THE GLOBAL

FINANCIAL
CRISIS
A seesaw is a long, narrow board suspended in the middle
so that, as one end goes up, the other goes down. The
origins of the word come from the visibility gained and lost
as players take turns giving each other a vantage point.

The board is balanced in the exact center. Persons seated on

each end and take turns pushing their feet against the
ground to lift their end into the air. Playground seesaws
usually have handles for the riders to grip as they sit facing
each other. One problem with the seesaw's design is that if
a child allows himself/herself to hit the ground suddenly
after jumping, or exits the seesaw at the bottom, the other
child may fall and be injured. For this reason, seesaws are
often mounted above a soft surface.

10/17/2008 Global Crisis: Timeline

Part I provides a timeline of major events in the crisis 2007-

2008. Part II lists financial institutions with major writedowns,
while Parts III and IV look at the fates of these institutions (in
table form). Part V includes useful graphics and tables.
 The Global Financial Crisis

The Global Financial Crisis

2007-2008 TIMELINE

TIMELINE OF EVENTS………………………………………………………2
2007: SUB-PRIME MARKET COMPLICATIONS ..................................................................... 2
APRIL-AUGUST 2007: SUB-PRIME CONTAGION ................................................................. 2
AUGUST 2007: THE SCOPE OF THE CRISIS EXPANDS ......................................................... 2
SEPTEMBER 2007: A BANK RUN ......................................................................................... 2
OCTOBER 2007: WRITEDOWNS ........................................................................................... 3
OCTOBER-NOVEMBER 2007: MORTGAGE AND DERIVATIVES MARKETS WORSEN .......... 3
DECEMBER 2007: OFFICIAL INTERVENTIONS ..................................................................... 3
DECEMBER 2007: BOND INSURERS FALTER ........................................................................ 3
JANUARY 2008: RUNS ON FUNDS AND MARKETS............................................................ 3
FEBRUARY - MARCH 2008: LARGE INSTITUTIONS FAIL ..................................................... 3
APRIL - JUNE 2008: LOOKING FOR CASH .......................................................................... 4
JULY 2008: MARKET MAKERS FAIL .................................................................................... 4
AUGUST - SEPTEMBER 2008: NO MORE INVESTMENT BANKING ...................................... 5
OCTOBER 2008: THE BAILOUTS .......................................................................................... 5

FINANCIAL INSTITUTIONS WITH MAJOR WRITEDOWNS……………7

BANKS' SUBPRIME-RELATED LOSSES SURGE TO $591 BILLION….9
STATUS OF FIRMS UNABLE TO RAISE PRIVATE CAPITAL SUFFICIENT
TO COVER WRITEDOWNS………………………………………………….13
INTERNATIONAL RESCUE PACKAGES: GRAPHIC…………………….16

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 The Global Financial Crisis

TIMELINE OF EVENTS1

2007: SUB-PRIME MARKET COMPLICATIONS

The US housing market weakens as housing prices fall and borrowers increasingly default on sub-prime loans.
Governmental review of rating mechanisms for subprime lending and related derivatives instruments reveals
that instrument rating formulas were nearly identical to those employed in the traditional mortgage market,
and incorrectly assumed similar rates of rescheduling and default.

APRIL-AUGUST 2007: SUB-PRIME CONTAGION

April: New Century Financial, which specialises in sub-prime mortgages, files for Chapter 11 bankruptcy
protection. New Century’s collapse begins to impact banks which had purchased New Century instruments
around the world.
July: Bear Stearns informs investors that they will receive little or none of the money invested in two of its
hedge funds, following a refusal by other banks to assist in a bailout.

AUGUST 2007: THE SCOPE OF THE CRISIS EXPANDS

9 August 2007: BNP Paribas freezes investor withdrawals from two hedge funds, claiming that the assets
cannot be valued accurately due to a "complete evaporation of liquidity" in the market. The European Central
Bank pumps 95bn euros (£63bn) to try to improve liquidity, adding another 108.7bn euros in the following
days. The Fed, the Bank of Canada and the Bank of Japan also launch interventions.
17 August: The Fed continues to follow a “cheap money” solution, cutting its bank lending rate 50 basis points
to 5.75%.
28 August: German regional bank Sachsen Landesbank nears sub-prime based collapse, and is sold to
Landesbank Baden-Wuerttemberg.

SEPTEMBER 2007: A BANK RUN

3 September: German corporate lender IKB announces a $1bn loss on investments linked to the US sub-prime
market. IKB’s difficulties lead to an investor run – the first in a long series of such withdrawals (see Table II).
4 September: LIBOR hits 6.7975%. Banks restrain lending out of concerns about one other’s solvency, or are
themselves unable to secure financing.
13 September: Northern Rock Bank (UK) is granted emergency financial support from the Bank of England, in
the latter's role as lender of last resort. On 14 September, depositors withdraw £1bn in the UK’s biggest
bank run for more than a century, until the government issues a depository guarantee.
18 September: The Fed cuts its main interest rate to 4.75%.
19 September: The Bank of England announces that it will auction £10bn, reversing a prior no-injection policy.

