagogus-kap-brutto-otszazezer-forint-egyszeri-juttatast | |||
80 | Finland | 8/27/2020 | Action | Ministry of Employment | Fiscal Stimulus | Distributed EUR 60 million to ELY centres to respond to unemployment | https://tem.fi/-/lisamaararahaa-jaettiin-elyille | |||
81 | Colombia | 8/27/2020 | Action | Ministry of Finance and Public Credit | Emergency Liquidity | Auctioned COP 845 billion in Treasury Securities (TES) in references with maturities in seven (2027) and fourteen (2034) years. | https://www.minhacienda.gov.co/webcenter/portal/SaladePrensa/pages_DetalleNoticia?documentId=WCC_CLUSTER-142303 | |||
82 | China | 8/27/2020 | Action | State Council | Fiscal Stimulus | Established a special transfer payment mechanism that will increase the amount by CNY 2 trillion in fiscal funds disbursed directly to the grass-roots level of cities and counties and directly benefit enterprises. | http://www.gov.cn/xinwen/2020-08/27/content_5537758.htm | |||
83 | China | 8/27/2020 | Action | The People’s Bank of China | Emergency Liquidity | Conducted a central bank bills swap (CBS) operation on August 27, 2020 in order to improve the liquidity of bank-issued perpetual bonds, support banks to replenish capital through perpetual bond issuance, and enable the financial sector to better serve the real economy. The operation registered RMB5 billion, with a term of three months and a rate of 0.10 percent. | http://www.pbc.gov.cn/en/3688110/3688172/4048269/4078434/index.html | |||
84 | Chile | 8/27/2020 | Action | Ministry of Commerce, Industry, and Tourism | Fiscal Stimulus | Presented a new aid plan specially designed to support small and medium-sized enterprises companies in the tourism sector affected by the health crisis. The program 'Reactívate Turismo Fogape con BancoEstado' includes subsidies of up to CLP 3 million from Sercotec so that SMEs can finance materials to implement protocols and sanitary protection measures to face the coronavirus, in addition to minor works, materials, merchandise, payment of rents, salaries and basic services. | https://www.economia.gob.cl/2020/08/27/economia-presenta-nuevo-programa-de-apoyo-directo-para-beneficiar-a-pymes-turisticas-en-alianza-con-bancoestado.htm | |||
85 | Argentina | 8/27/2020 | Action | Federal Administration of Public Revenue | Fiscal Stimulus | Established the extension of the validity of different benefits for taxpayers until September 30 September. Among them is the extension of the suspension of embargoes for SMEs and the non-initiation of tax executions ; the extension of the benefits in terms of interest rates, number of installments and risk rating provided for "early adherence" to permanent plans; the extension of the conditions to regularize obligations and the extension of adherence to the regime of payment facilities for expired plans. | https://www.boletinoficial.gob.ar/detalleAviso/primera/234299/20200831 | |||
86 | Argentina | 8/27/2020 | Action | National Administration of Social Security | Macroprudential Policy | Resolved the suspension of the collection of the installments of the Program "CREDITOS ANSES" for the entire universe of holders of the different lines of loans for the months of September and October 2020, period during which the beneficiaries reached by this measure will not be able to request the granting of new program credits. | https://www.boletinoficial.gob.ar/detalleAviso/primera/234280/20200831 | |||
87 | Argentina | 8/27/2020 | Action | National Government | Fiscal Stimulus | Established the fifth edition of the ATP, which supports the benefits related to the Complementary Salary, the postponement and reduction of the payment of employer contributions destined for the Argentine Integrated Pension System and the Subsidized Rate Credits with respect to salaries and contributions that are accrued during the month of August. The update also contemplates the adjustment of criteria destined to the inclusion of a greater number of companies, the expansion of the list of activities considered affected, as well as the incorporation of benefits to companies that hire workers. | https://www.boletinoficial.gob.ar/detalleAviso/primera/234205/20200828 | |||
88 | Argentina | 8/27/2020 | Action | Banco Central de la Republica Argentina | Swap Lines | Approved entering the debt swap with local legislation, according to the call made by the Ministry of Economy through the announcement made on August 18, 2020, with all the eligible species in its portfolio. institution for new US dollar bonds. | https://www.bcra.gob.ar/Noticias/bcra-ingreso-bonos-dolares-canje-deuda-local-2020.asp | |||
89 | Argentina | 8/27/2020 | Action | Banco Central de la Republica Argentina | Macroprudential Policy | Decided to extend until October 31 the validity of Communication A7030 and its updates and include a new facility that raises the deadline for companies to have available funds deposited in foreign bank accounts from 120 to 365 calendar days, originated in financial indebtedness with the outside and destined to the payment of capital and interests of obligations. | https://www.bcra.gob.ar/Noticias/bcra-ingreso-bonos-dolares-canje-deuda-local-2020.asp | |||
90 | Argentina | 8/27/2020 | Action | Banco Central de la Republica Argentina | Fiscal Stimulus | Announced that credit card statements that expire between September 1 and 30 can be financed in twelve months, with three months of grace and nine fixed installments, at a rate of 40% plus VAT. | https://www.bcra.gob.ar/Noticias/coronavirus-bcra-facilidades-tarjetas-credito-septiembre.asp | |||
91 | Argentina | 8/27/2020 | Action | Banco Central de la Republica Argentina | Macroprudential Policy | Approved the method for calculating the Index for Rental Contracts of real estate for residential use, established in Article 14 of Law 27551. The law establishes that rental prices can only be adjusted annually, using an index made up in equal parts by the monthly variations of the consumer price index (CPI) and the average taxable remuneration of stable workers (RIPTE). | https://www.bcra.gob.ar/Noticias/coronavirus-bcra-facilidades-tarjetas-credito-septiembre.asp | |||
