Bank failures and rescues/Timelines
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A chronology of bank failures and rescues.
US inter-war failure statistics
Year 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935/40 average Number of bank suspensions 618 976 669 488 659 1350 2293 1453 4000 57 40
- (Source Federal Reserve Bank of St Louis [1].)
Before 1920
1866 Overend-Gurney collapse causes banking panic [2]
The 1920s
1928
1928 Wall Streer Crash
The 1930s
9000 US banks fail in the 1930s
1930 First banking crisis.
1931 Second banking crisis
- Austria's Creditanstalt Bank failure and the German banking crisis
1940 to 2007
The 1980s
Savings and Loans crisis - Failure of 296 US "Savings and Loans" mortgage lenders [3]
The 1990s
The decade:
- Banking crises in Switzerland, United Kingdom, Norway, Sweden, Japan and the US [4].
- Failure of a further 451 US "Savings and Loans" mortgage lenders.
1997-8 Asian banking crisis [5].
1998 LTCM rescue [6]
Early 2000s
2007
June
- 25 Two Bear Stearns hedge funds threatened by losses from mortgage defaults [7].
August
- 2 German IKB bank rescue [8]
- 6 American Home Mortgage bankrupt [9].
- 9 French bank BNP Paribas freezes funds because it is .unable to value its US mortgage-backed assets. [10]
September
- UK Northern Rock bank run [11]
2008
January
- US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [12].
February
- Northern Rock bank nationalised[13].
March
- Bear Stearns rescued [14]
August
- Fannie Mae and Freddie Mac rescued [15].
September
- 7 Fannie Mae and Freddie Mac nationalised [16].
- 12 Lehman Brothers bankrupt[17] with losses of $365 billion to insurers of its bonds.
- 15 Merrill Lynch sold to Bank of America after major capital write-downs [18].
- 17 American Insurance Group nationalised [19].
- UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [20].
- 18 Paulson Rescue plan proposed (US Treasury scheme to take "toxic assets" out of the US banking system) [21]
- 23 Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[22].
- 26 Washington Mutual closed by regulator. Assets sold to JPMorgan Chase [23].
- 28 UK bank Bradford and Bingley nationalised [24].
- Multiple European bank rescues [25].
- 30 Icelandic Glitnir bank nationalised [26].
October
- 3 Modified Paulson Plan (to purchase toxic assets) approved by Congress [27].
- Dutch Fortis and ABN Amro banks nationalised [28].
- German Hypo Real Estate bank rescued [29]
- Icelandic economic crisis [30].
- 6 US Wachovia Corp rescued [31].
- 8 UK rescue plan (to inject capital, take equity in banks and guarantee interbank lending) [32] [33].
- 10 G7 Action Plan agreed in general terms by finance ministers [34].
- 12 EU leaders adopt UK rescue plan :[35].
- 13 UK government to take equity in Royal Bank of Scotland, Lloyds TSB and Halifax/Bank of Scotland [36][37].
- 14 President Bush announces new plans (to inject capital, take equity in banks and guarantee interbank lending) [38].
- US government to take equity in Bank of America, J P Morgan Chase, Citigroup, Morgan Stanley, & Goldman Sachs.
- 16 UBS rescue by £30 bn from Swiss government [39].