Credit Crisis Timeline

This is the most comprehensive timeline of the financial crisis on the Internet covering 2007 to early 2009

Update: This timeline was halted after January 2009. I have been forced to re-evaluate the timeline and have decided to include the sovereign debt crisis. I will be updating it soon.

Intro

There have been tremendous economic dislocations during the present banking crisis. Initially written off as a sub-prime crisis, leading policy makers said the crisis was contained. It has since spilled over into Jumbo mortgage rates, Collateralized Debt Obligations (CDOs), all asset backed securities, High Yield bonds, SIVs, the inter-bank market, commercial paper, money market funds, the auction rate market, hedge fund losses, and a massive housing bust and the real economy. Banks and financial institutions from around the world are writing down billions of dollars of losses. Housing markets are falling in the US, the UK, Spain and Ireland. This crisis is truly global.

I decided to take a look to get a comprehensive view of what this was doing to our financial system. Below is my list of major announcements of asset writedowns, bank failures, CEO dismissals, trading losses, capital raising and job losses at major global lending institutions as a direct result of the credit crisis of 2007-2009.

In addition, I have included a number of pre-crisis merger announcements that served as prelude to an increased risk taking after the deals closed and leading up to the crisis. This is not just a chronological listing of events and news in the housing bubble and credit crisis but also

  • a timeline of major crisis events and writedowns by financial institution. I believe it to be the most comprehensive data set on writedown statistics on the web.
  • a running tally of credit writedowns by global banks (now over $1 trillion)
  • a look back at the increasing amounts of capital raised by global financial institutions

The list reaches far and wide and should give one pause as to the ability of the global financial system to recover from this calamity without significant recessionary effects in the real economy in the U.S. and elsewhere. The losses and needed capital continually rise, with investors willing to infuse these institutions with capital time and again.

This crisis was consistently underestimated as it gathered steam. It was far from a subprime crisis, but rather a debt or credit crisis because of the debt and deleveraging threatening global financial stability.

  1. Bank Writedowns – the long list of links to articles on writedowns and related events by financial institution.
  2. Banking Crisis Timeline – A list of of links to articles on all of the credit crisis events in reverse chronological order.

If you need some quick background information on particular events or firms in the credit crisis, you’ve come to the right place. However, if you want a quick and dirty guide to the credit crisis, I have posted a shorter version of the credit crisis (through October) that should be more accessible and a quicker read. It’s called "The Dummy’s Guide to the U.S. Banking Crisis".

The list only includes actual events in the financial services sector after they have occurred and includes the following categories.

  • Writedowns of assets, Capital raising, Job cuts, Bankruptcies, Ratings changes, Managerial changes, Earnings reports, Lawsuits, Some significant stock price changes

Index

  1. Useful Primers
  2. Chronological Timeline of Major Credit Crisis and Housing Bubble Events
  3. Latest Writedown News
  4. Predicted Final Loss Estimates
  5. Total Present Global Losses Tally
  6. Financial Services Job Losses
  7. Capital Raised Tally
  8. Government Action
  9. Bank Writedowns – now kept on a separate page

Primers

  • Timeline: Sub-prime losses (BBC News)
  • United States housing bubble including timeline (Wikipedia)
  • Subprime crisis impact timeline (Wikipedia)
  • Subprime mortgage crisis (Wikipedia)
  • The U.S. sub-prime crisis in graphics (BBC News)
  • Subprime lending (Wikipedia)
  • Timeline of a Crisis, (WSJ thru Mar 2008)
  • Housebuilders in crisis: timeline (The Guardian)
  • Credit crunch: Around the world (BBC News) – one year
  • Banking crisis timeline (September and October 2008) – Guardian

    What is a credit writedown?

    It is a reduction in the value of an asset as it is carried on a firm’s balance sheet. As these losses must also be reflected on the income statement, credit writedowns result in massive losses.

    For example, a company may believe a number of mortgage-backed securities are permanently impaired and are carried on the balance sheet at values that do not reflect market prices. As a result, they may decide to take a writedown by reducing the valuation.

    Also, unlike a writeoff, a writedown does not result in a total elimination of the asset from the balance sheet, just a reduction in its carrying value.

