2024年8月26日发(作者：籍馨兰)
58Financial Stability Report June 2009
Annex
Timeline of crisis events
This timeline details key events since Spring 2007.
10 Dec. 07
12 Dec. 07
UBS announces measures to deal with capital
concerns following further write-downs.
Joint Bank of England, Federal Reserve, ECB,
Swiss National Bank (SNB) and Bank of Canada
Date
5 Mar. 07
22 June 07
30 July 07
9 Aug. 07
9 Aug. 07
17 Aug. 07
17 Aug. 07
10 Sep. 07
13 Sep. 07
14 Sep. 07
17 Sep. 07
19 Sep. 07
Oct. 07
8 Nov. 07
20 Nov. 07
Event
HSBC announces one portfolio of purchased
sub-prime mortgages evidenced much higher
delinquency than had been built into the pricing
of these products.
Bear Stearns pledges a collateralised loan to one
of its hedge funds but does not support another.
IKB announces that profit will be ‘significantly’
lower than forecast as a result of sub-prime
mortgage exposures.
BNP Paribas suspends calculation of asset values
of three money market funds exposed to
sub-prime and halts redemptions. AXA had
earlier announced support for its funds.
European Central Bank (ECB) injects €95 billion
overnight to improve liquidity. Injections by
other central banks.
Sachsen LB receives bailout from German
savings bank association.
Federal Reserve approves temporary 50 basis
points reduction in the discount window
borrowing rate, extends term financing, and
notes it will ‘accept a broad range of collateral’.
Victoria Mortgage Funding is the first UK
mortgage company to fail.
Bank of England announces that it will widen the
range on banks’ reserves targets within which
they are remunerated at Bank Rate.
Bank of England announces it has provided a
liquidity support facility to Northern Rock.
Following a retail deposit run, the Chancellor
announces a government guarantee for
Northern Rock’s existing deposits.
Bank of England announces plans to undertake a
series of three-month auctions against a broader
range of collateral (including mortgage
collateral).
Citi, Merrill Lynch and UBS report significant
write-downs.
Moody’s announces it will re-estimate
capital adequacy ratios of US monoline
insurers/financial guarantors.
Freddie Mac announces 2007 Q3 losses and says
it is considering cutting dividends and raising
new capital.
20 Dec. 07
Jan. 08
11 Jan. 08
15 Jan. 08
24 Jan. 08
11 Feb. 08
17 Feb. 08
19 Feb. 08
11 Mar. 08
14 Mar. 08
16 Mar. 08
16 Mar. 08
21 Apr. 08
22 Apr. 08
29 Apr. 08
announcement of measures designed to deal
with pressures in short-term funding markets.
Actions taken by the Federal Reserve include the
establishment of a temporary Term Auction
Facility (TAF).
Bear Stearns announces expected 2007 Q4
write-downs.
Announcements of significant 2007 Q4 losses,
by Citi and Merrill Lynch, among others.
Bank of America confirms purchase of
Countrywide.
Citi announces it is to raise US$14.5 billion in
new capital.
Société Générale reveals trading losses resulting
from fraudulent trading by a single trader.
American International Group (AIG) announces
its auditors have found a ‘material weakness’ in
its internal controls over the valuation of the
AIGFP super senior credit default swap portfolio.
UK Government announces temporary
nationalisation of Northern Rock.
Credit Suisse announces they have identified
mismarkings and pricing errors by a small
number of traders.
Federal Reserve announces the introduction of a
Term Securities Lending Facility and Bank of
England announces it will maintain its expanded
three-month long-term repo against a wider
range of high-quality collateral.
JPMorgan Chase & Co. announces that it has
agreed, in conjunction with the Federal Reserve
Bank of New York, to provide secured funding
to Bear Stearns for an initial period of up to
28 days.
JPMorgan Chase & Co. agrees to purchase
Bear Stearns. Federal Reserve provides
US$30 billion non-recourse funding.
Federal Reserve announces establishment of
Primary Dealer Credit Facility.
Bank of England launches its Special Liquidity
Scheme (SLS) to allow banks to swap
temporarily their high-quality mortgage-backed
and other securities for UK Treasury bills.
RBS announces £12 billion rights issue.
HBOS announces £4 billion rights issue.
Date
2 May 08
14 May 08
2 June 08
9 June 08
16 June 08
18 June 08
25 June 08
11 July 08
13 July 08
15 July 08
30 July 08
7 Sep. 08
15 Sep. 08
16 Sep. 08
17 Sep. 08
18 Sep. 08
18 Sep. 08
18 Sep. 08
Event
Co-ordinated announcement from the Federal
Reserve, ECB and SNB regarding further liquidity
measures.
Bradford & Bingley proposes £300 million rights
issue.
Bradford & Bingley discloses that private equity
firm TPG Capital is to obtain a 23% stake.
RBS confirms that 5% of shares offered were left
with underwriters.
Lehman Brothers confirms a net loss of
US$2.8 billion in Q2.
Morgan Stanley reports losses from mortgage
proprietary trading and bad loans.
Barclays announces plans to raise £4.5 billion in
a share issue.
Closure of US mortgage lender IndyMac.
US Treasury announces a rescue plan for Fannie
Mae and Freddie Mac.
US Securities and Exchange Commission (SEC)
issues an emergency order to enhance investor
protection against ‘naked short-selling’.
Federal Reserve announces the introduction of
an 84-day TAF in addition to its existing 28-day
loans. The ECB and SNB announce they will
provide 84-day US dollar liquidity in addition to
their existing operations with a maturity of
28 days.
Fannie Mae and Freddie Mac taken into
conservatorship.
Lehman Brothers files for bankruptcy. Bank of
America announces purchase of Merrill Lynch.
US Government provides emergency loan to AIG
of US$85 billion in exchange for a 79.9% stake
and right to veto dividend payments.
Bank of England extends drawdown period for
SLS.
Lloyds TSB/HBOS merger announced.
Announcement of co-ordinated central bank
measures to deal with continued elevated
pressures in US dollar short-term funding
markets. Bank of England concludes a reciprocal
swap agreement with the Federal Reserve.
Financial Services Authority (FSA) announces
regulations prohibiting short-selling of financial
shares.
Annex
19 Sep. 08
19 Sep. 08
20 Sep. 08
21 Sep. 08
23 Sep. 08
24 Sep. 08
25 Sep. 08
29 Sep. 08
29 Sep. 08
29 Sep. 08
29 Sep. 08
29 Sep. 08
30 Sep. 08
30 Sep. 08
3 Oct. 08
59
US Treasury announces temporary guarantee
program for the US money market mutual funds
(MMMFs). The Federal Reserve Board
announces it will extend non-recourse loans to
banks to finance purchases of asset-backed
commercial paper from MMMFs.
SEC prohibits short-selling in financial
companies. Bans follow from a number of
European regulators.
US Treasury announces draft proposals to
purchase up to US$700 billion of ‘troubled
assets’, later to become the Troubled Asset Relief
Program (TARP).
The Federal Reserve approves transformation of
Goldman Sachs and Morgan Stanley into bank
holding companies.
Announcement that Berkshire Hathaway is to
invest US$5 billion in Goldman Sachs.
Bradford & Bingley announces the renegotiation
of their mortgage forward sale agreement with
GMAC-RFC.
JPMorgan Chase & Co. buys the deposits, assets
and certain liabilities of Washington Mutual
bank.
Bradford & Bingley is nationalised by UK
Government. Abbey buys its branches and retail
deposit book.
Icelandic Government buys stake in Glitnir Bank.
Belgian, Dutch and Luxembourg governments
announce they will invest €11.2 billion in Fortis.
Federal Reserve increases swap lines to foreign
central banks.
Announcement of Citi’s intention to acquire the
banking operations of Wachovia in a transaction
facilitated by the Federal Deposit Insurance
Corporation (FDIC), protecting all depositors
(under the systemic risk exception of the FDIC
Improvement Act of 1991).
Dexia receives equity capital injection from
Belgian, French and Luxembourg governments
and from existing shareholders.
Irish Government announces deposit guarantee.
Other governments follow with extensions to
deposit guarantees.
US House of Representatives passes
US$700 billion TARP, a government plan to
rescue the US financial sector (having voted
against an earlier version of the plan on
29 September 2008).
60Financial Stability Report June 2009
Date
3 Oct. 08
3 Oct. 08
3 Oct. 08
6 Oct. 08
6 Oct. 08
7 Oct. 08
7 Oct. 08
8 Oct. 08
8 Oct. 08
8 Oct. 08
13 Oct. 08
13 Oct. 08
14 Oct. 08
16 Oct. 08
19 Oct. 08
21 Oct. 08
29 Oct. 08
Event
FSA raises the limit of the deposit guarantee to
£50,000 (with effect from 7 October 2008).
Wells Fargo and Wachovia agree to merge in a
transaction requiring no financial assistance
from the FDIC.
Dutch Government acquires Fortis Bank
Nederland (Holding) N.V.
German authorities announce package to save
Hypo Real Estate.
BNP Paribas announces it has agreed to take
control of Fortis’ operations in Belgium and
Luxembourg as well as the international banking
franchises.
The Icelandic Government takes control of
Glitner and Landsbanki, which owns Icesave.
Federal Reserve announces the creation of the
Commercial Paper Funding Facility.
The Chancellor announces that the retail deposit
business of Heritable and the Kaupthing Edge
deposit business of Kaupthing Singer &
Friedlander has been transferred to ING Direct.
The remainder of the two businesses were put
into administration.
UK support package announced — including
provision of capital to UK incorporated banks,
guarantee for new short to medium-term senior
unsecured debt issuance and the extension and
widening of the SLS.
Co-ordinated interest rate cuts of
0.5 percentage points (including the Bank of
England, the Federal Reserve and ECB).
Further details of the UK support package
released.
Members of the euro zone announce measures
to provide their banks with capital funding.
Further co-ordinated action to provide US dollar
liquidity.
US Government announces Capital Purchase
Program (CPP) of up to US$250 billion.
Bank of England releases consultative paper on
planned developments to its market operations.
Dutch Government injects €10 billion into ING.
Federal Reserve announces the creation of the
Money Market Investor Funding Facility.
Federal Reserve announces the establishment of
swap lines with the Banco Central do Brasil,
Banco de Mexico, Bank of Korea, and the
Monetary Authority of Singapore for up to
US$30 billion each.
31 Oct. 08
3 Nov. 08
6 Nov. 08
6 Nov. 08
10 Nov. 08
21 Nov. 08
23 Nov. 08
24 Nov. 08
25 Nov. 08
26 Nov. 08
1 Dec. 08
4 Dec. 08
4 Dec. 08
5 Dec. 08
Barclays announces plans to raise up to
£7.3 billion of additional capital, including
£5.8 billion from investors in Abu Dhabi and
Qatar.
HM Treasury announces that its shareholding in
banks will be managed on a commercial basis by
a new arm’s-length company, UK Financial
Investments Limited, which is wholly owned by
the UK Government.
Bank of England reduces Bank Rate by
1.5 percentage points to 3%.
International Monetary Fund (IMF) approves
US$15.7 billion Stand-By Arrangement (SBA) for
Hungary.
US authorities announce a restructuring of the
financial support of AIG. The US Treasury will
purchase US$40 billion of AIG senior preferred
shares, which will be used to reduce the Federal
Reserve’s loan to AIG.
FSA confirms Derbyshire Building Society
merger with the Nationwide Building Society.
Citigroup to issue preferred shares to the
US Treasury and FDIC in exchange for protection
against unusually large losses on a
US$306 billion pool of loans and securities.
The US Treasury will invest an additional
US$20 billion in Citigroup from the TARP.
UK Government announces a temporary cut in
VAT from 17.5% to 15% in the Pre-Budget
Report.
Federal Reserve announces the creation of the
Term Asset-Backed Securities Loan Facility
(TALF) and a new program to purchase direct
obligations of Fannie Mae and Freddie Mac.
Federal Reserve announces approval of the
notice of Bank of America Corporation to
acquire Merrill Lynch.
National Bureau of Economic Research
announces that a peak in US economic activity
occurred in December 2007 and that the
economy has since been in a recession.
Bank of England reduces Bank Rate by
1.0 percentage points to 2.0%.
FSA consults on liquidity rules for banks,
building societies and investment firms.
FSA confirms Cheshire Building Society merger
with the Nationwide Building Society.
Date
15 Dec. 08
16 Dec. 08
16 Dec. 08
23 Dec. 08
24 Dec. 08
7 Jan. 09
8 Jan. 09
14 Jan. 09
15 Jan. 09
19 Jan. 09
19 Jan. 09
19 Jan. 09
23 Jan. 09
3 Feb. 09
5 Feb. 09
6 Feb. 09
Event
UK Government announces changes to the
Credit Guarantee Scheme, adjusting the formula
that determines the fees paid by participating
institutions for use of the Government
guarantees.
Federal Reserve establishes a target range for
the effective federal funds rate of 0% to 0.25%.
FSA confirms Catholic Building Society merger
with the Chelsea Building Society.
IMF approves US$2.35 billion SBA for Latvia.
FSA confirms Barnsley Building Society merger
with the Yorkshire Building Society.
Lloyds Banking Group (LBG) offers to exchange
upper Tier 2 for Tier 1 securities.
Bank of England reduces Bank Rate by
0.5 percentage points to 1.5%.
UK Government announces loan guarantees to
the value of more than £20 billion to help small
and medium-sized businesses.
Irish Government announces that Anglo Irish
Bank is to be nationalised.
UK Government announces the Asset Purchase
Facility (APF), authorising the Bank of England
to purchase a range of high-quality assets as
part of a package of measures to support
lending.
UK Government announces the Asset Protection
Scheme (APS) designed to protect financial
institutions against exposure to exceptional
future credit losses on certain portfolios of
assets.
FSA issues a statement clarifying that banks are
expected to maintain a minimum core Tier 1
capital ratio of 4% and expressing its preference
for the capital regime to incorporate
countercyclical measures.
ONS releases preliminary estimate of 2008 Q4
GDP which shows a second consecutive quarter
of negative growth implying that the UK
economy has entered recession based on a
definition of two quarters of negative growth.
Federal Reserve announces the extension, to
30 October 2009, of the existing liquidity
programs and swap lines with foreign central
banks.
Bank of England reduces Bank Rate by
0.5 percentage points to 1.0%.
Bank of England publishes operational details
about the APF agreed with HM Government.
Annex61
10 Feb. 09US Treasury announces a Financial Stability Plan,
involving ‘stress tests’ to inform the need for
capital injections, the creation of a
Public-Private Investment Fund to acquire
troubled loans and other assets from financial
institutions, expansion of the TALF, and new
initiatives to stem residential mortgage
foreclosures and to support small business
lending.
17 Feb. 09President Obama signs into law the
‘American Recovery and Reinvestment Act of
2009’ which includes a variety of spending
measures and tax cuts intended to promote
economic recovery.
21 Feb. 09UK Banking Act 2009 comes into effect
implementing the Special Resolution Regime
(SRR) and replaces temporary powers provided
by the Banking (Special Provisions) Act 2008.
23 Feb. 09UK Government announces plans for Northern
Rock to increase mortgage lending by up to
£14 billion over the next two years.
26 Feb. 09RBS announces an attributable loss of
£24.1 billion. UK Government announces details
of the APS and an agreement in principle with
RBS to participate in the APS including increased
lending commitments.
27 Feb. 09US Treasury announces its willingness to convert
up to US$25 billion of Citigroup preferred stock
issued under the CPP into common equity.
27 Feb. 09LBG announces results, including pre-tax loss of
£10.8 billion for HBOS.
Mar.–Apr. 09Various UK banks offer to buy back or exchange
for senior debt Tier 1 and Tier 2 capital securities.
2 Mar. 09US authorities announce a restructuring of their
assistance to AIG. Under the restructuring, AIG
will receive as much as US$30 billion of
additional capital.
2 Mar. 09HSBC announces plans to raise £12.5 billion in a
rights issue.
3 Mar. 09US authorities announce the launch of the TALF.
Under the program, the Federal Reserve Bank of
New York will lend up to US$200 billion to
eligible owners of certain AAA-rated
asset-backed securities.
5 Mar. 09Bank of England reduces Bank Rate by
0.5 percentage points to 0.5% and announces
£75 billion asset purchase programme.
7 Mar. 09UK Government announces an agreement in
principle with LBG to participate in the APS,
including additional lending commitments.
62Financial Stability Report June 2009
Date
18 Mar. 09
19 Mar. 09
20 Mar. 09
23 Mar. 09
24 Mar. 09
30 Mar. 09
30 Mar. 09
2 Apr. 09
7 Apr. 09
9 Apr. 09
9 Apr. 09
17 Apr. 09
22 Apr. 09
22 Apr. 09
6 May 09
Event
Federal Reserve maintains the target range for
the effective federal funds rate at 0% to 0.25%
and announces an expansion of over
US$1 trillion in its planned asset purchases this
year.
Bank of England publishes details of its
Corporate Bond Secondary Market Scheme as
part of its APF.
FSA confirms Scarborough Building Society
merger with the Skipton Building Society.
US Treasury announces details on the
Public-Private Investment Program for Legacy
Assets. The Treasury will provide 50% of the
equity capital.
IMF creates the Flexible Credit Line (FCL),
inviting applications from strong-performing
countries.
Standard & Poor’s (S&P) lowers the long-term
sovereign credit rating of Ireland from AAA to
AA+, with a negative outlook.
Bank of England announces that key parts of
Dunfermline Building Society have been
transferred to Nationwide Building Society
under the SRR.
G20 Summit communiqué announces a trebling
of the IMF’s available resources to
US$750 billion.
Irish Government announces plans for the
National Asset Management Agency to manage
the worst-performing land and development
loans of Irish banks.
German Government begins the process to
take over Hypo Real Estate.
CVC Capital Partners Ltd. agrees to buy iShares
from Barclays for £3.0 billion.
IMF approves a US$47 billion credit line for
Mexico under the new FCL.
UK Government launches Asset-backed
Securities Guarantee Scheme, under which
HM Treasury will provide credit guarantees
and liquidity guarantees on residential
mortgage-backed securities issued by UK banks
and building societies.
IMF publishes its World Economic Outlook
warning that the global economy will decline by
1.3% in 2009, the weakest performance by far of
the whole post-war period.
IMF approves a US$20.6 billion credit line for
Poland under the IMF’s new FCL.
7 May 09
7 May 09
7 May 09
21 May 09
28 May 09
1 June 09
8 June 09
8 June 09
9 June 09
11 June 09
12 June 09
17 June 09
Federal Reserve releases the results of the ‘stress
test’ of the 19 largest US bank holding
companies. The assessment finds that losses at
the 19 firms during 2009 and 2010 could be
US$600 billion and ten firms would need to add,
in aggregate, US$185 billion to their capital to
maintain adequate buffers if the economy were
to track the more adverse scenario considered in
the programme.
Bank of England maintains Bank Rate at 0.5%
and increases size of asset purchase programme
by £50 billion to £125 billion.
ECB announces it will lower its policy interest
rate to 1.0%, after reducing it by 50 basis
points in March and 25 basis points in April. It
expects to purchase around €60 billion of
covered bonds, and the European Investment
Bank will become an eligible counterparty in the
Eurosystem’s monetary policy operations.
S&P affirms the long-term sovereign credit
rating of the United Kingdom but revises the
outlook to negative.
FSA issues a statement that clarifies how stress
tests have been used within the United Kingdom
and provides information on the key
macroeconomic parameters.
General Motors Corporation and three domestic
subsidiaries announce that they have filed for
relief under Chapter 11 of the US Bankruptcy
Code.
S&P lowers the long-term sovereign credit
rating of Ireland from AA+ to AA, with a negative
outlook.
LBG repays some of the Government’s capital.
US Treasury announces that ten of the largest
US financial institutions participating in the CPP
have met the requirements for repayment.
BlackRock agrees to pay US$13.5 billion to buy
Barclays Global Investors.
West Bromwich Building Society announces a
significant strengthening of its core Tier 1 capital
position by swapping subordinated debt for a
new instrument which will qualify as core Tier 1
capital.
President Obama announces a comprehensive
plan for regulatory reform. The plan would give
the Federal Reserve new responsibilities for
consolidated supervision of systemically
important banks among other changes.
