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]. | ||
:12 '''EU leaders adopt UK rescue plan''' (to inject capital, take equity in banks and guarantee interbank lending) :[http://www.latimes.com/business/la-fg-euecon13-2008oct13,1,7737780.story]. | |||
: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]. | ||
:14 President Bush announces plans to purchase equity in US banks and guarantee their loans [http://www.whitehouse.gov/news/releases/2008/10/20081014.html]. | |||
Revision as of 10:31, 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].
- 12 EU leaders adopt UK rescue plan (to inject capital, take equity in banks and guarantee interbank lending) :[33].
- 13 UK government to invest up to £37 billion in Royal Bank of Scotland, Lloyds TSB and Halifax/Bank of Scotland [34].
- 14 President Bush announces plans to purchase equity in US banks and guarantee their loans [35].