Bank failures and rescues/Timelines: Difference between revisions
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== | |||
==Before 1929== | |||
==The [[crash of 1929]]== | |||
==1940 to 2008== | |||
===The 1980s=== | |||
'''Savings and Loans crisis''' - Failure of 296 US "''Savings and Loans''" mortgage lenders [http://www.fdic.gov/bank/analytical/banking/2000dec/brv13n2_2.pdf] | '''Savings and Loans crisis''' - Failure of 296 US "''Savings and Loans''" mortgage lenders [http://www.fdic.gov/bank/analytical/banking/2000dec/brv13n2_2.pdf] | ||
===The 1990s=== | |||
==The 1990s== | |||
The decade: | The decade: | ||
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1998 LTCM rescue [http://www.treasury.gov/press/releases/reports/hedgfund.pdf] | 1998 LTCM rescue [http://www.treasury.gov/press/releases/reports/hedgfund.pdf] | ||
===2007=== | |||
====June==== | |||
== | |||
=== | |||
25 Two Bear Stearns '''''hedge funds'' threatened''' by losses from mortgage defaults [http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aYDTeHYnV3ms]. | 25 Two Bear Stearns '''''hedge funds'' threatened''' by losses from mortgage defaults [http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aYDTeHYnV3ms]. | ||
*August | |||
2 German '''IKB bank rescue''' [http://www.ft.com/cms/s/0/7017b0c0-411a-11dc-8f37-0000779fd2ac.html] | 2 German '''IKB bank rescue''' [http://www.ft.com/cms/s/0/7017b0c0-411a-11dc-8f37-0000779fd2ac.html] | ||
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-'''Collapse of interbank market''' [http://www.gata.org/node/5802]. | -'''Collapse of interbank market''' [http://www.gata.org/node/5802]. | ||
*September | |||
UK '''Northern Rock bank run''' [http://news.bbc.co.uk/1/hi/business/6996136.stm] | UK '''Northern Rock bank run''' [http://news.bbc.co.uk/1/hi/business/6996136.stm] | ||
==2008== | ==The crash of 2008== | ||
*January | |||
US mortgage lender '''Countrywide sold''' to Bank of America after its share price drops by 48% [http://news.bbc.co.uk/1/hi/business/7183221.stm]. | US mortgage lender '''Countrywide sold''' to Bank of America after its share price drops by 48% [http://news.bbc.co.uk/1/hi/business/7183221.stm]. | ||
*February | |||
'''Northern Rock''' bank '''nationalised'''[http://news.bbc.co.uk/1/hi/business/7249575.stm]. | '''Northern Rock''' bank '''nationalised'''[http://news.bbc.co.uk/1/hi/business/7249575.stm]. | ||
*March | |||
'''Bear Stearns rescued''' [http://www.reuters.com/article/topNews/idUSN1438968020080315] | '''Bear Stearns rescued''' [http://www.reuters.com/article/topNews/idUSN1438968020080315] | ||
*August | |||
''' ''Fannie Mae'' and ''Freddie Mac'' rescued''' [http://nreionline.com/property/multifamily/real_estate_senate_okays_fannie/]. | ''' ''Fannie Mae'' and ''Freddie Mac'' rescued''' [http://nreionline.com/property/multifamily/real_estate_senate_okays_fannie/]. | ||
*September | |||
7 '''''Fannie Mae'' and ''Freddie Mac'' nationalised '''[http://www.foxbusiness.com/story/markets/government-seied-fannie-mae-freddie-mac/]. | 7 '''''Fannie Mae'' and ''Freddie Mac'' nationalised '''[http://www.foxbusiness.com/story/markets/government-seied-fannie-mae-freddie-mac/]. | ||
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30 Icelandic '''Glitnir bank nationalised''' [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4849302.ece]. | 30 Icelandic '''Glitnir bank nationalised''' [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4849302.ece]. | ||
*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]] approved''' by Congress [http://news.bbc.co.uk/1/hi/world/americas/7651761.stm]. | ||
Revision as of 09:38, 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]
-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].