    Timeline

    HSBC shock announcement begins the pre-panic phase

    • 2007 02 08 HSBC to Boost Loan-Loss Provisions on Bad Mortgages
    • 2007 02 08 Subprime Mortgage Bond Risks Surge, Index Suggests
    • 2007 02 22 HSBC announces departure of two top executives at U.S. business
    • 2007 03 04 U.S. triggers $11bn HSBC fall-out
    • 2007 03 05 New Century Leads Drop in Shares of Mortgage Lenders
    • 2007 03 12 DR Horton warns of huge losses
    • 2007 03 12 New Century shares are suspended
    • 2007 03 21 `Short Sellers’ Who Predicted Subprime Rout See More Declines
    • 2007 04 02 New Century Financial in Chapter 11 move
    • 2007 04 05 NovaStar Cuts Off Credit Lines for Mortgage Bankers
    • 2007 05 30 Kensington agrees to £283m buyout

    Prelude to panic starts with Bear Stearns hedge fund losses

    • 2007 06 23 $3.2 Billion Move By Bear Stearns To Rescue Fund
    • 2007 07 30 IKB Cuts Profit Forecast Amid Rout in U.S. Mortgages
    • 2007 07 31 American Home Can’t Fund Mortgages, Shares Plummet
    • 2007 08 02 Accredited May Face Bankruptcy, Merger in Doubt
    • 2007 08 06 American Home files for bankruptcy
    • 2007 08 08 Fund of German Bank WestLB Stops Payouts, Citing Mortgage Market Unease

    Panic of 2007

    • 2007 08 09 BNP Paribas Freezes Funds as Loan Losses Roil Markets
    • 2007 08 14 Goldman and Investors to Put $3 Billion Into Fund
    • 2007 08 15 Countrywide Financial ‘risks bankruptcy’
    • 2007 08 17 Fed Cuts Discount Rate to 5.75% to Ease Credit Crunch
    • 2007 08 21 SachsenLB Has EU3 Billion in Subprime, Person Says
    • 2007 08 22 H&R Block Taps Credit Line, Cites `Unstable’ Markets
    • 2007 08 22 Lehman, Accredited, HSBC Shut Offices; Crisis Spreads
    • 2007 08 23 Fed lends $2 billion to banks to ease credit woes
    • 2007 08 29 Basis Yield Files Bankruptcy Over Subprime Defaults
    • 2007 09 06 ECB injects 250 Billion euros into markets
    • 2007 09 14 Northern Rock Gets Emergency Bank of England Funding
    • 2007 09 17 Government guarantees Northern Rock deposits
    • 2007 09 17 NovaStar Can’t Pay Dividend, Forfeits REIT Status
    • 2007 09 18 Stocks Surge on Big Fed Rate Cut

    Losses show in earnest after Q3

    • 2007 10 05 Merrill in $5.5bn sub-prime loss
    • 2007 10 24 Merrill Lynch Reports Loss on $8.4 Billion Writedown
    • 2007 10 31 Fed Lowers Rate by a Quarter Point to 4.5 Percent
    • 2007 11 08 Morgan Stanley takes $3.7bn hit
    • 2007 11 27 Citigroup to Sell $7.5 Billion Stake to Abu Dhabi
    • 2007 12 06 Black Humor Pervades Norway as Subprime Losses Extend to Arctic
    • 2007 12 10 UBS posts fresh $10bn writedown
    • 2007 12 10 MBIA Gets $1 Billion From Warburg Pincus, Sees Losses
    • 2007 12 10 Bank of America to Liquidate $12 Billion Cash Fund
    • 2007 12 11 U.S. rates reduced for third time
    • 2007 12 12 Florida Fund Reduced By $1.9 Billion After SIV Losses
    • 2007 12 13 World central banks agree to inject at least $100bn into inter-bank markets
    • 2007 12 14 Citigroup Rescues SIVs With $58 Billion Debt Bailout
    • 2007 12 17 $20bn from Fed to ease credit woe
    • 2007 12 18 The ECB lends over $500 billion for Christmas
    • 2007 12 19 Ambac, MBIA Outlook Lowered by S&P, ACA Cut to CCC
    • 2007 12 24 Merrill Lynch to Get $6.2 Billion From Temasek, Davis

