Estonia
Measures taken in response to coronavirus (COVID-19) pandemic
Adoption date |
Type of measure |
Beneficiaries' sector specification |
Description of measure |
27/03/2020 |
Public guarantees |
Non-financial corporations |
Loan guarantees for already issued bank loans to NFCs. |
15/04/2020 |
Public guarantees |
Non-financial corporations |
Loan guarantees for rural and agricultural businesses. |
15/04/2020 |
Direct grants |
Non-financial corporations |
Compensation for the direct costs of cultural and sporting events and other activities cancelled due to coronavirus in March-April. |
15/04/2020 |
Tax reliefs |
All non-financial sector |
Reduction of interest rate payable of tax debt and lower interest rate when rescheduling tax debts. |
20/03/2020 |
Direct grants |
Households |
Wage compensation for employees up to 70% from previous monthly gross wage, but not more than 1000 EUR monthly per employee for a period of two months. |
27/03/2020 |
Public loans |
Non-financial corporations |
Operating loans by state foundation KredEx to NFCs. |
27/03/2020 |
Public loans |
Non-financial corporations |
Investment loans by state foundation KredEx to NFCs. |
15/04/2020 |
Equity participation |
Non-financial corporations |
COVID-19 support measure for the acquisition of state ownership. |
24/04/2020 |
Private moratoria |
All non-financial sector |
Agreement between the credit institutions on harmonised terms and conditions for deferral period for households and non-financial enterprises |
21/05/2020 |
Direct grants |
Households |
Wage compensation for employees up to 50% from previous monthly gross wage, but not more than EUR euros per employee. |
27/03/2020 |
Public guarantees |
Non-financial corporations |
Guarantees for new loans taken by enterprises. |
15/04/2020 |
Public loans |
Non-financial corporations |
Extraordinary loans for projects of national importance. |
15/04/2020 |
Public loans |
Non-financial corporations |
Loans and land capital financing for rural and agricultural sectors. |
15/04/2020 |
Direct grants |
Non-financial corporations |
Grants for small enterprises and sectors which were most affected by COVID-19. |
08/10/2020 |
Direct grants |
Non-financial corporations |
Grants for SMEs and sectors which were most affected by COVID-19. |
09/10/2020 |
Direct grants |
Non-financial corporations |
Grants for the regular cruise line operators which were affected by COVID-19. |
04/03/2021 |
Public guarantees |
Non-financial corporations |
Loan guarantee for existing bank loans. |
04/03/2021 |
Public guarantees |
Non-financial corporations |
Loan guarantee for new bank loans. |
04/03/2021 |
Public loans |
Non-financial corporations |
Operating loans by state foundation KredEx to NFCs. |
30/12/2020 |
Direct grants |
Non-financial corporations |
The Unemployment Insurance Fund reimburses labour costs to those employers in Harju County and Ida-Viru County whose activities have been significantly disrupted in the period from 28 December 2020 to 31 January 2021 due to extraordinary circumstances. |
05/03/2021 |
Direct grants |
Non-financial corporations |
Wage compensation for employees up to 60% from previous monthly gross wage, but not more than 1000 EUR monthly per employee for a period of two months. |
18/03/2021 |
Direct grants |
Non-financial corporations |
Compensation for the direct costs of cultural and sporting events and other activities cancelled due to coronavirus. |
30/12/2020 |
Direct grants |
Non-financial corporations |
Compensation for the direct costs of cultural and sporting events and other activities cancelled due to coronavirus in December-January. |
18/03/2021 |
Direct grants |
Non-financial corporations |
Grants for small enterprises and sectors which were most affected by COVID-19. |
04/03/2021 |
Public loans |
Non-financial corporations |
Loans for rural and agricultural sectors. |
04/03/2021 |
Public guarantees |
Non-financial corporations |
Loan guarantees for rural and agricultural businesses. |
18/03/2021 |
Direct grants |
Non-financial corporations |
Crisis support (grants) in the field of education and youth. |
04/03/2021 |
Public loans |
Non-financial corporations |
Land capital financing for rural and agricultural sectors. |
06/04/2020 |
SyRB |
Banking sector |
Decrease of the SyRB rate from 1% to 0%. |
20/04/2020 |
Other measure |
Banking sector |
Finantsinspektsioon's guideline to offer temporary relief in relation to covid-19 impact. The guideline includes measures such as allowing banks to breach LCR requirement and taking sufficient time to recover LCR; allowing the use of combined buffer requirement; encouraging the banks to use IFRS9 transitional rules; allowing not to classify exposure as NPL in case of underlying state guarantee; allowing banks to put larger weight to long term part of the macroeconomic forecast in IFRS9; allowing to limit the exposures that show significant increase in credit risk under collective assessment in IFRS9. |
02/03/2020 |
Other measure |
Banking sector |
Operational relief in the form of cancelling stress test exercise, suspending on-site inspections. |
04/03/2020 |
Reporting requirements |
All financial sectors |
Letter to all market participants stressing the need for contingency planning and requiring to report about measures taken to address the operational risks. Also first indication of the financial impact was required. |
20/03/2020 |
Reporting requirements |
Banking sector |
Request to banks to report on credit risk, liquidity risk and operational risk weekly and on capital position monthly. Bi-weekly telcos with banks to complement the data input. |
20/04/2020 |
Other measure |
Banking sector |
Issuance of EBA GL on payment morataria as Finantsinspektsioon's guideline. |
25/03/2020 |
Reporting requirements |
All financial sectors |
Prolongation of submission deadlines of supervisory reporting in case the deadline can't be met on a case by case basis, also considering EBA recommendations. Compromises must be made between data users and data submitters when prolonging the deadline of supervisory reporting. |
26/03/2020 |
Lending standards |
Banking sector |
Letter addressed to banks and credit providers, stressing the need to apply responsible lending requirements as well as pointing to flexibility in treatment of credit exposures. |
30/03/2020 |
Reporting requirements |
Fund industry |
Additional monthly reporting requirements. |
15/04/2020 |
Tax reliefs (w/o fin. stab. relevance) |
All non-financial sector |
Suspension of the tax interest calculation for 2 months. |
15/04/2020 |
Tax reliefs (w/o fin. stab. relevance) |
Households |
The state pays the advance payment of social tax for self-employed persons for the first quarter of 2020. |
15/04/2020 |
Tax reliefs (w/o fin. stab. relevance) |
All non-financial sector |
Lowering of excise duty rates on diesel fuel, natural gas and electricity for two years. |
23/04/2020 |
Direct grants (w/o fin. stab. relevance) |
Households |
State imbursement of sick days for workers from the first to the third day of sickness insurance (ordinarily without pay). |
15/04/2020 |
Other measure |
Other |
Temporary suspension of contributions to the second pillar funds of the pension system. |
28/04/2020 |
Other measure |
Other |
Investment support for local governments. |
15/04/2020 |
Construction sector measure |
Non-financial corporations |
Reconstruction of apartment buildings. |
22/04/2020 |
Other measure |
All non-financial sector |
Suspension of debtor's duty to file for insolvency. |
22/04/2020 |
Other measure |
All non-financial sector |
Suspension of time limits for transactions that can be clawed back via avoidance actions. |
03/08/2020 |
Dividend distribution policy |
Banking sector |
In line with a recommendation by ESRB, a guideline to credit institutions, insurance providers and investment firms to refrain from paying dividend, buying back shares or pay variable pay to employees. |
03/08/2020 |
Reporting requirements |
Banking sector |
Additional reporting requirement to credit institutions in relation to their risk exposures which are subject to covid-19 measures. |