Bank failures and rescues/Timelines
A chronology of bank failures and rescues
- 1 Before WW1
- 2 The inter-war years
- 3 1940 to 2007
- 4 2007
- 5 2008
- 6 2009
- 7 2010
1914 Federal Reserve Bank created .
1890 Barings crisis. The Bank of England organises rescue of Barings bank by the Rothschilds bank.
The inter-war years
US bank failure statistics
Year 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935/40 average Number of bank suspensions 618 976 669 488 659 1350 2293 1453 4000 57 40
- (Source Federal Reserve Bank of St Louis .)
Norway: failure of the Centralbanken for Norge.
Spain: failure of Banco de la Union Miniere and Banco Vasca.
Poland: runs on 3 major banks.
Japan: runs on 32 banks.
Austria: failure of Bodencreditanstalt. Germany: failure of Frankfurter Allgemeine Versicherungs AG.
United States: failure of Bank of America. France: failure of Banque Adam and the Oustric Group.
United States: failure of over 1800 banks. Austria: failure of Creditanstalt Bank. France: failure of Banque Nationale de Crédit, Romania: failure of Banca Generale a Tari Românesti and Banca Marmerosh. Runs on banks in Argentina, Poland, Germany, Hungary, Latvia, Turkey, Egypt and Mexico.
United States: Chicago banking panic
Belgium: failure of Banque Nationale de Travail.
1940 to 2007
1974 German Herstatt bank failure
- UK Secondary banking crisis.
1977 Banking crises in Israel (S) and Spain (S).
US Savings and Loans crisis - Failure of 296 US "Savings and Loans" mortgage lenders 
1981 Mexican banking crisis (S) .
1982 Banking crises in Singapore (S) and Turkey (S).
1984 80 US bank failures
- UK Johnson Matthey bank failure.
1985 120 US bank failures.
1987 Danish banking crisis.
1988 Norwegian banking crisis starts .
- Failure of a further 451 US "Savings and Loans" mortgage lenders.
1990 Bank of New England failure .
- Banking crises in China (S) and Italy (S).
1991 Banking crises in Germany, Finland (S) and Japan (S).
- UK Bank of Credit and Commerce International failure .
1994 Banking crises in Australia (S) , France, Brazil (S) and Mexico (S).
- Japanese credit cooperatives Tokyo Kyowa and Anzen fail.
1995 UK Barings bank failure .
1996 Jamaican banking crisis (S).
2001 Argentinian banking crisis (S).
The year 2007
- The bursting of the United States housing bubble and the development there of the subprime mortgages crisis.
- Failure of New Century Financial (the second-largest subprime lender)
- 6 American Home Mortgage becomes bankrupt .
- 9 French bank BNP Paribas freezes some of its funds because it is unable to value their US mortgage-backed assets. 
- Citibank, Merill Lynch and UBS announce asset writedowns
- US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% .
- Northern Rock bank nationalised.
- The Bear Stearns bank is sold to J P Morgan Chase & Co for $2 a share  (with $30 billion support from the Federal Reserve)
- The Bank of England announces its Special Liquidity Scheme (to allow banks to swap temporarily their high quality mortgage-backed and other securities for UK Treasury Bills)
- Fannie Mae and Freddie Mac rescued .
- 7 Fannie Mae and Freddie Mac "nationalised" .
- 12 The Lehman Brothers bank becomes bankrupt  with losses of $365 billion to insurers of its bonds.
- 17 American Insurance Group "nationalised" .
- UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB .
- 18 Paulson Rescue plan proposed (US Treasury scheme to take "toxic assets" out of the US banking system) 
- 26 Washington Mutual is closed by it's regulator. Assets sold to JPMorgan Chase .
- 28 UK's Bradford and Bingley bank is nationalised .
- Multiple European bank rescues .
- 30 Iceland's Glitnir bank is nationalised .
- Dutch Fortis and ABN Amro are banks nationalised .
- Germany's Hypo Real Estate bank is rescued 
- Icelandic economic crisis .
- 6 US Wachovia Corpis rescued .
- 7 Federal Reserve announces its Commercial Paper Funding Scheme
- 8 UK rescue plan (to inject capital, take equity in banks and guarantee interbank lending)  .
- 10 G7 Action Plan agreed in general terms by finance ministers .
- 12 EU leaders adopt UK rescue plan' :.
- 13 UK government to take equity in Royal Bank of Scotland, Lloyds TSB and Halifax/Bank of Scotland .
- 14 President Bush announces new plans (to inject capital, take equity in banks and guarantee interbank lending) .
- US government to take equity in Bank of America, J P Morgan Chase, Citigroup, Morgan Stanley, & Goldman Sachsbanks.
- 16 UBS rescue by £30 bn from Swiss government .
- 23 Federal Reserve Bank provides $540 billion support for money market funds.
- German bank BayernLLB seeks $7 billion aid
- French government provides $14 billion aid to BNP Paribas, Credit Agricole and 4 other banks.
- Swedish government announces $200 billion rescue proposal.
- Dutch ING bank gets $13 billion government lifeline.
- 20 The Federal Deposit Insurance Corporation announces its loan guarantee scheme
- 23 US Federal Reserve Bank promises to buy up to $500 billion worth of mortgage-backed securities guarantee by Fannie Mae and Freddie Mac and up to $100billion worth of their direct debt .
- US government makes $20 billion cash injection into Citigroup bank and guarantees against loss on $306 billion of iliquid assets   
:US government rescues CIT Group for $2.3bn
- US government rescues Fifth Third Bankcorp for $3.4bn
- US government rescues PNC Suntrust Banks for $1.4bn
- Irish government rescues Allied Irish## Banks for $2.0bn.
- US government rescues Bank of America for £20bn
- German government rescues West Lb for $6.4bn.
- More on the Asset Protection Scheme 
- UK government to take controlling interest in Lloyds TSB under its Asset Protection Scheme .
- According to the European Commission, member governments have so far committed $3.9 trillion (25% of the 27-nation GDP) to bank rescues .
- EU Commission's regulatory proposals
- President Obama's proposals for regulatory reform