    Losses after Q4 rising

    • 2008 01 15 Citi Writes Down $18 Billion; Merrill Gets Infusion
    • 2008 01 22 As markets implode, Fed panics and cuts 75bps
    • 2008 01 28 Scandal stings not just bank, but French pride, too
    • 2008 01 30 The Federal Reserve cuts again, 50 basis points
    • 2008 02 14 UBS confirms sub-prime $18.4 billion loss
    • 2008 03 03 HSBC in $17bn credit crisis loss
    • 2008 03 06 Peloton Capital hedge fund collapses
    • 2008 03 07 Ambac Gets $1.5 Billion in Capital to Keep AAA Grade
    • 2008 03 11 Carlyle Fund Tries to Halt Liquidation

    Bear Stearns collapses

    • 2008 03 11 Central Banks inject $200 billion of liquidity into markets
    • 2008 03 14 JPMorgan and Fed Move to Bail Out Bear Stearns
    • 2008 03 25 Seeking Fast Deal, JPMorgan Quintuples Bear Stearns Bid
    • 2008 03 31 U.S. Treasury Backs Regulatory Overhaul, Broader Fed Role

    Losses still rising in 1st Quarter 2008

    • 2008 04 01 UBS writes down another $19 billion
    • 2008 04 01 Deutsche Bank to write down $4B
    • 2008 04 04 MBIA Loses AAA Insurer Rating From Fitch Over Capital
    • 2008 04 08 Washington Mutual Raising $7 Billion
    • 2008 04 14 Wachovia’s Loss a Grim Sign for Banks
    • 2008 04 18 Citigroup Reports Loss on $15 Billion of Credit Costs
    • 2008 04 21 Funds to invest up to $8bn in National City bank
    • 2008 04 22 Merrill Raises $9.55 Billion in Sales of Debt, Preferred Shares
    • 2008 04 22 RBS aims to raise $24B in new capital
    • 2008 04 29 Citigroup Sells $3 Billion of Stock to Boost Capital
    • 2008 04 29 HBOS Plans to Raise 4 Billion Pounds in Share Sale
    • 2008 04 30 Citigroup Increases Stock Offering to $4.5 Billion
    • 2008 05 06 Fannie Mae to raise $6bn new capital
    • 2008 05 07 Town of Vallejo, California goes bankrupt
    • 2008 05 09 Citigroup to wind down $400bn of assets
    • 2008 05 19 Banks Keep $35 Billion Markdown Off Income Statements

    Renewed Concerns over losses as Q2 progresses

    • 2008 05 26 UBS Falls After Saying More Mortgage Losses Possible
    • 2008 06 02 Morgan Stanley, Merrill, Lehman Ratings Cut by S&P
    • 2008 06 02 Bradford & Bingley shares plunge as lender warns on profits
    • 2008 06 05 MBIA, Ambac, $1 Trillion of Debt, Lose S&P AAA Rating

    Second leg in write-off: more loans, fewer derivative securities

    • 2008 06 09 Lehman Brothers to post $3 bln loss; sets $6 bln stock sale
    • 2008 06 09 Lehman to post $2.8 billion quarterly loss
    • 2008 06 09 Lehman Cuts $130 Billion of Assets to End Bear Stigma
    • 2008 06 12 KeyCorp to raise $1.5 billion, cut dividend 50%
    • 2008 06 18 Fifth Third Falls on Plan to Raise $2 Billion, Cut Dividend
    • 2008 06 25 Countrywide Sued by California Over Mortgage Loans
    • 2008 06 25 Countrywide Financial Faces Illinois Suit Over Mortgage Loans
    • 2008 06 30 Florida Sues Countrywide
    • 2008 07 07 Freddie Mac, Fannie Mae Plunge on Capital Concerns
    • 2008 07 10 U.S. Mulls Future of Fannie, Freddie

