Sept

15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

Oct

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

B a n k L i a b i l i t y G u a r a n t e e s O t h e r M a r k e t I n t e r v e n t i o n s L i q u i d i t y a n d R e s c u e I n t e r v e n t i o n s

International Responses to the Crisis Timeline

(Sept 2008 - Oct 2008)

Click on any event for further information. This timeline is updated on the rst of every month.If you encounter broken links or have other feedback, please e-mailwilliam.ryan@ny.frb.org.

Sept

15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

Oct

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

20-SeptIreland

Deposit insuranceincreased to EUR100,000

3-OctUnited Kingdom

Deposit insuranceincreased to GBP50,000

8-OctUnited Kingdom

Major nancialinstitutions mustraise Tier I capitalby GBP 25 billioncombined, fundswill be available

8-OctUnited Kingdom

Credit GuaranteeScheme announcedto guarantee debtof short maturity

Sep-07 thru Feb-08United Kingdom

Government providesliquidity facilities andguarantees to NorthernRock before it isultimately nationalized

Aug-07 thru Aug-08Germany

IKB, WestLB, BayernLBand SachsenLB receivecapital injections, creditlines and asset-backedsecurity loss guarantees

13-OctUnited Kingdom

Capital injectionsof GBP 37 billion toHBOS/Lloyds, RBS

30-SeptIreland

Six banks receiveguarantees on alldeposits and somedebt instruments

6-OctSweden

Deposit insuranceextended to alltypes of deposits,up to SEK 500,000

8-OctSweden

SEK 5 billionliquidity facilitycreated forKaupthing Bank

27-OctSweden

SEK 1 billionliquidity facilitycreated forCarnegie

28-OctSweden

Carnegie liquidityfacility increasedto SEK 5 billion

20-OctSweden

Government willguarantee up toSEK 1.5 trillion innew debt issues

20-OctSweden

Stabilization fund announced,with SEK 15 billion initially;government will be given theright to buy out shareholdersin systemically importantinstitutions at market price

10-OctSweden

Central bank announcesit will discontinue repoops for monetary policy,and will instead issuedebt to absorb liquidity

9-OctFrance

Governmentguarantees 36.5%of EUR 150 billionDexia renancing

13-OctFrance

EUR 320 billionfund to provideloans to banks andother nancialrms announced

16-OctSwitzerland

Government injectsCHF 6 billion intoUBS and creates anSPV to buy illiquidassets, funded byUBS capital and acentral bank loan

15-OctSwitzerland

Central bank willbegin issuing itsown debt to absorbexcess liquidity

13-OctFrance

EUR 40 billion tobe made availableto recapitalizenancial rms

20-OctFrance

Government subscribesto EUR 10.5 billion insubordinated debt issueby six largest banks

30-SeptFrance

Government andstate-owned bank contribute EUR 3billion to Dexiarecapitalization

18-SeptIrelandShort sales

of nancial stocksprohibitedindenitely

19-SeptFranceShort sales

of nancial stocksprohibited, plusdisclosurerequirements

19-SeptCanadaShort sales

of nancial stocksprohibitedtemporarily

3-OctCanada

Prohibition on

shortsales

extended untilend of SEC’s ban

10-OctCanada

Government will purchase25 billion in government-insured mortgage pools

14-Oct Japan

Disclosure of

short positions

now requireddaily by sector

9-OctItaly

Government statesno banks will fail,no depositors willsuer losses

1-OctItalyShort sales

of nancial stocksprohibitedtemporarily

29-OctItaly

Prohibition on

shortsales

extended untilyear end

13-OctItaly

Government passesbank nancingguarantee, willprovide unspeciedamount

27-Oct Japan

Naked

short selling

banned, exchangesmust disclose holdersof 0.25% short position,until end of April

18-SeptSweden

Government willissue large amountsof T-bills, to counter-act market shortage

18-SeptUnited KingdomShort sales

of nancialstocks prohibited,disclosure of shortpositions required

29-SeptUnited Kingdom

Bradford & Bingleybank nationalized,branch system anddeposits sold toBanco Santander

6-OctGermany

Hypo Real Estatenancing guaranteeincreased to EUR 50billion

13-OctGermany

EUR 400 billionplan to guaranteebank nancingannounced

13-OctGermany

EUR 70 billionrecapitalizationfund announced

31-OctGermany

Son providesHypo Real Estatewith an additionalEUR 15 billion inguarantees

27-OctGermanyFinancial rescue fundSon begins operation

,with power to guaranteenancing, buy assets,and recapitalize rms

29-SeptGermany

Hypo Real Estatereceives EUR 35billion guaranteednancing

5-OctGermany

Governmentguarantees allprivate bank accounts

23-OctCanada

Canadian LendersAssurance Facilityannounced toguarantee debt upto three years

Click on any event for further information. This timeline is updated on the rst of every month.If you encounter broken links or have other feedback, please e-mailwilliam.ryan@ny.frb.org.

B a n k L i a b i l i t y G u a r a n t e e s O t h e r M a r k e t I n t e r v e n t i o n s L i q u i d i t y a n d R e s c u e I n t e r v e n t i o n s U n c o n v e n t i o n a l M o n e t a r y P o l i c y

International Responses to the Crisis Timeline

(Nov 2008 - Mar 2009)

Nov

3 6 9 12 15 18 21 24 27 30

Dec

3 6 9 12 15 18 21 24 27 30

Jan

3 6 9 12 15 18 21 24 27 30

Feb

3 6 9 12 15 18 21 24 27

Mar

3 6 9 12 15 18 21 24 27 30