2024年8月26日发(作者：籍馨兰)
58Financial Stability Report June 2009
Annex
Timeline of crisis events
This timeline details key events since Spring 2007.
10 Dec. 07
12 Dec. 07
UBS announces measures to deal with capital
concerns following further write-downs.
Joint Bank of England, Federal Reserve, ECB,
Swiss National Bank (SNB) and Bank of Canada
Date
5 Mar. 07
22 June 07
30 July 07
9 Aug. 07
9 Aug. 07
17 Aug. 07
17 Aug. 07
10 Sep. 07
13 Sep. 07
14 Sep. 07
17 Sep. 07
19 Sep. 07
Oct. 07
8 Nov. 07
20 Nov. 07
Event
HSBC announces one portfolio of purchased
sub-prime mortgages evidenced much higher
delinquency than had been built into the pricing
of these products.
Bear Stearns pledges a collateralised loan to one
of its hedge funds but does not support another.
IKB announces that profit will be ‘significantly’
lower than forecast as a result of sub-prime
mortgage exposures.
BNP Paribas suspends calculation of asset values
of three money market funds exposed to
sub-prime and halts redemptions. AXA had
earlier announced support for its funds.
European Central Bank (ECB) injects €95 billion
overnight to improve liquidity. Injections by
other central banks.
Sachsen LB receives bailout from German
savings bank association.
Federal Reserve approves temporary 50 basis
points reduction in the discount window
borrowing rate, extends term financing, and
notes it will ‘accept a broad range of collateral’.
Victoria Mortgage Funding is the first UK
mortgage company to fail.
Bank of England announces that it will widen the
range on banks’ reserves targets within which
they are remunerated at Bank Rate.
Bank of England announces it has provided a
liquidity support facility to Northern Rock.
Following a retail deposit run, the Chancellor
announces a government guarantee for
Northern Rock’s existing deposits.
Bank of England announces plans to undertake a
series of three-month auctions against a broader
range of collateral (including mortgage
collateral).
Citi, Merrill Lynch and UBS report significant
write-downs.
Moody’s announces it will re-estimate
capital adequacy ratios of US monoline
insurers/financial guarantors.
Freddie Mac announces 2007 Q3 losses and says
it is considering cutting dividends and raising
new capital.
20 Dec. 07
Jan. 08
11 Jan. 08
15 Jan. 08
24 Jan. 08
11 Feb. 08
17 Feb. 08
19 Feb. 08
11 Mar. 08
14 Mar. 08
16 Mar. 08
16 Mar. 08
21 Apr. 08
22 Apr. 08
29 Apr. 08
announcement of measures designed to deal
with pressures in short-term funding markets.
Actions taken by the Federal Reserve include the
establishment of a temporary Term Auction
Facility (TAF).
Bear Stearns announces expected 2007 Q4
write-downs.
Announcements of significant 2007 Q4 losses,
by Citi and Merrill Lynch, among others.
Bank of America confirms purchase of
Countrywide.
Citi announces it is to raise US$14.5 billion in
new capital.
Société Générale reveals trading losses resulting
from fraudulent trading by a single trader.
American International Group (AIG) announces
its auditors have found a ‘material weakness’ in
its internal controls over the valuation of the
AIGFP super senior credit default swap portfolio.
UK Government announces temporary
nationalisation of Northern Rock.
Credit Suisse announces they have identified
mismarkings and pricing errors by a small
number of traders.
Federal Reserve announces the introduction of a
Term Securities Lending Facility and Bank of
England announces it will maintain its expanded
three-month long-term repo against a wider
range of high-quality collateral.
JPMorgan Chase & Co. announces that it has
agreed, in conjunction with the Federal Reserve
Bank of New York, to provide secured funding
to Bear Stearns for an initial period of up to
28 days.
JPMorgan Chase & Co. agrees to purchase
Bear Stearns. Federal Reserve provides
US$30 billion non-recourse funding.
Federal Reserve announces establishment of
Primary Dealer Credit Facility.
Bank of England launches its Special Liquidity
Scheme (SLS) to allow banks to swap
temporarily their high-quality mortgage-backed
and other securities for UK Treasury bills.
RBS announces £12 billion rights issue.
HBOS announces £4 billion rights issue.
Date
2 May 08
14 May 08
2 June 08
9 June 08
16 June 08
18 June 08
25 June 08
11 July 08
13 July 08
15 July 08
30 July 08
7 Sep. 08
15 Sep. 08
16 Sep. 08
17 Sep. 08
18 Sep. 08
18 Sep. 08
18 Sep. 08
Event
Co-ordinated announcement from the Federal
Reserve, ECB and SNB regarding further liquidity
measures.
Bradford & Bingley proposes £300 million rights
issue.
Bradford & Bingley discloses that private equity
firm TPG Capital is to obtain a 23% stake.
RBS confirms that 5% of shares offered were left
with underwriters.
Lehman Brothers confirms a net loss of
US$2.8 billion in Q2.
Morgan Stanley reports losses from mortgage
proprietary trading and bad loans.
Barclays announces plans to raise £4.5 billion in
a share issue.
Closure of US mortgage lender IndyMac.
US Treasury announces a rescue plan for Fannie
Mae and Freddie Mac.