    Prelude to 2nd panic begins with IndyMac failure

    • 2008 07 11 IndyMac Seized by U.S. Regulators Amid Cash Crunch
    • 2008 07 18 Barclays and HBOS cash calls shunned
    • 2007 07 25 National Australia Bank tumbles on new $830m provision
    • 2008 07 28 Merrill Has $5.7 Billion of Writedowns, Sells Shares
    • 2008 08 08 Auction-Rate Buybacks: The Bottom Line
    • 2008 08 20 Fannie Mae and Freddie Mac shares fall on fears of size of potential losses
    • 2008 08 20 Lehman’s secret talks to sell 50% stake stall

    Panic of 2008

    • 2008 09 07 Paulson Engineers U.S. Takeover of Fannie, Freddie
    • 2008 09 15 Lehman Files Biggest Bankruptcy After Suitors Balk
    • 2008 09 15 Lehman Bankruptcy Summons Drexel Ghost 18 Years Later
    • 2008 09 15 Bank of America to Acquire Merrill as Crisis Deepens
    • 2008 09 15 Fed Widens Collateral, Banks Set Up $70 Billion Fund
    • 2008 09 16 Fed to lend $85 billion to AIG, take 80 percent stake
    • 2008 09 18 Lloyds TSB seals £12.2bn HBOS deal
    • 2008 09 25 WaMu Seized by U.S., Assets Sold to JPMorgan in Record Failure

    Government intervention to end panic

    • 2008 09 29 B&B nationalisation is confirmed
    • 2008 09 29 Iceland nationalises Glitnir bank
    • 2008 10 03 Dutch part of Fortis is nationalised
    • 2008 10 06 Hypo Real Gets EU50 Billion Government-Led Bailout
    • 2008 10 07 UK makes massive rescue plan for banks
    • 2008 10 08 Fed Will Lend Directly to Corporations
    • 2008 10 12 Australia to guarantee bank deposits for three years: PM
    • 2008 10 13 RBS, HBOS and Lloyds to get $64 billion from U.K.
    • 2008 10 13 Fed Says ECB, Others to Offer Unlimited Dollar Funds
    • 2008 10 13 EU Nations Commit 1.3 Trillion Euros to Bank Bailouts
    • 2008 10 13 Germany Pledges EU500 Billion in Bank Rescue Plan
    • 2008 10 15 European central banks pump $250bn liquidity
    • 2008 10 15 EU backs emergency accounting changes
    • 2008 10 16 ECB Widens Collateral Rules, Slashes Required Ratings
    • 2008 10 16 ECB gives Hungary €5bn credit line
    • 2008 10 16 Swiss banks raise emergency funds to fight crisis
    • 2008 10 22 Wachovia reports 23.9 billion loss

    Q4 after the panic

    • 2008 11 10 Wells Sells $11 Billion in Stock for Wachovia Deal
    • 2008 11 13 Ranieri’s Franklin Bank files Chapter 7 bankruptcy
    • 2008 11 19 Citigroup to Buy $17.4 Billion in SIV Assets
    • 2008 11 20 GMAC Latest to Seek Bank Status, Access to Treasury Funds
    • 2008 11 24 Citigroup Gets U.S. Rescue From Losses, Cash Infusion
    • 2008 11 25 Downey Financial files for Chapter 7 bankruptcy
    • 2008 11 26 Iceland’s Glitnir seeks protection from U.S. creditors
    • 2008 12 15 AIG sells $39.3 billion in assets to NY Fed’s fund
    • 2008 12 18 Citigroup’s Debt Lowered Two Grades to A2 by Moody’s
    • 2008 12 20 Latvia Secures 7.5 Billion Euros in IMF, EU Loans
    • 2008 12 23 American Express Will Get $3.39 Billion in TARP Funds
    • 2008 12 30 IndyMac Is Set to Be Sold to Private Investors

