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Denmark

Measures taken in response to coronavirus (COVID-19) pandemic

Adoption date

Type of measure

Beneficiaries' sector specification

Description of measure

10/03/2020

Tax deferrals

Non-financial corporations

Payment of VAT for large corporates can be postponed; Payments of taxes deducted from income at source, and labour market contributions can be postponed by both large and small and medium sized companies.

12/03/2020

Public guarantees

Non-financial corporations

State guarantee of 80 per cent of value of new bankloans experiencing a fall in profits of at least 50 per cent.

12/03/2020

Direct grants

Non-financial corporations

Salary compensations for employees on sick leave related to Corona-virus quarantine.

15/03/2020

Direct grants

Non-financial corporations

Government compensates employers for between 75 and 90 pct of monthly salary.

16/03/2020

Tax deferrals

Non-financial corporations

Payment of VAT and income tax has been postponed for all businesses

19/03/2020

Direct grants

Non-financial corporations

Government compensates fixed costs (between 25 and 80 per cent of costs) covering companies with a big drop in turnover as result of Covid-19. Fixed costs for companies enforced to temporarily close are fully covered.

19/03/2020

Public guarantees

Non-financial corporations

Increase in government guaranteed loan schemes: For large corporates, guarantee scheme is expanded to 25 bn DKK; for small and medium sized companies, guarantee scheme is expanded to 17,5 bn DKK

19/03/2020

Other measures of fiscal nature

Households

Increased access to unemployment benefits and student loan schemes

19/03/2020

Direct grants

Non-financial corporations

Increased credit lines through the Danish Export Fund (EKF) for small and medium sized enterprizes

19/03/2020

Public guarantees

Non-financial corporations

Increase in guarantees through the Travel guarantee fund

20/03/2020

Other measures of fiscal nature

Other

Public sector: Advance/move forward planned public investments by removing construction budget caps for regions and municipalities. Estimated value is at around 10 bn DKK

11/06/2020

Equity participation

Non-financial corporations

Based on a number of criteria, the fund will provide direct equity support for larger companies (recapitalisation).

09/04/2020

Other measures of fiscal nature

Non-financial corporations

Payout of already paid VAT for second half or fourth quarter of 2019 for small and medium sized enterprises in the form of a loan with interest rate = 0.

09/03/2020

Direct grants

Households

Compensation of self-employed and freelancers income (up to 90 per cent) if they experience a drop in income by 30 per cent.

18/04/2020

Equity participation

Non-financial corporations

Support companies through direct equity praticipation or via funds

18/04/2020

Public guarantees

Non-financial corporations

Match financing guarantees through Vækstfonden of up to 80 per cent of a loan (1:3); other financing in the form of private investors or private equity is still required

31/08/2020

Other measures of fiscal nature

Non-financial corporations

Easing of access to supplementary unemployment benefits. Employees can split full-time positions while recieving supplementary unemployement benefits at favourable terms.

10/12/2020

Direct grants

Non-financial corporations

Government compensates employers for between 75 and 90 pct of monthly salary.

10/12/2020

Direct grants

Non-financial corporations

Government compensates fixed costs (between 25 and 80 per cent of costs) covering companies with a big drop in turnover as result of Covid-19. Fixed costs for companies enforced to temporarily close are fully covered.

10/12/2020

Direct grants

Households

Compensation of self-employed and freelancers income (up to 90 per cent) if they experience a drop in income by 30 per cent.

09/12/2021

Direct grants

Non-financial corporations

Government compensates fixed costs (between 25 and 80 per cent of costs) covering companies with a drop in turnover of at least 30 percent as a result of Covid-19. Fixed costs for companies enforced to temporarily close are fully covered.

09/12/2021

Direct grants

Households

Compensation of self-employed and freelancers income (up to 90 per cent) if they experience a drop in income by 30 per cent.

09/12/2021

Public guarantees

Non-financial corporations

Increase in government guaranteed loan schemes: For large corporates, guarantee scheme is expanded to 25 bn DKK; for small and medium sized companies, guarantee scheme is expanded to 17,5 bn DKK

12/03/2020

CCyB

Banking sector

Release of the countercyclical buffer from 1,0% to 0,0%, and cancellation of already announced increases to 2,0 %

12/03/2020

Lending standards

Banking sector

The DFSA will temporarily dispense from the requirement that properties serving as collateral for covered-bonds are internally inspected by the mortgages credit institution

17/03/2020

Reporting requirements

All financial sectors

Executive orders give the DFSA, as well as other agenecies, the power to dispense from reporting requirements for companies under supervision

18/03/2020

Reporting requirements

Insurance sector

The DFSA will require insurance companies to report SCR on a weekly basis

19/03/2020

Lending standards

Banking sector

The DFSA will allow banks to dispense from usual lending procedures, when providing reasonable additional liquidity for a short temporary period to households and corporations with sound credit standings. For vunerable and week customers banks will have to perform case-by-case assessments as usual.

20/03/2020

Reporting requirements

All financial sectors

The DFSA will allow financial companies to apply for an extension of the requirement to send annual reports, approved at the general meeting of shareholders, to the DFSA

24/03/2020

Other measure

All financial sectors

The DFSA will temporarily dispense from the requirement that new board-members of financial companies undergo a training course within 12 months of appointment

12/03/2020

Credit facilities

Banking sector

1-week loans against collateral with an interest rate of -0.50 per cent.

19/03/2020

Swap lines

Banking sector

Bilateral swap agreement between the Federal Reserve and Danmarks Nationalbank amounts to 30 billion dollar

19/03/2020

Credit facilities

Banking sector

3-month loans against collateral at variable interest rate following 1-week loans.

20/03/2020

Swap lines

Banking sector

EUR Swap line with ECB reactivated; Size of swap line was increased from €12 billion to €24 billion.