Bank failures and rescues#Timelines

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A timeline (or several) relating to Bank failures and rescues.

A chronology of bank failures and rescues

## Contents

* 1 Before WW1
* 1.1 United States
* 1.2 United Kingdom
* 2 The inter-war years
* 2.1 US bank failure statistics
* 2.2 1923
* 2.3 1925
* 2.4 1926
* 2.5 1927
* 2.6 1929
* 2.7 1930
* 2.8 1931
* 2.9 1932
* 2.10 1933
* 2.11 1934
* 3 1940 to 2007
* 3.1 The 1970s
* 3.2 The 1980s
* 3.3 The 1990s
* 3.4 Early 2000s
* 4 2007
* 4.1 The year 2007
* 4.2 March
* 4.3 April
* 4.4 June
* 4.5 August
* 4.6 September
* 4.7 October
* 4.8 December
* 5 2008
* 5.1 January
* 5.2 February
* 5.3 March
* 5.4 April
* 5.5 August
* 5.6 September
* 5.7 October
* 5.8 November
* 5.9 December
* 6 2009
* 7 2010

## Before WW1[edit]

### United States[edit]

Bank runs occur in 1793, 1797, 1810, 1815, 1819, 1825, 1833, 1837, 1839, 1847, 1857, 1873, 1884, 1890, 1893, and 1907 [1] [2].

1914 Federal Reserve Bank created [3].

### United Kingdom[edit]

1866 Overend-Gurney bank's collapse causes a banking panic [4]

1890 Barings crisis. The Bank of England organises rescue of Barings bank by the Rothschilds bank.

## The inter-war years[edit]

### US bank failure statistics[edit]

Year  | 1925  | 1926  | 1927  | 1928  | 1929  | 1930  | 1931  | 1932  | 1933  | 1934  | 1935/40 average

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Number of bank suspensions  | 618  | 976  | 669  | 488  | 659  | 1350  | 2293  | 1453  | 4000  | 57  | 40

(Source Federal Reserve Bank of St Louis [5].)

### 1923[edit]

Norway: failure of the Centralbanken for Norge.

### 1925[edit]

Spain: failure of Banco de la Union Miniere and Banco Vasca.

### 1926[edit]

Poland: runs on 3 major banks.

### 1927[edit]

Japan: runs on 32 banks.

### 1929[edit]

Austria: failure of Bodencreditanstalt. Germany: failure of Frankfurter Allgemeine Versicherungs AG.

### 1930[edit]

United States: failure of Bank of America. France: failure of Banque Adam and the Oustric Group.

### 1931[edit]

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.

### 1932[edit]

United States: Chicago banking panic

### 1933[edit]

United States: general banking panic, followed by "banking holiday". Federal Deposit Insurance Corporation created [6].

### 1934[edit]

Belgium: failure of Banque Nationale de Travail.

## 1940 to 2007[edit]

( (S) denotes a crisis that is classed as "systemic" on the World Bank database of banking crises [7])

### The 1970s[edit]

1974 German Herstatt bank failure

UK Secondary banking crisis.

1977 Banking crises in Israel (S) and Spain (S).

### The 1980s[edit]

US Savings and Loans crisis - Failure of 296 US "Savings and Loans" mortgage lenders [8]

1981 Mexican banking crisis (S) [9].

1982 Banking crises in Singapore (S) and Turkey (S).

1984 80 US bank failures

US Continental Illinois bank rescue [10] [11]. The "too big to fail" doctrine [12].

UK Johnson Matthey bank failure.

1985 120 US bank failures.

1987 Danish banking crisis.

1988 Norwegian banking crisis starts [13].

### The 1990s[edit]

The decade:

Failure of a further 451 US "Savings and Loans" mortgage lenders.

1990 Bank of New England failure [14].

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 [15].

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 [16].

1996 Jamaican banking crisis (S).

1997 The beginning of the Asian banking crisis (S) [17][18].

1998 US Long Term Capital Management hedge fund rescue [19]

### Early 2000s[edit]

2001 Argentinian banking crisis (S).

## 2007[edit]

#### The year 2007[edit]

The bursting of the United States housing bubble and the development there of the subprime mortgages crisis.

