Credit conditions
Most Fed emergency funds not yet spent, lawmakers find
Less than 8% of the $500bn set aside for Fed and Treasury lending has been spent, report finds
Fed not considering negative rates – Powell
More fiscal support may be needed, as Fed’s lending will only be effective “for a while”, says Fed chair
German banks’ capital levels affect loan supply – Bundesbank paper
Authors find balance sheet data shows loan supply has positive elasticity to capital levels
BIS paper: twin financial cycles can ‘turbocharge’ crashes
Policy-makers should differentiate between domestic and global cycles, authors say
New York Fed paper finds possible failings in US pandemic aid
Research on Paycheck Protection Program says some heavily virus-affected areas of US may be losing out
Fed could purchase $750 billion of corporate debt in new facilities
Fed clears staff to purchase investment- and non-investment-grade debt and ETFs
MAS rolls out second relief package for individuals
Individuals can defer repayments of student and car loans as MAS aims to ease debt burden amid growing uncertainty
BoE eases funding terms as government launches ‘bounce back’ loans
Loans will be excluded from leverage ratio calculations
Fed to expand paycheck liquidity facility after criticism
Some observers say Paycheck Protection Program not reaching most affected firms
Riksbank to buy commercial paper and expand counterparties
“Everything has changed”, business survey finds
Is credit policy the new normal for the Fed?
Three former senior Fed officials look back on an unprecedented month of policy action
RBI follows ECB with crisis-fighting TLTROs
Central bank slashes rates and launches targeted liquidity measures
BoE on hold as early indicators point to rapid UK downturn
Policy on hold after extraordinary actions in recent weeks; network of agents reports credit conditions are tightening
Riksbank steps up pace of crisis support programme
Swedish financial regulator says publicly-quoted firms must stop equity payouts
UK lenders do little to account for extreme weather risks – BoE paper
Banks barely adjusted mortgages in the wake of severe flooding in 2013–14, authors find
ECB temporarily relaxes NPL regulation
Central bank estimates lower capital requirements will release €120 billion for lending
Fed re-launches Primary Dealer Credit Facility in latest crisis move
New PDCF is more easily accessible than similar measure used in 2008 crisis
Central banks step up liquidity support
RBA, Bank of Canada, Norges Bank and Riksbank all increase their liquidity interventions
ECB likely to shy away from rate cut, analysts say
Central bank expected to unveil targeted measures to support banks and SMEs
BoE launches package of Covid-19 response measures
UK central bank cuts policy rate and countercyclical capital buffer, and unveils measures to support lending
Financial crises harm innovation – BIS paper
Loss of access to bank credit can harm research spending for more than 10 years, study finds
Tough inspections help cut zombie lending, paper finds
Checking banks’ assessments of asset quality cut loans to non-viable firms – Bank of Portugal paper
How could the coronavirus affect the world economy?
Central banks may lack firepower, while public health readiness differs sharply between countries
ECB’s TLTRO2 eased Italian credit conditions – BoI paper
QE measure lowered loan interest rates while increasing credit quantities, researchers find