Finland
Measures taken in response to coronavirus (COVID-19) pandemic
Adoption date | Type of measure | Beneficiaries' sector specification | Description of measure |
20/03/2020 | Public guarantees | Non-financial corporations | Extending state guarantees to the SME-lending from 2 billion to 12 billion EUR by Finnvera (state-owned entity) or by banks with the Finnvera guarantee. The default guarantee share is 80% but in some cases 90% guarantee can be granted. |
20/03/2020 | Other measures of fiscal nature | All sectors | State Pension Fund buying commercial papers 1 bn |
20/03/2020 | Tax deferrals | All sectors | Deferral of tax payments and TyEL contributions €3–4.5 bn |
20/03/2020 | Other measures of fiscal nature | Non-financial corporations | Easier reborrowing of pension insurance contributions |
20/03/2020 | Direct grants | Non-financial corporations | Pension insurance contributions lowered by €1.05 bn |
20/03/2020 | Direct grants | All sectors | Business Finland and Centre for Economic Development, transport and the Environment, direct assistance +€200 mill for SME and midcap companies. |
26/03/2020 | Direct grants | All sectors | Amending the decision made on 20.3: Business Finland and Centre for Economic Development, transport and the Environment, direct assistance raised from 200 millions to 1 billion euros for SME and midcap companies. |
08/04/2020 | Direct grants | All sectors | Amending the decision made on 26.3: Business Finland and Centre for Economic Development, transport and the Environment, direct assistance raised to 1,2 billion euros for SME and midcap companies. Direct assistance for self employed 250 million euros. |
05/06/2020 | Direct grants | Non-financial corporations | Direct assistance 123 million euros to restaurants. Two parts: 1st for loss coverage due to lockdown and 2nd part for re-employing |
01/07/2020 | Direct grants | All sectors | Support intended to cover the costs of businesses that have experienced a marked decrease in turnover due to the coronavirus and have costs that are difficult to adjust. |
27/11/2020 | Direct grants | All sectors | New round for cost support grants. Both the applicability requirements and the period of support are modified. Support is intended to cover the costs of businesses that have experienced a marked decrease in turnover due to the coronavirus and have costs that are difficult to adjust. |
17/03/2020 | SyRB | Banking sector | Abolishment of Systemic Risk Buffer |
17/03/2020 | O-SII | Banking sector | Lowering of O-SII Buffer from 2,0 % to 1,0 % for OP Group |
15/03/2020 | Other measure | Non-financial corporations | Bank of Finland restarted to invest in the domestic corporate paper market. The initial size of the program was 500 million EUR, but in the board meeting on 19.3.2020 the board of Bank of Finland decided to double the size to 1 billion EUR. |
29/06/2020 | Other measure | Households | Lowering LTC limit from 85% to 90%- The limit for first time buyers is still 95%. |