Crash of 2008/Timelines: Difference between revisions
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:UK's '''Halifax/Bank of Scotland (HBOS)''' accepts rescue bid from Lloyds TSB [http://news.bbc.co.uk/1/hi/business/7622380.stm]. | :UK's '''Halifax/Bank of Scotland (HBOS)''' accepts rescue bid from Lloyds TSB [http://news.bbc.co.uk/1/hi/business/7622380.stm]. | ||
18 US Treasury and Federal Reserve Bank propose a scheme to take "toxic assets" out of the US banking system [http://www.ft.com/cms/s/0/33d2214e-8968-11dd-8371-0000779fd18c.html]. | 18 US Treasury and Federal Reserve Bank propose a scheme to take "toxic assets" out of the US banking system [http://www.ft.com/cms/s/0/33d2214e-8968-11dd-8371-0000779fd18c.html] | ||
:UK temporary ban on ''short selling'' [http://news.bbc.co.uk/1/hi/business/7624012.stm]. | |||
23 US Federal Reserve Bank protects '''Goldman Sachs''' and '''Morgan Stanley ''' banks[http://www.ft.com/cms/s/0/3119223e-8906-11dd-a179-0000779fd18c.html]. | 23 US Federal Reserve Bank protects '''Goldman Sachs''' and '''Morgan Stanley ''' banks[http://www.ft.com/cms/s/0/3119223e-8906-11dd-a179-0000779fd18c.html]. | ||
Revision as of 12:16, 26 September 2008
For definitions of the terms shown in italics, see the related articles subpage of the main article.
The 1980s
Financial deregulation In the USA [1], [2], the UK [3].
First CMO issued
Savings and Loans crisis - Failure of 296 US "Savings and Loans" mortgage lenders [4]
1987 stock market crash [5]
The 1990s
Failure of a further 451 US "Savings and Loans" mortgage lenders.
Asian banking crisis [6].
'Basel I' recommended banking regulations published [7].
The year 2007 (summary)
US Subprime mortgage crisis [8].
US house prices fall throughout 2007 [9].
Large bank writedowns and losses at Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Citigroup and HSBC.
2007
August
American Home Mortgage bankrupt [10].
Collapse of interbank markets
September
UK Northern Rock bank run [11]
The year 2008 (summary)
2008
January
'Basel II' banking regulation recommendations take effect [12]
US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [13].
February
British government nationalises Northern Rock bank [14].
August
US Government's Fannie Mae and Freddie Mac rescue [15].
September
7 Fannie Mae and Freddie Mac nationalised [16].
12 Lehman Brothers seek bankruptcy protection [17]
15 US Federal Reserve Bank rescues Bear Stearns bank [18].
17 US government nationalises American Insurance Group [19].
- Russian stockmarket meltdown [20]
- UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [21].
18 US Treasury and Federal Reserve Bank propose a scheme to take "toxic assets" out of the US banking system [22]
- UK temporary ban on short selling [23].
23 US Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[24].
25 US President's warning: "major sectors of America’s financial system are at risk of shutting down” leading to "long and painful recession" [25].
26 Washington Mutual closed by regulator. Assets sold to JPMorgan Chase [26].
- Central Banks offer extra loans to banks. Coordinated action by US, UK, European and Swiss central banks [27].