1 Compiled from the Financial Times, Forbes, BBC and CreditWriteDowns.com.

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 The Global Financial Crisis

OCTOBER 2007: WRITEDOWNS

1 October: UBS (Switzerland) announces $3.4bn in losses from sub-prime related investments, alongside the
resignations of its chairman and chief executive. Citigroup unveils a sub-prime related loss of $3.1bn, with an
additional $5.9bn written down in following weeks. Within six months, its stated losses amount to $40bn.
30 October: Merrill Lynch's chief resigns after a $7.9bn bad debt exposure is announced.

OCTOBER-NOVEMBER 2007: MORTGAGE AND DERIVATIVES MARKETS

WORSEN
In the US and UK, default rates continue to rise. Spain’s covered bond markets begin to attract concern.

DECEMBER 2007: OFFICIAL INTERVENTIONS

6 December: US President George W Bush outlines a tax relief proposal to assist a million homeowners facing
foreclosure. The Bank of England cuts interest rates by a quarter of one percentage point to 5.5%.
13 December: The Fed coordinates interbank intervention in short-term banking institution financing by five
leading central banks. The Bank of England participates despite prior resistance, calling intervention an
attempt to "forestall any prospective sharp tightening of credit conditions." LIBOR temporarily drops and
stabilizes.
17 December: Another round of central banks funding is announced. The Fed announces a $20bn auction and
the European Central Bank auctions $500bn the next day.

DECEMBER 2007: BOND INSURERS FALTER

19 December: Standard and Poor's downgrades several larger monoline insurers (specialists in bond
insurance who basically provide credit default swaps). Banks are forced to write down further, as investor
concerns about the banks’ insurers’ solvency grows.

JANUARY 2008: RUNS ON FUNDS AND MARKETS

18 January: Scottish Equitable delays funds withdrawals by up to 12 months, as investors rush to withdraw
from its commercial property funds. SE claims necessity based on the sub-prime mortgage collapse and rising
interest rates.
21 January: Global stock markets take their greatest single-day hits since 11 September 2001.
22 January: The Fed drops rates to 3.5%, leading to a rebound in global stock markets.
31 January: UK bond insurer MBIA announces a loss of $2.3bn, blaming the US sub-prime mortgage crisis.

FEBRUARY - MARCH 2008: LARGE INSTITUTIONS FAIL

10 February: Leaders from the G7 group of industrialised nations say worldwide losses stemming from the
collapse of the US sub-prime mortgage market could reach $400bn.
17 February: The UK nationalizes Northern Rock Bank.

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 The Global Financial Crisis

7 March: The Fed makes $200bn of funds available to banks and other institutions to try to improve liquidity
in the markets.
11 March: The Dutch government approves break-up plan for ABN Amro, issuing a “declaration of no
objection” to a plan proposed by Royal Bank of Scotland, Santander of Spain and Fortis, the Belgo-Dutch
group.
17 March: Bear Stearns is acquired by JP Morgan Chase for $240m, backed by $30bn of central bank
loans. In the first quarter of 2007, Bear Stearns was valued at $34 bn.

APRIL - JUNE 2008: LOOKING FOR CASH

2 April: Moneyfacts, which monitors financial products, says 20% of mortgage products have been withdrawn
from the UK market in the previous seven days. The 100% mortgage disappears on 7 April, when Abbey
Financial withdraws the last home loan available without a deposit.
8 April: The IMF warns that potential losses from the credit crunch could reach above $1 trillion, as effects
spread into other sectors including commercial property, consumer credit, and company debt. “The effects of
the credit crunch are likely to be broader, deeper and more protracted than previously expected.”
21 April: The Bank of England announces a £50bn plan under which struggling banks may swap mortgage
debts for secure government bonds.
22 April: Royal Bank of Scotland, struggling to balance its losses, announces a £12bn rights issue, while
writing down £5.9bn over the second quarter of 2008.
2 May: More than 850 UK companies went into administration between January and March – with retail and
construction firms hardest hit.
22 May: UBS (Swiss) launches a $15.5bn rights issue to cover some of its $37bn losses on mortgage-related
assets.
19 June: The FBI arrests 406 people, including brokers and housing developers, as part of an investigation
into mortgage frauds worth $1bn. Two former Bear Stearns employees face criminal charges related to the
collapse of two hedge funds linked to sub-prime mortgages, on allegations of non-disclosure to investors.
20 June: Derivatives broker MF Global, spun out of U.K. hedge fund manager MAN Group in July 2007,
seeks $300 million in additional financing that will be dilutive to common shareholders, and lowers revenue
and profit guidance.
25 June: Barclays announces a £4.5bn share issue to balance its books. The Qatar Investment Authority, a
sovereign wealth fund, will invest £1.7bn in Barclay’s, giving it a 7.7% share in the business.

