Bank failures and rescues/Timelines: Difference between revisions
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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 | 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 07:23, 13 October 2008
The 1980s
Financial deregulation In the USA [1], [2], the UK [3] and elsewhere [4].
Savings and Loans crisis - Failure of 296 US "Savings and Loans" mortgage lenders [5]
1987 stock market crash [6].
The 1990s
The decade:
- Banking crises in Switzerland, United Kingdom, Norway, Sweden, Japan and the US [7].
- Failure of a further 451 US "Savings and Loans" mortgage lenders.
1997-8 Asian banking crisis [8].
1998 LTCM rescue [9]
The year 2007 (summary)
Large bank writedowns and losses at Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Citigroup and HSBC.
2007
June
25 Two Bear Stearns hedge funds threatened by losses from mortgage defaults [10].
August
2 German IKB bank rescue [11]
6 American Home Mortgage bankrupt [12].
9 French bank BNP Paribas freezes funds because it is .unable to value its US mortgage-backed assets. [13]
-Collapse of interbank market [14].
September
UK Northern Rock bank run [15]
2008
January
US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [16].
February
Northern Rock bank nationalised[17].
March
Bear Stearns rescued [18]
August
Fannie Mae and Freddie Mac rescued [19].
September
7 Fannie Mae and Freddie Mac nationalised [20].
12 Lehman Brothers bankrupt[21] with losses of $365 billion to insurers of its bonds.
15 Merrill Lynch sold to Bank of America after major capital write-downs [22].
17 American Insurance Group nationalised [23].
- UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [24].
18 Paulson Rescue plan proposed (US Treasury scheme to take "toxic assets" out of the US banking system) [25]
23 Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[26].
26 Washington Mutual closed by regulator. Assets sold to JPMorgan Chase [27].
- Coordinated support by US, UK, European and Swiss central banks [28].
28 UK bank Bradford and Bingley nationalised [29].
- Multiple European bank rescues [30].
30 Icelandic Glitnir bank nationalised [31].
October
3 Modified $700 billionPaulson Plan approved by Congress [32].
- Dutch Fortis and ABN Amro banks nationalised [33].
5 European leaders fail to agree on coordinated rescue action.
- German Hypo Real Estate bank rescued [34]
- Icelandic economic crisis" [35].
6 US Wachovia Corp rescued [36].
8 £500 billion UK rescue plan [37] [38].
10 G7 Action Plan agreed in generalterms by finance ministers [39].
13 UK government to invest up to £37 billion in Royal Bank of Scotland, Lloyds TSB and Halifax/Bank of Scotland [40].