Banking/Timelines: Difference between revisions
imported>Nick Gardner |
imported>Nick Gardner No edit summary |
||
| Line 44: | Line 44: | ||
1995 UK Barings bank failure [http://spot.colorado.edu/~kaplan/econ4111/section8-Barings.html]. | 1995 UK Barings bank failure [http://spot.colorado.edu/~kaplan/econ4111/section8-Barings.html]. | ||
1995 :Basel II [http://www.bis.org/publ/bcbs118.htm] (Revised International Capital Framework) | |||
1999 US Gramm-Leach-Bliley Act[http://banking.senate.gov/conf/] - repealed the Glass Steagall Act of 1933, and introduced other changes including expanding the Federal Home Loan Bank System. | 1999 US Gramm-Leach-Bliley Act[http://banking.senate.gov/conf/] - repealed the Glass Steagall Act of 1933, and introduced other changes including expanding the Federal Home Loan Bank System. | ||
| Line 52: | Line 54: | ||
2005 | 2005 | ||
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] | : 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] | ||
Revision as of 14:07, 27 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]
2008
- Bear Stearns bought by J P Morgan Chase & Co for $2 a share[21] [22] (with $30 billion support from the Federal Reserve)
- Bank of England announces its Special Liquidity Scheme[23] (to allow banks to swap temporarily their high quality mortgage-backed and other securities for UK Treasury Bills)
- Lehman Brothers becomes bankrupt [24] with losses of $365 billion to insurers of its bonds.
2009
- More bank failures and rescues
- UK Banking Act 2009[25] (including the Special Resolution Regime[[26]
- "Basel 3": Enhancements to the Basel II framework[27][28]
2010