Bank failures and rescues/Timelines: Difference between revisions
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====June==== | ====June==== | ||
25 Two Bear Stearns '''''hedge funds'' threatened''' by losses from mortgage defaults [http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aYDTeHYnV3ms]. | :25 Two Bear Stearns '''''hedge funds'' threatened''' by losses from mortgage defaults [http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aYDTeHYnV3ms]. | ||
====August==== | |||
2 German '''IKB bank rescue''' [http://www.ft.com/cms/s/0/7017b0c0-411a-11dc-8f37-0000779fd2ac.html] | :2 German '''IKB bank rescue''' [http://www.ft.com/cms/s/0/7017b0c0-411a-11dc-8f37-0000779fd2ac.html] | ||
6 '''American Home Mortgage bankrupt''' [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2208983.ece]. | :6 '''American Home Mortgage bankrupt''' [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2208983.ece]. | ||
9 French bank '''BNP Paribas freezes funds''' because it is .unable to value its US mortgage-backed assets. [http://invest.bnpparibas.com/en/news/default.asp?Code=LPOI-75W9PV] | :9 French bank '''BNP Paribas freezes funds''' because it is .unable to value its US mortgage-backed assets. [http://invest.bnpparibas.com/en/news/default.asp?Code=LPOI-75W9PV] | ||
====September==== | |||
:UK '''Northern Rock bank run''' [http://news.bbc.co.uk/1/hi/business/6996136.stm] | |||
UK '''Northern Rock bank run''' [http://news.bbc.co.uk/1/hi/business/6996136.stm] | |||
==The crash of 2008== | ==The crash of 2008== | ||
====January==== | |||
US mortgage lender '''Countrywide sold''' to Bank of America after its share price drops by 48% [http://news.bbc.co.uk/1/hi/business/7183221.stm]. | :US mortgage lender '''Countrywide sold''' to Bank of America after its share price drops by 48% [http://news.bbc.co.uk/1/hi/business/7183221.stm]. | ||
====February==== | |||
'''Northern Rock''' bank '''nationalised'''[http://news.bbc.co.uk/1/hi/business/7249575.stm]. | :'''Northern Rock''' bank '''nationalised'''[http://news.bbc.co.uk/1/hi/business/7249575.stm]. | ||
====March==== | |||
'''Bear Stearns rescued''' [http://www.reuters.com/article/topNews/idUSN1438968020080315] | :'''Bear Stearns rescued''' [http://www.reuters.com/article/topNews/idUSN1438968020080315] | ||
====August==== | |||
''' ''Fannie Mae'' and ''Freddie Mac'' rescued''' [http://nreionline.com/property/multifamily/real_estate_senate_okays_fannie/]. | :''' ''Fannie Mae'' and ''Freddie Mac'' rescued''' [http://nreionline.com/property/multifamily/real_estate_senate_okays_fannie/]. | ||
====September==== | |||
7 '''''Fannie Mae'' and ''Freddie Mac'' nationalised '''[http://www.foxbusiness.com/story/markets/government-seied-fannie-mae-freddie-mac/]. | :7 '''''Fannie Mae'' and ''Freddie Mac'' nationalised '''[http://www.foxbusiness.com/story/markets/government-seied-fannie-mae-freddie-mac/]. | ||
12 '''Lehman Brothers bankrupt'''[http://www.lehman.com/press/pdf_2008/091508_lbhi_chapter11_announce.pdf] with losses of $365 billion to insurers of its bonds. | :12 '''Lehman Brothers bankrupt'''[http://www.lehman.com/press/pdf_2008/091508_lbhi_chapter11_announce.pdf] with losses of $365 billion to insurers of its bonds. | ||
15 '''Merrill Lynch sold''' to Bank of America after major capital write-downs [http://news.bbc.co.uk/2/hi/business/7616068.stm]. | :15 '''Merrill Lynch sold''' to Bank of America after major capital write-downs [http://news.bbc.co.uk/2/hi/business/7616068.stm]. | ||
17 '''American Insurance Group nationalised''' [http://money.cnn.com/2008/09/16/news/companies/AIG/?postversion=2008091710]. | :17 '''American Insurance Group nationalised''' [http://money.cnn.com/2008/09/16/news/companies/AIG/?postversion=2008091710]. | ||
:UK's '''Halifax/Bank of Scotland (HBOS)''' accepts '''rescue''' bid from Lloyds TSB [http://news.bbc.co.uk/1/hi/business/7622380.stm]. | :UK's '''Halifax/Bank of Scotland (HBOS)''' accepts '''rescue''' bid from Lloyds TSB [http://news.bbc.co.uk/1/hi/business/7622380.stm]. | ||
18 '''Paulson Rescue plan''' proposed (US Treasury scheme to take "toxic assets" out of the US banking system) [http://www.ft.com/cms/s/0/33d2214e-8968-11dd-8371-0000779fd18c.html] | :18 '''Paulson Rescue plan''' proposed (US Treasury scheme to take "toxic assets" out of the US banking system) [http://www.ft.com/cms/s/0/33d2214e-8968-11dd-8371-0000779fd18c.html] | ||
:23 '''Fed'''eral Reserve Bank '''protects''' '''Goldman Sachs''' and '''Morgan Stanley ''' banks[http://www.ft.com/cms/s/0/3119223e-8906-11dd-a179-0000779fd18c.html]. | |||
: | :26 '''Washington Mutual closed''' by regulator. Assets sold to JPMorgan Chase [http://news.bbc.co.uk/1/hi/business/7637026.stm]. | ||
28 UK bank '''Bradford and Bingley nationalised''' [http://news.bbc.co.uk/2/hi/business/7640143.stm]. | :28 UK bank '''Bradford and Bingley nationalised''' [http://news.bbc.co.uk/2/hi/business/7640143.stm]. | ||