92 | United States of America | 8/26/2020 | Action | Federal Reserve Board | Macroprudential Policy | Finalized three rules, which are either identical or substantially similar to interim final rules currently in effect that were issued earlier this year. They include: A final rule that temporarily modifies the community bank leverage ratio, as required by the CARES Act; A final rule that makes more gradual, as intended, the automatic restrictions on distributions if a banking organization's capital levels decline below certain levels; and a final rule that allows institutions that adopt the current expected credit losses or "CECL" accounting standard in 2020 to mitigate the estimated effects of CECL on regulatory capital for two years. | https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200826a.htm | |||
93 | United States of America | 8/26/2020 | Action | Federal Housing Finance Agency | Macroprudential Policy | Announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend buying qualified loans in forbearance and several loan origination flexibilities until September 30, 2020. | https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Further-Extends-Buying-Loans-in-Forbearance-&-COVID-Related-Loan-Processing-Flexibilities.aspx | |||
94 | United Kingdom | 8/26/2020 | Action | Bank of England | Macroprudential Policy | Issued a statement that clarified the Prudential Regulatory Authority's (PRA) approach to International Financial Reporting Standards (IFRS) 9 and capital requirements in response to the Financial Conduct Authority's (FCA) guidance on retail mortgage payment deferrals. The PRA expressed that tailored forbearance arrangements are likely to be a good indicator of significant increases in credit risk (SICR), credit impairments, or defaults. This expression represents a return to the PRA's pre-crisis stance on payment forbearance. | https://www.bankofengland.co.uk/prudential-regulation/publication/2020/statement-covid19-ifrs9-capital-requirements-specific-payment-deferrals | |||
95 | United Kingdom | 8/26/2020 | Action | Financial Conduct Authority | Macroprudential Policy | Announced proposals to ensure that firms provide tailored support to mortgage borrowers who continue to face payment difficulties due to coronavirus. The Financial Conduct Authority's issued guidance to firms and encouraged them to provide special accommodations (ex: payment deferrals, debt restructuring) to debtors. This guidance will last until October 31, 2020. | https://www.fca.org.uk/news/press-releases/fca-proposes-next-stage-support-mortgage-borrowers | |||
96 | Italy | 8/26/2020 | Action | Ministry of Economy and Finance | Fiscal Stimulus | Allocated an additional EUR 25 billion in fiscal stimulus through the "August" Decree. The funds will support workers, businesses, local authorities, health workers and officials, and will afford general and sectoral measures for the recovery of the Italian economy. | https://www.mef.gov.it/inevidenza/Decreto-AGOSTO.-Sud-imprese-e-lavoro-25-miliardi-per-far-ripartire-lItalia/ | |||
97 | India | 8/26/2020 | Action | Reserve Bank of India | Emergency Liquidity | Decided to conduct simultaneous purchase and sale of government securities under Open Market Operation (OMO) for an aggregate amount of ₹20,000 crores in two tranches of ₹10,000 crores each. The auctions would be conducted on August 27, 2020 and September 03, 2020. | https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50252 | |||
98 | Germany | 8/26/2020 | Action | Ministry of Finance | Fiscal Stimulus | Increased access to short time work benefits and the subscription period of them to up to 24 months until December 2021 | https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Corona-Schutzschild/2020-03-19-Beschaeftigung-fuer-alle.html | |||
99 | Colombia | 8/26/2020 | Action | Ministry of Finance and Public Credit | Macroprudential Policy | Issued Decree 1121 of 2020 that grants temporary benefits to territorial entities, according to their category, to exonerate the interests originated in public credit operations and payment agreements signed with the Nation - Ministry of Finance and Public Credit, existing from December 27, 2019. | https://www.minhacienda.gov.co/webcenter/portal/SaladePrensa/pages_DetalleNoticia?documentId=WCC_CLUSTER-142267 | |||
100 | Australia | 8/26/2020 | Action | Government | Fiscal Stimulus | Announced a AUD 1 billion investment package to boost Australia’s defence industry and support thousands of jobs across the country.The package is directed towards nationwide projects and jobs across Australia including: Increasing the employment of ADF Reservists who have lost their civilian income, with an allocation of up to an extra 210,000 days, and the targeted recruitment of an additional 500 ADF Reservists; Increasing employment opportunities for current and former ADF personnel and their families; A AUD 300 million national estate works program that will focus on regional areas (including bushfire affected regions), and more. | https://www.pm.gov.au/media/1b-accelerate-defence-initiatives-covid-19-recovery | |||
101 | Ukraine | 8/25/2020 | Action | Ministry of Finance | Credit Facilities | Ukrainian Parliament ratified the memorandum of understanding between Ukraine as a borrower and the European Union as a lender for a macro-financial assistance loan worth EUR 1.2 billion--split into two EUR 600-million tranches. The supported measures include: public finance management, good governance and the rule of law, improving the business climate, and sectoral reforms and state-owned enterprises. The Parliament also ratified the loan agreement between Ukraine as a borrower, the National Bank of Ukraine as a borrower's agent, and the European Union as a lender. The European Union assisted Ukraine during a decline in economic activity as a result of quarantine measures introduced to prevent the spread of the coronavirus. | https://mof.gov.ua/uk/news/verkhovna_rada_ukraini_ratifikuvala_dogovori_z_ievropeiskim_soiuzom_shchodo_otrimannia_ukrainoiu_makrofinansovoi_dopomogi_ies_na_sumu_do_12_mlrd_ievro-2364 | |||