August 8
In one of the biggest
losses in UK corporate history, RBS reports a pre-tax loss of £692
million in the first half, after writing down £5.9 billion on investments
hit by the credit crunch
August 7
Barclays reports a 33
per cent slide in first-half pre-tax profits to an £2.8 billion
August 6
Freddie Mac reports $821
million loss
August 5
Sub-prime losses and rogue trader weigh on SocGen's
profits
UK repossessions
rise 40 per cent as mortgage arrears worsen
August 4
HSBC profits fall 28 per cent as bad
debt rises £10 billion
US inflation hits 27-year
high
August 1
Alliance & Leicester profits plunge by 99
per cent
July 30
Lloyds TSB profits
dive 70 per cent on writedowns
July 27
Wall Street shares
tumble as the IMF warns the US housing crisis is not over
July 23
President
Bush agrees to back deal to save Fannie Mae and Freddie Mac
July 11
Oil hits a record high of over $147 a barrel, as London
shares fall back into bear market territory
July 10
US home loan giants Fannie
Mae and Freddie Mac lose half their value and appear on the brink of
collapse
July 4
Shares fall as global markets sink into a bear
market
July 1
Annual house price falls in the UK are the worst
since 1992
June 25
Barclays announces plans to raise
£4.5 billion through a discounted placing and open offer of shares
June 20
HBOS shares fall below
rights issue price
June 19
Research shows 170
hedge funds have been forced into liquidation in three months
June 2
A profits
warning from Bradford & Bingley sends the FTSE 100 below 6,000
May 22
Nationwide takes a £726 million crunch
hit
May 15
The interbank lending rate, LIBOR,
jumps as banks rush to borrow £78.3 billion from the Bank of England
Barclays reveals a further £1.7
billion writedown
May 14
Despite denials just weeks ago Bradford & Bingley launches an emergency
£300 million rights issue
May 13
Soaring food and fuel costs send UK inflation
to 3 per cent
Alliance & Leicester announces a £391
million writedown
May 6
UBS cuts
5,500 jobs as it plunges £5.5 billion into the red
May 2
The Fed and the ECB pump an extra $82 billion into the banking system
April 29
HBOS announces a £4
billion rights issue
April 24
Credit Suisse reports first
quartlerly loss for nearly five years and falls into the red
April 22
Royal Bank of Scotland admits loan losses hit £1.25
billion in just six weeks
April 21
RBS confirms that it is considering a £10
billion rights issue
Bank of England unveils a £50
billion bailout scheme to aid banks and ease the motgage market
April 18
Citigroup axes
9,000 jobs and writes off $15.2 billion
April 16
JP Morgan profits
dive 50 per cent
April 14
Wachovia announces a $4.4
billion writedown as foreclosures soar
April 1
UBS chief Marcel
Ospel quits amid a new £10 billion writeoff
March 30
Henry Paulson announces proposes sweeping
reforms to banking controls
In Britain the CBI warns that 11,000
jobs in the City could be lost by June
March 18
Lehman Brothers and Goldman Sachs report better-than-expected
results
March 16
Bear Stearns is sold to JP Morgan Chase for just $240 million under Fed
pressure in an emergency
rescue takeover
March 14
Bear Stearns is bailed out with emergency
funding from JP Morgna and the NY Fed
March 7
Carlyle Capital Corporation, $22 million bond fund owned by the private equity
group Carlyle, collapses
Former bosses of Citigroup and Merrill Lynch face a congressional
committee grilling over pay
The Fed releases another $200
billion emergency funding
March 3
HSBC's sub-prime loan write-offs hit $51
million a day
February 17
Alistair Darling announces that Northern Rock will be nationalised
February 13
Bradford & Bingley profits
halve after a surprise £94 million writedown
February 12
Credit
Suisse cuts its sub-prime related writedowns
February 7
Bank of England cuts
interest rates to 5.25 per cent
Deutsche Bank reveals smaller-than-expected
fall in income
January 31
Bond insurer MBIA's
rating is under threat as it suffers a $2.3 billion loss
January 30
FBI
will target senior bankers for insider dealing and fraud in a criminal
investigation of the sub-prime crisis
In another aggressive
move the Fed cuts rates by a further 0.5 per cent
January 21
Stock markets around the world suffer major
falls. The Fed cuts interest rates by a drastic 0.75 per cent. It later
emerges that efforts to unwind positions taken by Société Générale rogue
trader Jérôme Kerviel may have fuelled the panic
January 17
Merrill Lynch sub-prime losses top $23
billion
January 16
JP Morgan profits
falls by a third
January 15
Citigroup reports biggest loss in 196-year history and joins Merrill Lynch in
receiving combined
$21 million from foreign investors
January 11
Bank of America buys struggling
Countrywide for $4 billion
January 8
Bear Stearns chief James
Cayne steps down as the bank reveals huge losses
December 19
Morgan Stanley falls into the red with $9.4
billion writeoff but receives $5 billion from the China Investment
Corporation
December 18
Interbank
lending rates fall as the Bank of England makes £10 billion available to
UK banks and the ECB provides €350 billion (£250 billion) capital
December 14
New Citigroup chief Vikram Pandit brings seven high-risk SIVs worth $49
billion onto the bank's books
December 12
Central banks launch unprecedented $110
billion lifeline for interbank borrowing markets
December 11
Fed cuts rates for the third
time in four months
December 10
UBS reveals a further
$10 billion writedown and Societe Generale launches a $4.3 billion
bailout of its off-balance sheet SIV
December 6
Bank of England cuts
interest rates to 5.5%. The ECB keeps eurozone rates on hold
November 27
Citigroup turns to Abu
Dhabi sovereign fund for $7.5 billion cash injection
November 20
Shares in UK lender Paragon are suspended as it warns of collapse
Freddie Mac announces largest quarterly loss to date as it unveils $4.8
billion bad debts and writedowns
November 15
Northern Rock boss Adam Applegarth
resigns
Barclays announces £1.3
billion writedown
November 14
HSBC says it is writing off loans at the rate $38
million a day, and increases its bad debt provision to $3.4 billion
November 13
Bank of America announces a $3
billion writedown
November 7
Morgan Stanley unveils $3.7
billion sub-prime hit
November 2
Citigroup reveals further losses of between $8 billion and $11 billion.
