Banking/Timelines: Difference between revisions
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- gives the Bank of England the exclusive right to issue banknotes | - gives the Bank of England the exclusive right to issue banknotes | ||
1863 US National Bank Act[http://www.nber.org/chapters/c8837.pdf][http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1171222] - creates a national currency system and | 1863 US National Bank Act[http://www.nber.org/chapters/c8837.pdf][http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1171222] - creates a national currency system and sets [[reserve ratio]] requirements for state and federal banks. | ||
1866 UK:The Overend-Gurney collapse causes banking panic [http://www.ehs.org.uk/ehs/conference2003/assets/Taylor.doc] | 1866 UK:The Overend-Gurney collapse causes banking panic [http://www.ehs.org.uk/ehs/conference2003/assets/Taylor.doc] | ||
Revision as of 07:20, 24 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].
1999 US Gramm-Leach-Bliley Act[17] - repealed the Glass Steagall Act of 1933, and introduced other changes including expanding the Federal Home Loan Bank System.
The 21st century
2002
2006
- Basel II[20] (Revised International Capital Framework)
2007
- French bank BNP Paribas freezes funds because it is .unable to value its US mortgage-backed assets. [21]
2008
- Bear Stearns bought by J P Morgan Chase & Co for $2 a share[22] [23] (with $30 billion support from the Federal Reserve)
- Bank of England announces its Special Liquidity Scheme[24] (to allow banks to swap temporarily their high quality mortgage-backed and other securities for UK Treasury Bills)
- Lehman Brothers becomes bankrupt [25] with losses of $365 billion to insurers of its bonds.
2009
- More bank failures and rescues
- UK Banking Act 2009[26] (including the Special Resolution Regime[[27]
- "Basel 3": Enhancements to the Basel II framework[28][29]
2010