#### March[edit]

Signs of crisis in the US subprime mortgages market[20]

#### April[edit]

Failure of New Century Financial (the second-largest subprime lender)[21]

#### June[edit]

25 Two of the Bear Stearns bank's hedge funds are threatened by losses from mortgage defaults [22].

#### August[edit]

2 German IKB is bank rescued from bankrutcy[23]

6 American Home Mortgage becomes bankrupt [24].

9 French bank BNP Paribas freezes some of its funds because it is unable to value their US mortgage-backed assets. [25]

#### September[edit]

The UK's Northern Rock suffers a  bank run [26]

#### October[edit]

Citibank, Merill Lynch and UBS announce asset writedowns

#### December[edit]

The Federal Reserve announces launch of the international Term Auction Facility[27] [28]

## 2008[edit]

#### January[edit]

US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [29].

#### February[edit]

Northern Rock bank nationalised[30].

#### March[edit]

The Bear Stearns bank is sold to J P Morgan Chase & Co for $2 a share[31] [32] (with $30 billion support from the Federal Reserve)

#### April[edit]

The Bank of England announces its Special Liquidity Scheme[33] (to allow banks to swap temporarily their high quality mortgage-backed and other securities for UK Treasury Bills)

#### August[edit]

Fannie Mae and Freddie Mac rescued [34].

#### September[edit]

7 Fannie Mae and Freddie Mac "nationalised" [35].

12 The Lehman Brothers bank becomes  bankrupt [36] with losses of $365 billion to insurers of its bonds.

15 The Merrill Lynch bank is sold to Bank of America after major capital writedowns [37].

17 American Insurance Group "nationalised" [38].

UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [39].

18 Paulson Rescue plan proposed (US Treasury scheme to take "toxic assets" out of the US banking system) [40]

23 The Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[41].

26 Washington Mutual is closed by it's regulator. Assets sold to JPMorgan Chase [42].

28 UK's Bradford and Bingley bank is nationalised [43].

Multiple European bank rescues [44].

30 Iceland's Glitnir bank is nationalised [45].

#### October[edit]

3 Modified Paulson Plan (to purchase toxic assets) approved by Congress [46].

Dutch Fortis and ABN Amro are banks nationalised [47].

Germany's Hypo Real Estate bank is rescued [48]

Icelandic economic crisis [49].

6 US Wachovia Corpis rescued [50].

7 Federal Reserve announces its Commercial Paper Funding Scheme[51]

8 UK rescue plan (to inject capital, take equity in banks and guarantee interbank lending) [52] [53].

10 G7 Action Plan agreed in general terms by finance ministers [54].

12 EU leaders adopt UK rescue plan'  :[55].

13 UK government to take equity in Royal Bank of Scotland, Lloyds TSB and Halifax/Bank of Scotland[56] [57][58].

14 President Bush announces new plans (to inject capital, take equity in banks and guarantee interbank lending) [59].

US government to take equity in Bank of America, J P Morgan Chase, Citigroup, Morgan Stanley, & Goldman Sachsbanks[60].

16 UBS rescue by £30 bn from Swiss government [61].

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.

### November[edit]

20 The Federal Deposit Insurance Corporation announces its loan guarantee scheme[62]

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 [63].

US government makes $20 billion cash injection into Citigroup bank and guarantees against loss on $306 billion of iliquid assets [64] [65] [66][67]

### December[edit]

: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.

## 2009[edit]

January

US government rescues Bank of America for £20bn
German government rescues West Lb for $6.4bn.
February

More on the Asset Protection Scheme [68]
March

UK government to take controlling interest in Lloyds TSB under its Asset Protection Scheme [69].
April

According to the European Commission, member governments have so far committed $3.9 trillion (25% of the 27-nation GDP) to bank rescues [70].
May

EU Commission's regulatory proposals[71]
June

President Obama's proposals for regulatory reform[72]

## 2010[edit]