Banking/Timelines: Difference between revisions
imported>Nick Gardner |
imported>Nick Gardner |
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2007 | 2007 | ||
2008 | 2008 | ||
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:[[Bank failures and rescues/Timelines#2008|Bank failures and rescues]] | :[[Bank failures and rescues/Timelines#2008|Bank failures and rescues]] | ||
:Bear Stearns bought by J P Morgan Chase & Co for $2 a share[http://www.marketwatch.com/story/jp-morgan-to-buy-bear-stearns-for-2-a-share] [http://www.reuters.com/article/topNews/idUSN1438968020080315] (with $30 billion support from the Federal Reserve) | : French bank BNP Paribas freezes funds because it is .unable to value its US mortgage-backed assets. [http://invest.bnpparibas.com/en/news/default.asp?Code=LPOI-75W9PV] | ||
:Bear Stearns bought by J P Morgan Chase & Co for $2 a share[http://www.marketwatch.com/story/jp-morgan-to-buy-bear-stearns-for-2-a-share] [http://www.reuters.com/article/topNews/idUSN1438968020080315] (with $30 billion support from the Federal Reserve). | |||
:Bank of England announces its Special Liquidity Scheme[http://www.bankofengland.co.uk/publications/news/2008/029.htm] (to allow banks to swap temporarily their high quality mortgage-backed and other securities for UK Treasury Bills) | :Bank of England announces its Special Liquidity Scheme[http://www.bankofengland.co.uk/publications/news/2008/029.htm] (to allow banks to swap temporarily their high quality mortgage-backed and other securities for UK Treasury Bills) | ||
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February | February | ||
:UK Banking Act 2009[http://www.opsi.gov.uk/acts/acts2009/pdf/ukpga_20090001_en.pdf] (including the Special Resolution Regime[[http://www.hm-treasury.gov.uk/bankingact09_buildingsocieties_order.htm] | :UK Banking Act 2009[http://www.opsi.gov.uk/acts/acts2009/pdf/ukpga_20090001_en.pdf] (including the Special Resolution Regime[[http://www.hm-treasury.gov.uk/bankingact09_buildingsocieties_order.htm] | ||
July | July | ||
: "Basel 3": Enhancements to the Basel II framework[http://www.bis.org/press/p090713.htm][http://www.bis.org/publ/bcbs157.pdf?noframes=1] | : "Basel 3": Enhancements to the Basel II framework[http://www.bis.org/press/p090713.htm][http://www.bis.org/publ/bcbs157.pdf?noframes=1] | ||
November | November | ||
: Lloyds Banking Group issues a [[contingent convertible bond]][http://www.iii.co.uk/investment/detail?code=cotn:LLOY.L&display=discussion&action=detail&id=5525217] | : Lloyds Banking Group issues a [[contingent convertible bond]][http://www.iii.co.uk/investment/detail?code=cotn:LLOY.L&display=discussion&action=detail&id=5525217]. | ||
December | |||
: Basel Committee consultative proposals[[http://www.bis.org/press/p091217.htm ] | |||
2010 | 2010 | ||
January | |||
: President Obama proposes the introduction of the "Volcker Rule". | |||
Revision as of 03:59, 29 January 2010
The early years
1244 Genoa's Leccacorvo bank[1]
1609 Amsterdam Wisselbank founded[2] - the first central bank.
1694 Formation of the Bank of England[3]
The 19th century
1833 (UK) Repeal of the Usury Laws
1844 UK Bank Charter Act[4] - gives the Bank of England the exclusive right to issue banknotes
1863 US National Bank Act[5][6] - creates a national currency system and sets reserve ratio requirements for state and federal banks.
1866 UK:The Overend-Gurney collapse causes banking panic [7]
1890 UK: The Barings crisis. Bank of England organises rescue of Barings bank by Rothschilds[8] - and becomes the banking system's lender of last resort
1850-1907 US: Bank runs in 1857, 1873, 1884, 1890, 1893, (and 1907} [9]
The 20th century
1913 US National Reserve Act creates the Federal Reserve System
1930-33 The Banking crises of the Great Depression
1933 The Banking Act of 1933 creates The Federal Deposit Insurance Corporation[10]
- US The Glass-Steagall Act [11]
1980 US Depository Institutions Deregulation and Monetary Control Act[12]
1986 UK Building Societies Act[13]
1988 Basel I[14] (The Basel Capital Accord)
1989 US Financial Institutions Reform, Recovery, and Enforcement Act[15]
1995 UK Barings bank failure [16].
1995 :Basel II [17] (Revised International Capital Framework)
1999 US Gramm-Leach-Bliley Act[18] - repealed the Glass Steagall Act of 1933, and introduced other changes including expanding the Federal Home Loan Bank System.
The 21st century
2002
- US Sarbanes-Oxley Act[[19]
2005
2007
2008
- French bank BNP Paribas freezes funds because it is .unable to value its US mortgage-backed assets. [20]
- Bear Stearns bought by J P Morgan Chase & Co for $2 a share[21] [22] (with $30 billion support from the Federal Reserve).
- Bank of England announces its Special Liquidity Scheme[23] (to allow banks to swap temporarily their high quality mortgage-backed and other securities for UK Treasury Bills)
- Lehman Brothers becomes bankrupt [24] with losses of $365 billion to insurers of its bonds.
2009
February
July
November
- Lloyds Banking Group issues a contingent convertible bond[29].
December
- Basel Committee consultative proposals[[30]
2010 January
- President Obama proposes the introduction of the "Volcker Rule".