Crash of 2008/Timelines: Difference between revisions
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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] | ||
==2008== | ==2008== |
Revision as of 09:13, 30 September 2008
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For definitions of the terms shown in italics, see the related articles subpage of the main article.
The 1980s
Financial deregulation In the USA [1], [2], the UK [3] and elsewhere [4].
First CMO issued [5].
Savings and Loans crisis - Failure of 296 US "Savings and Loans" mortgage lenders [6]
1987 stock market crash [7].
Basel I recommended banking regulations published [8].
The 1990s
The decade: Credit risk banking crises in Switzerland, United Kingdom, Norway, Sweden, Japan and the US [9].
- Failure of a further 451 US "Savings and Loans" mortgage lenders.
1992 Deadline for implementation of Basel I.
1994 CMO crisis [10].
1997-8 Asian banking crisis [11].
2000-2006
US housing boom Average price rises 80% [12] .
The year 2007 (summary)
US house prices fall throughout 2007 (fall 8% below 2006 peak) [13].
US Subprime mortgage crisis [14].
Large bank writedowns and losses at Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Citigroup and HSBC.
2007
August
2 German IKB bank rescue [15]
6 American Home Mortgage bankrupt [16].
9 French bank BNP Paribas freezes funds because it is unable to value its US mortgage-backed assets [17]
-Credit Crunch begins with the collapse of interbank market [18].
September
UK Northern Rock bank run [19]
2008
January
Basel II banking regulation recommendations take effect [20]
US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [21].
February
British government nationalises Northern Rock bank [22].
June
US house prices 20% below 2006 peak [23].
July
US Housing and Economic Recovery Act [24].
August
US Government's Fannie Mae and Freddie Mac rescue [25].
September
7 Fannie Mae and Freddie Mac nationalised [26].
12 Lehman Brothers seek bankruptcy protection [27]
15 US Federal Reserve Bank rescues Bear Stearns bank [28].
17 US government nationalises American Insurance Group [29].
- Russian stockmarket meltdown [30]
- UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [31].
18 TARP rescue plan proposed (US Treasury scheme to take "toxic assets" out of the US banking system) [32]
- UK temporary ban on short selling [33].
23 US Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[34].
- FBI to investigate possibility of fraud at Fannie Mae, Freddie Mac, Lehman Bros and AIG [35].
25 The President's warning: "major sectors of America’s financial system are at risk of shutting down” leading to "long and painful recession" [36].
26 Washington Mutual closed by regulator. Assets sold to JPMorgan Chase [37].
- Central Banks offer extra loans to banks. Coordinated action by US, UK, European and Swiss central banks [38].
28 Congressional leaders agree TARP terms [39].
- UK bank Bradford and Bingley nationalised [40].
29 TARP rescue plan rejected by House of Representatives [41]
- Wall Street share index falls by 7 per cent [42].
- European bank rescues [43].