Bank failures and rescues/Timelines

Before 1929

1866 Overend-Gurney collapse [1]

1940 to 2008

The 1980s

Savings and Loans crisis - Failure of 296 US "Savings and Loans" mortgage lenders [2]

The 1990s

The decade:

Banking crises in Switzerland, United Kingdom, Norway, Sweden, Japan and the US [3].

Failure of a further 451 US "Savings and Loans" mortgage lenders.

1997-8 Asian banking crisis [4].

1998 LTCM rescue [5]

2007

June

25 Two Bear Stearns hedge funds threatened by losses from mortgage defaults [6].

August

2 German IKB bank rescue [7]

6 American Home Mortgage bankrupt [8].

9 French bank BNP Paribas freezes funds because it is .unable to value its US mortgage-backed assets. [9]

September

UK Northern Rock bank run [10]

The crash of 2008

January

US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [11].

February

Northern Rock bank nationalised[12].

March

Bear Stearns rescued [13]

August

Fannie Mae and Freddie Mac rescued [14].

September

7 Fannie Mae and Freddie Mac nationalised [15].

12 Lehman Brothers bankrupt[16] with losses of $365 billion to insurers of its bonds.

15 Merrill Lynch sold to Bank of America after major capital write-downs [17].

17 American Insurance Group nationalised [18].

UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [19].

18 Paulson Rescue plan proposed (US Treasury scheme to take "toxic assets" out of the US banking system) [20]

23 Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[21].

26 Washington Mutual closed by regulator. Assets sold to JPMorgan Chase [22].

28 UK bank Bradford and Bingley nationalised [23].

Multiple European bank rescues [24].

30 Icelandic Glitnir bank nationalised [25].

October

3 Modified $700 billion Paulson Plan (to purchase toxic assets) approved by Congress [26].

Dutch Fortis and ABN Amro banks nationalised [27].

German Hypo Real Estate bank rescued [28]

Icelandic economic crisis [29].

6 US Wachovia Corp rescued [30].

8 £500 billion UK rescue plan (to inject capital, take equity in banks and guarantee interbank lending) [31] [32].

10 G7 Action Plan agreed in general terms by finance ministers [33].

12 EU leaders adopt UK rescue plan  :[34].

13 UK government to invest up to £37 billion in Royal Bank of Scotland, Lloyds TSB and Halifax/Bank of Scotland [35][36].

14 President Bush announces new plans (to inject capital, take equity in banks and guarantee interbank lending) [37].

16 UBS rescue by £30 bn from Swiss government [38].