US Securities and Exchange Commission (SEC)
issues an emergency order to enhance investor
protection against ‘naked short-selling’.
Federal Reserve announces the introduction of
an 84-day TAF in addition to its existing 28-day
loans. The ECB and SNB announce they will
provide 84-day US dollar liquidity in addition to
their existing operations with a maturity of
28 days.
Fannie Mae and Freddie Mac taken into
conservatorship.
Lehman Brothers files for bankruptcy. Bank of
America announces purchase of Merrill Lynch.
US Government provides emergency loan to AIG
of US$85 billion in exchange for a 79.9% stake
and right to veto dividend payments.
Bank of England extends drawdown period for
SLS.
Lloyds TSB/HBOS merger announced.
Announcement of co-ordinated central bank
measures to deal with continued elevated
pressures in US dollar short-term funding
markets. Bank of England concludes a reciprocal
swap agreement with the Federal Reserve.
Financial Services Authority (FSA) announces
regulations prohibiting short-selling of financial
shares.
Annex
19 Sep. 08
19 Sep. 08
20 Sep. 08
21 Sep. 08
23 Sep. 08
24 Sep. 08
25 Sep. 08
29 Sep. 08
29 Sep. 08
29 Sep. 08
29 Sep. 08
29 Sep. 08
30 Sep. 08
30 Sep. 08
3 Oct. 08
59
US Treasury announces temporary guarantee
program for the US money market mutual funds
(MMMFs). The Federal Reserve Board
announces it will extend non-recourse loans to
banks to finance purchases of asset-backed
commercial paper from MMMFs.
SEC prohibits short-selling in financial
companies. Bans follow from a number of
European regulators.
US Treasury announces draft proposals to
purchase up to US$700 billion of ‘troubled
assets’, later to become the Troubled Asset Relief
Program (TARP).
The Federal Reserve approves transformation of
Goldman Sachs and Morgan Stanley into bank
holding companies.
Announcement that Berkshire Hathaway is to
invest US$5 billion in Goldman Sachs.
Bradford & Bingley announces the renegotiation
of their mortgage forward sale agreement with
GMAC-RFC.
JPMorgan Chase & Co. buys the deposits, assets
and certain liabilities of Washington Mutual
bank.
Bradford & Bingley is nationalised by UK
Government. Abbey buys its branches and retail
deposit book.
Icelandic Government buys stake in Glitnir Bank.
Belgian, Dutch and Luxembourg governments
announce they will invest €11.2 billion in Fortis.
Federal Reserve increases swap lines to foreign
central banks.
Announcement of Citi’s intention to acquire the
banking operations of Wachovia in a transaction
facilitated by the Federal Deposit Insurance
Corporation (FDIC), protecting all depositors
(under the systemic risk exception of the FDIC
Improvement Act of 1991).
Dexia receives equity capital injection from
Belgian, French and Luxembourg governments
and from existing shareholders.
Irish Government announces deposit guarantee.
Other governments follow with extensions to
deposit guarantees.
US House of Representatives passes
US$700 billion TARP, a government plan to
rescue the US financial sector (having voted
against an earlier version of the plan on
29 September 2008).
60Financial Stability Report June 2009
Date
3 Oct. 08
3 Oct. 08
3 Oct. 08
6 Oct. 08
6 Oct. 08
7 Oct. 08
7 Oct. 08
8 Oct. 08
8 Oct. 08
8 Oct. 08
13 Oct. 08
13 Oct. 08
14 Oct. 08
16 Oct. 08
19 Oct. 08
21 Oct. 08
29 Oct. 08
Event
FSA raises the limit of the deposit guarantee to
£50,000 (with effect from 7 October 2008).
Wells Fargo and Wachovia agree to merge in a
transaction requiring no financial assistance
from the FDIC.
Dutch Government acquires Fortis Bank
Nederland (Holding) N.V.
German authorities announce package to save
Hypo Real Estate.
BNP Paribas announces it has agreed to take
control of Fortis’ operations in Belgium and
Luxembourg as well as the international banking
franchises.
The Icelandic Government takes control of
Glitner and Landsbanki, which owns Icesave.
Federal Reserve announces the creation of the
Commercial Paper Funding Facility.
The Chancellor announces that the retail deposit
business of Heritable and the Kaupthing Edge
deposit business of Kaupthing Singer &
Friedlander has been transferred to ING Direct.
The remainder of the two businesses were put
into administration.
UK support package announced — including
provision of capital to UK incorporated banks,
guarantee for new short to medium-term senior
unsecured debt issuance and the extension and
widening of the SLS.
Co-ordinated interest rate cuts of
0.5 percentage points (including the Bank of
England, the Federal Reserve and ECB).
Further details of the UK support package
released.
Members of the euro zone announce measures
to provide their banks with capital funding.
Further co-ordinated action to provide US dollar
liquidity.
US Government announces Capital Purchase
Program (CPP) of up to US$250 billion.
Bank of England releases consultative paper on
planned developments to its market operations.
Dutch Government injects €10 billion into ING.
Federal Reserve announces the creation of the
Money Market Investor Funding Facility.
