March US Government offers $29 billion of credit in the form of guarantees for the toxic mortgage-backed debt held on the books of Bear Stearns. The credit was made available as part of a deal where JPMorgan Chase acquired its smaller rival. US Federal Reserve also extends the availability of cheap financing to investment banks as well as commercial banks

May Washington returns $168 billion to American taxpayers in an attempt to stimulate the US economy

September 6 The US Government takes control of mortgage companies Fannie Mae and Freddie Mac. Promises to inject up to $100billion into each

September 16 Washington nationalises AIG. Lends the insurer $85 billion for two years, during which time it is expected to break itself up, raise new capital and pay back the American taxpayer

. . . and the banks Washington refused to bail out

July 11 IndyMac, the US mortgage bank, seized by regulators after a run on the bank left it short of funds. The bank filed for bankruptcy protection three weeks later

July 21 US financial regulators spend a week trying to secure a takeover of two collapsed banks, First National Bank of Nevada and First Heritage Bank in California. Between them, the mortgage lenders controlled assets of $3.6 billion

September 7 Silver State becomes eleventh US bank to collapse. The lender had $1.7 billion of deposits

September 14 Lehman Brothers files for bankruptcy protection. It controlled $600 billion of assets

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax