Figure 4a: Largest daily falls of the S&P500 % Change -25%  -20%  -15%  -10%  -5%  0% 19-Oct-1987 28-Oct-1929 16-Mar-2020 29-Oct-1929 6-Nov-1929 12-Mar-2020 18-Oct-1937 15-Oct-2008 1-Dec-2008  GFC COVID-19  20-Jul-1933 -25%  -20%  -15%  -10%  -5%  Source: Bloomberg and Reserve Bank of New Zealand  8  Reserve Bank of New Zealand (2020e): OCR reduced to 0.25 percent for next 12 months.
In addition, beginning in June, the Eurosystem will be providing a further set of targeted longer-term refinancing operations through which banks can acquire liquidity for a period of four years at extremely favourable conditions. Moreover, the volume of monthly bond purchases was raised from € billion to € billion.