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 ''' | :3 Modified '''[[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]. | ||
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:6 US '''Wachovia Corp rescued''' [http://www.dw-world.de/dw/article/0,2144,3692522,00.html]. | :6 US '''Wachovia Corp rescued''' [http://www.dw-world.de/dw/article/0,2144,3692522,00.html]. | ||
:8 ''' | :8 '''UK rescue plan''' (to inject capital, take equity in banks and guarantee interbank lending) [http://news.bbc.co.uk/1/hi/business/7658307.stm] [http://news.bbc.co.uk/1/hi/business/7658277.stm]. | ||
:10 '''G7 Action Plan''' agreed in general terms by finance ministers [http://ap.google.com/article/ALeqM5gP-2pLnZlGnXKz5FDPQ6OTe-AM-QD93O5DEG0]. | :10 '''G7 Action Plan''' agreed in general terms by finance ministers [http://ap.google.com/article/ALeqM5gP-2pLnZlGnXKz5FDPQ6OTe-AM-QD93O5DEG0]. | ||
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:12 '''EU leaders adopt UK rescue plan''' :[http://www.latimes.com/business/la-fg-euecon13-2008oct13,1,7737780.story]. | :12 '''EU leaders adopt UK rescue plan''' :[http://www.latimes.com/business/la-fg-euecon13-2008oct13,1,7737780.story]. | ||
:13 UK government to | :13 UK government to take equity in '''Royal Bank of Scotland, Lloyds TSB and Halifax/Bank of Scotland''' [http://news.bbc.co.uk/1/hi/business/7666570.stm][http://www.hm-treasury.gov.uk/statement_chx_131008.htm]. | ||
:14 '''President Bush announces new plans''' (to inject capital, take equity in banks and guarantee interbank lending) [http://www.whitehouse.gov/news/releases/2008/10/20081014.html]. | :14 '''President Bush announces new plans''' (to inject capital, take equity in banks and guarantee interbank lending) [http://www.whitehouse.gov/news/releases/2008/10/20081014.html]. | ||
Revision as of 04:31, 17 October 2008
Before 1929
1866 Overend-Gurney collapse causes banking panic [1]
The crash of 1929
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 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 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 take equity 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].
- US government to take equity in Bank of America, J P Morgan Chase, Citigroup, Morgan Stanley, & Goldman Sachs.
- 16 UBS rescue by £30 bn from Swiss government [38].