: Multiple '''European bank rescues''' [http://uk.news.yahoo.com/rtrs/20080929/tbs-uk-fortis-7318940.html]. | : Multiple '''European bank rescues''' [http://uk.news.yahoo.com/rtrs/20080929/tbs-uk-fortis-7318940.html]. | ||
30 Icelandic '''Glitnir bank nationalised''' [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4849302.ece]. | :30 Icelandic '''Glitnir bank nationalised''' [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4849302.ece]. | ||
====October==== | |||
3 Modified ''' $700 billion[[Paulson Plan]] approved''' by Congress [http://news.bbc.co.uk/1/hi/world/americas/7651761.stm]. | :3 Modified ''' $700 billion[[Paulson Plan]] approved''' by Congress [http://news.bbc.co.uk/1/hi/world/americas/7651761.stm]. | ||
:Dutch '''Fortis and ABN Amro banks nationalised''' [http://www.ft.com/cms/s/0/f93a9b08-91ad-11dd-b5cd-0000779fd18c.html]. | :Dutch '''Fortis and ABN Amro banks nationalised''' [http://www.ft.com/cms/s/0/f93a9b08-91ad-11dd-b5cd-0000779fd18c.html]. | ||
5 '''European leaders fail to agree''' on coordinated rescue action. | :5 '''European leaders fail to agree''' on coordinated rescue action. | ||
: German '''Hypo Real Estate bank rescued''' [http://www.dw-world.de/dw/article/0,2144,3692522,00.html] | : German '''Hypo Real Estate bank rescued''' [http://www.dw-world.de/dw/article/0,2144,3692522,00.html] | ||
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: '''Icelandic economic crisis" [http://news.bbc.co.uk/1/hi/business/7653750.stm]. | : '''Icelandic economic crisis" [http://news.bbc.co.uk/1/hi/business/7653750.stm]. | ||
6 US '''Wachovia Corp rescued''' [http://www.dw-world.de/dw/article/0,2144,3692522,00.html]. | :6 US '''Wachovia Corp rescued''' [http://www.dw-world.de/dw/article/0,2144,3692522,00.html]. | ||
8 '''£500 billion UK rescue plan''' [http://news.bbc.co.uk/1/hi/business/7658307.stm] [http://news.bbc.co.uk/1/hi/business/7658277.stm]. | :8 '''£500 billion UK rescue plan''' [http://news.bbc.co.uk/1/hi/business/7658307.stm] [http://news.bbc.co.uk/1/hi/business/7658277.stm]. | ||
10 '''G7 Action Plan''' agreed in generalterms by finance ministers [http://ap.google.com/article/ALeqM5gP-2pLnZlGnXKz5FDPQ6OTe-AM-QD93O5DEG0]. | :10 '''G7 Action Plan''' agreed in generalterms by finance ministers [http://ap.google.com/article/ALeqM5gP-2pLnZlGnXKz5FDPQ6OTe-AM-QD93O5DEG0]. | ||
13 UK government to invest up to £37 billion in Royal Bank of Scotland, Lloyds TSB and Halifax/Bank of Scotland [http://news.bbc.co.uk/1/hi/business/7666570.stm]. | :13 UK government to invest up to £37 billion in Royal Bank of Scotland, Lloyds TSB and Halifax/Bank of Scotland [http://news.bbc.co.uk/1/hi/business/7666570.stm]. | ||
Revision as of 10:52, 14 October 2008
Before 1929
The crash of 1929
1940 to 2008
The 1980s
Savings and Loans crisis - Failure of 296 US "Savings and Loans" mortgage lenders [1]
The 1990s
The decade:
- Banking crises in Switzerland, United Kingdom, Norway, Sweden, Japan and the US [2].
- Failure of a further 451 US "Savings and Loans" mortgage lenders.
1997-8 Asian banking crisis [3].
1998 LTCM rescue [4]
2007
June
- 25 Two Bear Stearns hedge funds threatened by losses from mortgage defaults [5].
August
- 2 German IKB bank rescue [6]
- 6 American Home Mortgage bankrupt [7].
- 9 French bank BNP Paribas freezes funds because it is .unable to value its US mortgage-backed assets. [8]
September
- UK Northern Rock bank run [9]
The crash of 2008
January
- US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [10].
February
- Northern Rock bank nationalised[11].
March
- Bear Stearns rescued [12]
August
- Fannie Mae and Freddie Mac rescued [13].
September
- 7 Fannie Mae and Freddie Mac nationalised [14].
- 12 Lehman Brothers bankrupt[15] with losses of $365 billion to insurers of its bonds.
- 15 Merrill Lynch sold to Bank of America after major capital write-downs [16].
- 17 American Insurance Group nationalised [17].
- UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [18].
- 18 Paulson Rescue plan proposed (US Treasury scheme to take "toxic assets" out of the US banking system) [19]
- 23 Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[20].
- 26 Washington Mutual closed by regulator. Assets sold to JPMorgan Chase [21].
- 28 UK bank Bradford and Bingley nationalised [22].
- Multiple European bank rescues [23].
- 30 Icelandic Glitnir bank nationalised [24].
October
- 3 Modified $700 billionPaulson Plan approved by Congress [25].
- Dutch Fortis and ABN Amro banks nationalised [26].
- 5 European leaders fail to agree on coordinated rescue action.
- German Hypo Real Estate bank rescued [27]
- Icelandic economic crisis" [28].
- 6 US Wachovia Corp rescued [29].
- 10 G7 Action Plan agreed in generalterms by finance ministers [32].
- 13 UK government to invest up to £37 billion in Royal Bank of Scotland, Lloyds TSB and Halifax/Bank of Scotland [33].