Bank failures and rescues/Timelines
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]
-Collapse of interbank market [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].
- Coordinated support by US, UK, European and Swiss central banks [23].
28 UK bank Bradford and Bingley nationalised [24].
- Multiple European bank rescues [25].
30 Icelandic Glitnir bank nationalised [26].
- October
3 Modified $700 billionPaulson Plan approved by Congress [27].
- Dutch Fortis and ABN Amro banks nationalised [28].
5 European leaders fail to agree on coordinated rescue action.
- German Hypo Real Estate bank rescued [29]
- Icelandic economic crisis" [30].
6 US Wachovia Corp rescued [31].
8 £500 billion UK rescue plan [32] [33].
10 G7 Action Plan agreed in generalterms by finance ministers [34].
13 UK government to invest up to £37 billion in Royal Bank of Scotland, Lloyds TSB and Halifax/Bank of Scotland [35].