Banking/Timelines: Difference between revisions
imported>Nick Gardner |
imported>Nick Gardner |
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2007 | 2007 | ||
: 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] triggering a collapse of the [[interbank market]] [http://www.gata.org/node/5802]. | |||
2008 | 2008 | ||
March | |||
:The Bear Stearns investment bank is 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). | |||
April | |||
:The 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) | |||
September | |||
: The ''Lehman Brothers '' investment bank is bankrupt [http://www.lehman.com/press/pdf_2008/091508_lbhi_chapter11_announce.pdf] with losses of $365 billion to insurers of its bonds. | |||
:[[ | :[[Crash of 2008|International financial crisis]] | ||
2009 | 2009 | ||
Revision as of 04:28, 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
- French bank BNP Paribas freezes funds because it is unable to value its US mortgage-backed assets. [20] triggering a collapse of the interbank market [21].
2008 March
- The Bear Stearns investment bank is bought by J P Morgan Chase & Co for $2 a share[22] [23] (with $30 billion support from the Federal Reserve).
April
- The 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)
September
- The Lehman Brothers investment bank is bankrupt [25] with losses of $365 billion to insurers of its bonds.
2009
February
July
November
- Lloyds Banking Group issues a contingent convertible bond[30].
December
- Basel Committee consultative proposals[[31]
2010 January
- President Obama proposes the introduction of the "Volcker Rule".