    Loss Estimates

  • 2007 06 30 $250 Billion in Subprime Losses?
  • 2007 10 09 U.S. subprime losses may reach $150 billion: S&Pnews
  • 2007 11 12 Subprime Losses May Reach $400 Billion, Analysts Say
  • 2007 11 20 Subprime crisis seen spilling into 2009; Losses top out at $270 Billion
  • 2007 11 22 U.S. subprime losses may hit $300 billion, OECD estimates
  • 2008 01 31 Subprime, CDO Bank Losses May Exceed $265 Billion
  • 2008 01 31 S&P sees more than $265 bln subprime losses
  • 2008 02 11 Credit writedowns may total $175B – analyst
  • 2008 02 29 Financial Firms Face $600 Billion of Losses, UBS Says
  • 2008 03 13 Subprime losses may reach 285 billion dollars: S&P
  • 2008 04 08 IMF says writedowns on U.S. assets could total $945bn
  • 2008 04 15 OECD raises subprime loss tally to $350-420 bln
  • 2008 04 16 OECD predicts subprime losses to hit $420bn
  • 2008 04 23 Subprime writedowns hit $269 billion
  • 2008 04 29 $800 Billion more in Subprime, Alt-A Mortgages May Head `Underwater’
  • 2008 05 14 Subprime losses by global banks total US$400 billion: Fitch
  • 2008 05 20 Credit Crisis Will Extend Into 2009, $170 bn in additional writeoffs
  • 2008 06 02 Wall Street May Face $460 Bln in Losses, Goldman Says
  • 2008 06 18 Paulson & Co. Says Writedowns May Reach $1.3 Trillion
  • 2008 07 07 Treasuries Little Changed; SonntagsZeitung Says Losses to Grow
  • 2008 08 07 Yes, That’s $2 Trillion of Debt-Related Losses
  • 2008 10 07 IMF estimates U.S. mortgage losses to hit $US1.4 trillion
  • 2008 10 28 Bank of England estimates world credit loss at ‘£1.8 trillion’
  • 2009 01 20 Roubini Predicts U.S. Losses May Reach $3.6 Trillion

    Escalating Losses

  • 2007 12 27 Subprime Bank Losses Reach $97 Billion, Led by Citigroup: Table
  • 2008 01 22 Subprime Bank Losses Reach $133 Billion, Led by Merrill: Table
  • 2008 01 31 Subprime Bank Losses Reach $146 Billion as Europe Joins: Table
  • 2008 02 22 Subprime Losses Reach $163 Billion With Asian Banks
  • 2008 02 29 Subprime Losses Reach $181 Billion With European Banks: Table
  • 2008 03 07 Subprime Losses Reach $188 Billion With Canada, Europe: Table
  • 2008 03 14 Subprime Losses Reach $195 Billion; German Banks Get Hit: Table
  • 2008 03 26 Subprime Losses Exceed $208 Billion With U.S. Writedowns: Table
  • 2008 04 01 Subprime Losses Reach $232 Billion With UBS, Deutsche: Table
  • 2008 04 10 Subprime Bank Losses Reach $245 Billion With WaMu, HSH: Table
  • 2008 04 28 Subprime Bank Losses Reach $312 Billion With RBS, Nomura: Table
  • 2008 05 09 Subprime Bank Losses Top $323 Billion With HBOS, Lloyds: Table
  • 2008 05 19 Subprime Losses Top $379 Billion on Balance-Sheet Marks: Table
  • 2008 06 18 Subprime Losses Top $396 Billion on Brokers’ Writedowns: Table
  • 2008 08 12 Banks’ Subprime Losses Top $500 Billion on Writedowns
  • 2008 08 20 Banks’ Subprime Market-Related Losses, Capital Raised: Table
  • 2008 08 27 Banks’ Subprime Market-Related Losses Reach $506 Billion: Table
  • 2008 09 25 Banks’ Subprime Market-Related Losses Top $523 Billion: Table
  • 2008 09 29 Banks’ Subprime-Related Losses Surge to $591 Billion: Table
  • 2008 10-28 The world’s biggest financial companies have posted more than $670 billion in writedowns and credit losses
  • 2009 01 15 Banks’ Loan Losses Could Reach $2 Trillion

