Bank failures and rescues/Timelines: Difference between revisions
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imported>Nick Gardner |
imported>Nick Gardner |
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====October==== | ====October==== | ||
:3 Modified ''' $700 billion [[Paulson Plan]] approved''' by Congress [http://news.bbc.co.uk/1/hi/world/americas/7651761.stm]. | :3 Modified ''' $700 billion [[Paulson Plan]] (to purchase toxic assets) approved''' by Congress [http://news.bbc.co.uk/1/hi/world/americas/7651761.stm]. | ||
::Dutch '''Fortis and ABN Amro banks nationalised''' [http://www.ft.com/cms/s/0/f93a9b08-91ad-11dd-b5cd-0000779fd18c.html]. | ::Dutch '''Fortis and ABN Amro banks nationalised''' [http://www.ft.com/cms/s/0/f93a9b08-91ad-11dd-b5cd-0000779fd18c.html]. | ||
:: German '''Hypo Real Estate bank rescued''' [http://www.dw-world.de/dw/article/0,2144,3692522,00.html] | :: German '''Hypo Real Estate bank rescued''' [http://www.dw-world.de/dw/article/0,2144,3692522,00.html] | ||
Revision as of 01:30, 17 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 billion Paulson Plan (to purchase toxic assets) approved by Congress [25].
- Dutch Fortis and ABN Amro banks nationalised [26].
- German Hypo Real Estate bank rescued [27]
- Icelandic economic crisis" [28].
- 6 US Wachovia Corp rescued [29].
- 8 £500 billion UK rescue plan (to inject capital, take equity in banks and guarantee interbank lending) [30] [31].
- 10 G7 Action Plan agreed in general terms by finance ministers [32].
- 12 EU leaders adopt UK rescue plan :[33].
- 13 UK government to invest up to £37 billion in Royal Bank of Scotland, Lloyds TSB and Halifax/Bank of Scotland [34][35].
- 14 President Bush announces new plans (to inject capital, take equity in banks and guarantee interbank lending) [36].
- 16 UBS rescue by £30 bn from Swiss government [37].