Chairman and chief executive Chuck
Prince resigns
November 1
Credit Suisse takes a near-£1
billion writedown
October 31
Fed cuts
rates again
October 30
Merrill Lynch's Stan
O'Neal is ousted after the bank reveals an $8.4 billion quarterly loss
October 15
The sub-prime crisis knocks 57
per cent off Citigroup's profits
October 5
Merrill Lynch reveals $5.6 billion sup-prime loss
October 1
UBS reveals fixed income losses have risen to $3.4 billion
Citigroup stuns
investors with 60 per cent profit warning
September 26
UK banks shun offer of £10
billion emergency funding from the Bank of England
September 22
Alistair Darling suggests the Government is planning a
£100,000 guarantee to cover all savers
September 20
Goldman Sachs delivers record
$4.3 billion profits despite a $1.7 billion loss
September 17
In an unprecedented move, the Chancellor says the Government will guarantee
all savings of Northern Rock customers
September 14
Panicked Northern Rock savers rush to empty
their accounts as shares in the bank plummet
September 13
It emerges that Northern Rock applied to the Bank of England for emergency
funding after struggling to raise money
September 6
Leading central banks pour further
cash into the markets
August 31
President
Bush and Ben Bernanke pledge to take steps to ease the crisis
August 22
Bank of America pours in $2
billion to aid Countrywide
August 17
US Fed cuts
discount rate, the rate at which it lends to banks
August 16
Countrywide Financial, America's largest mortgage lender, calls in an $11.5
billion cash lifeline from 40 of the world's biggest banks
August 13
Goldman Sachs is forced to inject
$3 billion (£1.5 billion) into one of its hedge funds after it was hit
by a downward spiral in global equities
August 10
Continued turmoil forces further action from the world's central banks, which
pump $120
billion into financial markets. The FTSE 100 falls more than 3.7 per
cent - the biggest drop in four years
August 9
BNP Paribas suspends
three funds, once worth €1.6 billion, saying US sub-prime problems make
it impossible to value the funds
Central banks are forced
to intervene as global stock markets tumble. The European Central Bank
releases €94.8 billion emergency funding to stabilise markets; the Fed
releases $24 billion and the Bank of Japan takes similar action
August 6
American
Home Mortgage Corp (AHM), the tenth largest lender, which specialises in
less risky prime and near-prime mortgages, is forced to file for Chapter 11
bankruptcy
August 3
German bank IKB reveals £12 billion exposure to sub-prime loans
August 2
Leading investment banks on both sides of the Atlantic are saddled with almost $500
billion (£246 billion) in agreed leveraged loans that they are unable to
parcel out to other investors as credit crunch fears grow
August 1
Credit turmoil
hits markets across the world
July 19
Ben Bernanke says the sub-prime crisis could cost
$100 billion, and pledges to tackle abusive lending
June 29
Bear Stearns replaces
Richard Marin, head of its asset management arm, with Jeffrey Lane, in an
effort to restore confidence after the collapse of its funds
June 22
Bear Stearns reveals it has spent $3.2 billion (£1.6 billion) in a high-risk
bailout of its struggling hedge funds
May 3
Sub-prime losses force UBS to close
its high-profile hedge fund, Dillon Reed Capital Management
April 2
New Century Financial, the second largest sub-prime lender, files
for Chapter 11 bankruptcy
February 22 2007
HSBC fires
its top US chiefs as sub-prime debts mushroom