    Job Losses

  • 2008 01 24 Morgan Stanley, Lehman, Credit Suisse Cut 1,640 Jobs
  • 2008 02 26 Banks Cut More Than 28,000 Jobs as Subprime Losses Mount: Table
  • 2008 03 24 Wall Street Firms Cut 34,000 Jobs, Most Since 2001 Dot-Com Bust
  • 2008 04 22 Banks Cut 48,000 Jobs as Subprime Losses Mount: Table
  • 2008 05 06 Banks, Brokers Cut 65,000 Jobs as Subprime Losses Mount: Table
  • 2008 05 27 Banks, Brokers Cut 83,000 Jobs as Subprime Losses Mount: Table
  • 2008 09 26 Banks’ Job Cuts Reach 121,000 as Credit Woes Spread: Table

    Capital Raised

  • 2008 01 15 Citigroup, Merrill Receive $21 Billion From Investors
  • 2008 02 01 Banks Look Overseas, Markets to Raise $84 Billion
  • 2008 04 02 Banks Get $136 Billion From Governments, Private Sources: Table
  • 2008 04 16 Banks Get $163 Billion From Governments, Private Sources: Table
  • 2008 04 30 Banks Raise $231 Billion Capital as Credit Losses Surge: Table
  • 2008 06 18 Banks raise $302 Billion in Capital after Brokers’ Losses
  • 2008 07 02 Reference within article: Capital raising has topped $322 Billion
  • 2008 07 15 Reference within article: Capital raising tops $325 Billion
  • 2008 07 22 Reference within article: Capital raising at $345 Billion
  • 2008 08 12 Banks raise $353 Billion in Capital
  • 2008 08 20 Banks’ Subprime Market-Related Losses, Capital Raised: Table
  • 2008 09 29 Banks’ Capital Raised up to $434 Billion: Table