Federal Reserve announces the establishment of
swap lines with the Banco Central do Brasil,
Banco de Mexico, Bank of Korea, and the
Monetary Authority of Singapore for up to
US$30 billion each.
31 Oct. 08
3 Nov. 08
6 Nov. 08
6 Nov. 08
10 Nov. 08
21 Nov. 08
23 Nov. 08
24 Nov. 08
25 Nov. 08
26 Nov. 08
1 Dec. 08
4 Dec. 08
4 Dec. 08
5 Dec. 08
Barclays announces plans to raise up to
£7.3 billion of additional capital, including
£5.8 billion from investors in Abu Dhabi and
Qatar.
HM Treasury announces that its shareholding in
banks will be managed on a commercial basis by
a new arm’s-length company, UK Financial
Investments Limited, which is wholly owned by
the UK Government.
Bank of England reduces Bank Rate by
1.5 percentage points to 3%.
International Monetary Fund (IMF) approves
US$15.7 billion Stand-By Arrangement (SBA) for
Hungary.
US authorities announce a restructuring of the
financial support of AIG. The US Treasury will
purchase US$40 billion of AIG senior preferred
shares, which will be used to reduce the Federal
Reserve’s loan to AIG.
FSA confirms Derbyshire Building Society
merger with the Nationwide Building Society.
Citigroup to issue preferred shares to the
US Treasury and FDIC in exchange for protection
against unusually large losses on a
US$306 billion pool of loans and securities.
The US Treasury will invest an additional
US$20 billion in Citigroup from the TARP.
UK Government announces a temporary cut in
VAT from 17.5% to 15% in the Pre-Budget
Report.
Federal Reserve announces the creation of the
Term Asset-Backed Securities Loan Facility
(TALF) and a new program to purchase direct
obligations of Fannie Mae and Freddie Mac.
Federal Reserve announces approval of the
notice of Bank of America Corporation to
acquire Merrill Lynch.
National Bureau of Economic Research
announces that a peak in US economic activity
occurred in December 2007 and that the
economy has since been in a recession.
Bank of England reduces Bank Rate by
1.0 percentage points to 2.0%.
FSA consults on liquidity rules for banks,
building societies and investment firms.
FSA confirms Cheshire Building Society merger
with the Nationwide Building Society.
Date
15 Dec. 08
16 Dec. 08
16 Dec. 08
23 Dec. 08
24 Dec. 08
7 Jan. 09
8 Jan. 09
14 Jan. 09
15 Jan. 09
19 Jan. 09
19 Jan. 09
19 Jan. 09
23 Jan. 09
3 Feb. 09
5 Feb. 09
6 Feb. 09
Event
UK Government announces changes to the
Credit Guarantee Scheme, adjusting the formula
that determines the fees paid by participating
institutions for use of the Government
guarantees.
Federal Reserve establishes a target range for
the effective federal funds rate of 0% to 0.25%.
FSA confirms Catholic Building Society merger
with the Chelsea Building Society.
IMF approves US$2.35 billion SBA for Latvia.
FSA confirms Barnsley Building Society merger
with the Yorkshire Building Society.
Lloyds Banking Group (LBG) offers to exchange
upper Tier 2 for Tier 1 securities.
Bank of England reduces Bank Rate by
0.5 percentage points to 1.5%.
UK Government announces loan guarantees to
the value of more than £20 billion to help small
and medium-sized businesses.
Irish Government announces that Anglo Irish
Bank is to be nationalised.
UK Government announces the Asset Purchase
Facility (APF), authorising the Bank of England
to purchase a range of high-quality assets as
part of a package of measures to support
lending.
UK Government announces the Asset Protection
Scheme (APS) designed to protect financial
institutions against exposure to exceptional
future credit losses on certain portfolios of
assets.
FSA issues a statement clarifying that banks are
expected to maintain a minimum core Tier 1
capital ratio of 4% and expressing its preference
for the capital regime to incorporate
countercyclical measures.
ONS releases preliminary estimate of 2008 Q4
GDP which shows a second consecutive quarter
of negative growth implying that the UK
economy has entered recession based on a
definition of two quarters of negative growth.
Federal Reserve announces the extension, to
30 October 2009, of the existing liquidity
programs and swap lines with foreign central
banks.
Bank of England reduces Bank Rate by
0.5 percentage points to 1.0%.
Bank of England publishes operational details
about the APF agreed with HM Government.
Annex61
10 Feb. 09US Treasury announces a Financial Stability Plan,
involving ‘stress tests’ to inform the need for
capital injections, the creation of a
Public-Private Investment Fund to acquire
troubled loans and other assets from financial
institutions, expansion of the TALF, and new
initiatives to stem residential mortgage
foreclosures and to support small business
lending.
17 Feb. 09President Obama signs into law the
‘American Recovery and Reinvestment Act of
2009’ which includes a variety of spending
measures and tax cuts intended to promote
economic recovery.
21 Feb. 09UK Banking Act 2009 comes into effect
implementing the Special Resolution Regime
(SRR) and replaces temporary powers provided
by the Banking (Special Provisions) Act 2008.
23 Feb. 09UK Government announces plans for Northern
Rock to increase mortgage lending by up to
£14 billion over the next two years.
