Credit Crisis Timeline – Credit Writedowns

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.

Bank Writedowns – the long list of links to articles on writedowns and related events by financial institution.
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

Useful Primers
Chronological Timeline of Major Credit Crisis and Housing Bubble Events
Latest Writedown News
Predicted Final Loss Estimates
Total Present Global Losses Tally
Financial Services Job Losses
Capital Raised Tally
Government Action
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