    Foreclosure Estimates

  • 2007 03 12 Foreclosures May Hit 1.5 Million in U.S. Housing Bust

    Government intervention

  • 2009 01 20 Bank of England governor Mervyn King paves way for quantitative easing
  • 2008 12 21 Ireland plans €7bn banking sector bail-out with Anglo Irish first in line
  • 2008 12 20 Latvia Secures 7.5 Billion Euros in IMF, EU Loans
  • 2008 12 11 South Africa Central Bank Cuts Key Rate by Half Point
  • 2008 12 11 Swiss Central Bank Cuts Rate to 0.5%, Recession Looms
  • 2008 12 11 Bank of Korea reduces rates to 3%
  • 2008 12 09 Bank of Canada Cuts Lending Rate to Lowest Since 1958
  • 2008 12 07 India Unveils 3 Trillion Rupee Spending Plan By March
  • 2008 12 06 India slashes rates to shore up growth
  • 2008 12 04 Sweden cuts interest rates to 2%
  • 2008 12 04 U.K. Pound Trades Near Record Low Versus Euro as BOE Cuts Rate
  • 2008 12 04 Is the ECB dragging its heels?
  • 2008 12 03 NZ central bank makes record rate cut
  • 2008 12 02 GAO Urges Treasury to Toughen Oversight of TARP
  • 2008 12 02 Australia: Rates slashed again, more cuts expected
  • 2008 11 29 German regional bank seeks huge bailout
  • 2008 11 26 China makes biggest rate cuts for decade
  • 2008 11 24 Hungary Unexpectedly Cuts Key Rate as Inflation Eases
  • 2008 11 20 Switzerland cuts rates by 100 basis points
  • 2008 11 12 AmEx Seeks $3.5 Billion From Government, Report Says
  • 2008 11 12 GE says gets FDIC backing for $139 billion in debt
  • 2008 11 11 Russia lifts rates to 12pc to save rouble as crisis deepens
  • 2008 11 11 Swiss Central Bank Cuts Rate to 0.5%, Recession Looms
  • 2008 11 10 Latvia takes over Parex after run on bank
  • 2008 10 29 Norway cuts rates by half a point
  • 2008 10 29 Kuwaiti Parliament Passes Law Guaranteeing All Bank Deposits
  • 2008 10 29 Fed Cuts Rate to 1% to Avert Prolonged Recession
  • 2008 10 28 EU approves German bail-out scheme
  • 2008 10 28 Iceland raises rates sharply, others poised to cut
  • 2008 10 23 Sweden Cuts Key Rate to Stimulate Lending, Economy
  • 2008 10 22 Netherlands EU200 Billion Bank Guarantee Will Last Through 2009
  • 2008 10 21 Bank of Canada cuts key rate
  • 2008 10 20 India cuts key interest rate
  • 2008 10 20 Sweden launches financial rescue package
  • 2008 10 16 BOE Curbs Disclosure, Cuts Penalty to Quash Stigma
  • 2008 10 16 ECB Widens Collateral Rules, Slashes Required Ratings
  • 2008 10 16 ECB gives Hungary €5bn credit line
  • 2008 10 16 Swiss banks raise emergency funds to fight crisis
  • 2008 10 15 Iceland Cuts Key Interest Rate to 0.12 From 15.5%
  • 2008 10 15 European central banks pump $250bn liquidity
  • 2008 10 15 EU backs emergency accounting changes
  • 2008 10 13 RBS, HBOS and Lloyds to get $64 billion from U.K.
  • 2008 10 13 Fed Says ECB, Others to Offer Unlimited Dollar Funds
  • 2008 10 13 EU Nations Commit 1.3 Trillion Euros to Bank Bailouts
  • 2008 10 13 Germany Pledges EU500 Billion in Bank Rescue Plan
  • 2008 10 12 Australia to guarantee bank deposits for three years: PM
  • 2008 10 08 Fed Will Lend Directly to Corporations
  • 2008 10 08 Austria Guarantees All Deposits, Stops Short Selling
  • 2008 10 08 Federal Reserve, ECB and Bank of England make emergency interest rate cuts
  • 2008 10 07 Iceland gets $7.6b Russian loan to halt meltdown
  • 2008 10 07 Spain announces emergency fund
  • 2008 10 07 UK makes massive rescue plan for banks
  • 2008 10 06 Hypo Real Gets EU50 Billion Government-Led Bailout
  • 2008 10 05 Denmark Guarantees Deposits in 6.4 Billion Pact
  • 2008 10 05 Germany Guarantees Private Deposits in Bid to Calm Bank `Panic’
  • 2008 10 03 Dutch part of Fortis is nationalised
  • 2008 10 03 Greece joins bailout stampede as Germany vows no blank cheques
  • 2008 09 30 Irish government guarantees bank deposits
  • 2008 09 29 B&B nationalisation is confirmed
  • 2008 09 29 Iceland nationalises Glitnir bank
  • 2008 09 25 WaMu Seized by U.S., Assets Sold to JPMorgan in Record Failure
  • 2008 09 16 Fed to lend 85 billion to AIG, take 80 percent stake
  • 2008 09 15 Fed Widens Collateral, Banks Set Up 70 Billion Fund
  • 2008 09 07 Paulson Engineers U.S. Takeover of Fannie, Freddie
  • 2008 05 07 Town of Vallejo, California goes bankrupt
  • 2008 03 31 US Treasury Backs Regulatory Overhaul, Broader Fed Role
  • 2008 03 11 Central Banks inject 200 billion of liquidity into markets
  • 2008 01 30 The Federal Reserve cuts again, 50 basis points
  • 2008 01 22 As markets implode, Fed panics and cuts 75bps
  • 2007 12 18 The ECB lends over 500 billion for Christmas
  • 2007 12 17 $20bn from Fed to ease credit woe
  • 2007 12 13 World central banks agree to inject at least $100bn into inter-bank markets
  • 2007 12 12 Florida Fund Reduced By 1.9 Billion After SIV Losses
  • 2007 12 11 US rates reduced for third time
  • 2007 10 31 Fed Lowers Rate by a Quarter Point to 4.5 Percent
  • 2007 09 18 Stocks Surge on Big Fed Rate Cut
  • 2007 09 17 Government guarantees Northern Rock deposits
  • 2007 09 14 Northern Rock Gets Emergency Bank of England Funding
  • 2007 09 06 ECB injects 250 Billion euros into markets
  • 2007 08 23 Fed lends 2 billion to banks to ease credit woes
  • 2007 08 17 Fed Cuts Discount Rate to 5.75% to Ease Credit Crunch
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