26 Feb. 09RBS announces an attributable loss of
£24.1 billion. UK Government announces details
of the APS and an agreement in principle with
RBS to participate in the APS including increased
lending commitments.
27 Feb. 09US Treasury announces its willingness to convert
up to US$25 billion of Citigroup preferred stock
issued under the CPP into common equity.
27 Feb. 09LBG announces results, including pre-tax loss of
£10.8 billion for HBOS.
Mar.–Apr. 09Various UK banks offer to buy back or exchange
for senior debt Tier 1 and Tier 2 capital securities.
2 Mar. 09US authorities announce a restructuring of their
assistance to AIG. Under the restructuring, AIG
will receive as much as US$30 billion of
additional capital.
2 Mar. 09HSBC announces plans to raise £12.5 billion in a
rights issue.
3 Mar. 09US authorities announce the launch of the TALF.
Under the program, the Federal Reserve Bank of
New York will lend up to US$200 billion to
eligible owners of certain AAA-rated
asset-backed securities.
5 Mar. 09Bank of England reduces Bank Rate by
0.5 percentage points to 0.5% and announces
£75 billion asset purchase programme.
7 Mar. 09UK Government announces an agreement in
principle with LBG to participate in the APS,
including additional lending commitments.
62Financial Stability Report June 2009
Date
18 Mar. 09
19 Mar. 09
20 Mar. 09
23 Mar. 09
24 Mar. 09
30 Mar. 09
30 Mar. 09
2 Apr. 09
7 Apr. 09
9 Apr. 09
9 Apr. 09
17 Apr. 09
22 Apr. 09
22 Apr. 09
6 May 09
Event
Federal Reserve maintains the target range for
the effective federal funds rate at 0% to 0.25%
and announces an expansion of over
US$1 trillion in its planned asset purchases this
year.
Bank of England publishes details of its
Corporate Bond Secondary Market Scheme as
part of its APF.
FSA confirms Scarborough Building Society
merger with the Skipton Building Society.
US Treasury announces details on the
Public-Private Investment Program for Legacy
Assets. The Treasury will provide 50% of the
equity capital.
IMF creates the Flexible Credit Line (FCL),
inviting applications from strong-performing
countries.
Standard & Poor’s (S&P) lowers the long-term
sovereign credit rating of Ireland from AAA to
AA+, with a negative outlook.
Bank of England announces that key parts of
Dunfermline Building Society have been
transferred to Nationwide Building Society
under the SRR.
G20 Summit communiqué announces a trebling
of the IMF’s available resources to
US$750 billion.
Irish Government announces plans for the
National Asset Management Agency to manage
the worst-performing land and development
loans of Irish banks.
German Government begins the process to
take over Hypo Real Estate.
CVC Capital Partners Ltd. agrees to buy iShares
from Barclays for £3.0 billion.
IMF approves a US$47 billion credit line for
Mexico under the new FCL.
UK Government launches Asset-backed
Securities Guarantee Scheme, under which
HM Treasury will provide credit guarantees
and liquidity guarantees on residential
mortgage-backed securities issued by UK banks
and building societies.
IMF publishes its World Economic Outlook
warning that the global economy will decline by
1.3% in 2009, the weakest performance by far of
the whole post-war period.
IMF approves a US$20.6 billion credit line for
Poland under the IMF’s new FCL.
7 May 09
7 May 09
7 May 09
21 May 09
28 May 09
1 June 09
8 June 09
8 June 09
9 June 09
11 June 09
12 June 09
17 June 09
Federal Reserve releases the results of the ‘stress
test’ of the 19 largest US bank holding
companies. The assessment finds that losses at
the 19 firms during 2009 and 2010 could be
US$600 billion and ten firms would need to add,
in aggregate, US$185 billion to their capital to
maintain adequate buffers if the economy were
to track the more adverse scenario considered in
the programme.
Bank of England maintains Bank Rate at 0.5%
and increases size of asset purchase programme
by £50 billion to £125 billion.
ECB announces it will lower its policy interest
rate to 1.0%, after reducing it by 50 basis
points in March and 25 basis points in April. It
expects to purchase around €60 billion of
covered bonds, and the European Investment
Bank will become an eligible counterparty in the
Eurosystem’s monetary policy operations.
S&P affirms the long-term sovereign credit
rating of the United Kingdom but revises the
outlook to negative.
FSA issues a statement that clarifies how stress
tests have been used within the United Kingdom
and provides information on the key
macroeconomic parameters.
General Motors Corporation and three domestic
subsidiaries announce that they have filed for
relief under Chapter 11 of the US Bankruptcy
Code.
S&P lowers the long-term sovereign credit
rating of Ireland from AA+ to AA, with a negative
outlook.
LBG repays some of the Government’s capital.
US Treasury announces that ten of the largest
US financial institutions participating in the CPP
have met the requirements for repayment.
BlackRock agrees to pay US$13.5 billion to buy
Barclays Global Investors.
West Bromwich Building Society announces a
significant strengthening of its core Tier 1 capital
position by swapping subordinated debt for a
new instrument which will qualify as core Tier 1
capital.
President Obama announces a comprehensive
plan for regulatory reform. The plan would give
the Federal Reserve new responsibilities for
consolidated supervision of systemically
important banks among other changes.