JULY 2008: MARKET MAKERS FAIL

13 July: US mortgage lender IndyMac collapses.
14 July: Financial authorities announce that the debts of Fannie Mae and Freddie Mac, owners or guarantors
of $5 trillion worth of home loans, will be those of the United States.

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 The Global Financial Crisis

21 July: Halifax Bank of Scotland (HBOS) investors do not participate in its £4bn rights issue, forcing the
issue's underwriters to buy unsold shares. In the following days, HBOS announces that profits for the first half
of 2008 fell 72% to £848m. Bad debts rose 36% to £1.31bn as customers failed to repay loans.

AUGUST - SEPTEMBER 2008: NO MORE INVESTMENT BANKING

4 August: HSBC (UK) announces a 28% fall in half-year profits.
29 August: Bradford and Bingley (UK) posts losses of £26.7m for the first half of 2008.
7 September: Mortgage lenders Fannie Mae and Freddie Mac are placed under conservatorship.
10 September: Lehman Brothers posts a loss of $3.9bn for June-August 2008.
15 September: Lehman Brothers files for Chapter 11 bankruptcy protection. Merrill Lynch agrees to be
acquired by Bank of America for $50bn.
16 September: The Fed announces an $85bn rescue package for AIG to save it from bankruptcy, in exchange
for an 80% public stake in the firm.
17 September: HBOS (UK) is acquired by Lloyds TSB for £12bn, after a run on HBOS shares.
25 September: Washington Mutual is shut down by regulators and sold to JPMorgan Chase.
28 September: European banking and insurance giant Fortis is partially nationalized to ensure its survival, as
Netherlands, Belgium and Luxembourg agree to inject 11.2bn euros ($16.1bn).
29 September: Bradford & Bingley (UK) is nationalized. The British government assumes the bank's £50bn
mortgages and loans, while its savings operations and branches are sold to Spain's Santander. The Icelandic
government nationalizes Glitnir bank which, like Bear Stearns earlier, collapsed in a day after being unable
to buy back its assets after overnight repo market financing. Wachovia is bought by Citigroup; Citigroup will
absorb up to $42bn of Wachovia losses.
30 September: Dexia (European) is bailed out, as the Belgian, French and Luxembourg governments announce
a 6.4bn euros ($9bn) injection. Ireland announces a universal and 100% deposit guarantee scheme, for two
years.

OCTOBER 2008: THE BAILOUTS

1 October: The EU announces an inquiry into Ireland's full guarantee scheme under Community competition
law.
3 October: The US House of Representatives passes HR 1424, a $700bn staggered bailout package.
6 October: Germany announces a 50bn euro ($68bn) injection into Hypo Real Estate, alongside private
banks. The German government says it will not pass depository guarantees. Denmark announces a 100%
savings guarantee. Sweden increases its protection levels. Iceland announces a banking sector stabilization
plan, under which the country's largest banks agree to sell off some of their foreign assets.
7 October: Iceland nationalizes Landsbanki, owner of a number of European savings institutions. Later in the
week, reports emerged of plans to secure Kaupthing bank through merger or government financing.

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 The Global Financial Crisis

8 October: UK government announces a £50bn banking sector rescue package. The Federal, European
Central Bank (ECB), Bank of England, and the central banks of Canada, Sweden and Switzerland make
emergency interest rate cuts of half a percentage point. The Fed cut its base lending rate to 1.5%, the ECB to
3.75%, and the Bank of England to 4.5%.
10 October: Asian, European and US markets crash.
11 October: The G7 nations issue a five-point plan of "decisive action" to unfreeze credit markets, after a
meeting in Washington.
13 October: Royal Bank of Scotland (RBS), Lloyds TSB and HBOS will receive £37bn in UK governmental
injections.
14 October: The US will purchase $250bn in stakes in a wide variety of banks. Concerns rise about sovereign
default, particularly with respect to Pakistan, Argentina, Ukraine, Latvia, Kazakhstan, Turkey and Iceland.
15 October: Figures for US retail sales in September show a fall of 1.2%, the biggest monthly decline in more
than three years, as consumer confidence drops.
16 October: Hungary and Ukraine approach the IMF for assistance; to date, the IMF has agreed to support
relief in Hungary. Hungary’s problems stem from foreign currency loans and big budget deficits. Ukraine’s
banks face difficulties repaying foreign credits as its current account widens.
17 October: Eight European banks form a preferred interbank lending consortium, the Unico Banking Group,
comprised of: Credit Agricole, DZ Bank, Iccrea Holding, Pohjola Bank, Rabobank and Raiffeisen Zentralbank,
and Raiffeisen Switzerland.
18 October: Analysts predict Iceland will seek IMF assistance over the weekend, as Russia remains cool to its
requests for emergency lending. With Iceland on the edge of bankruptcy, Iceland adopted banking
legislation which gives the state broad banking operations powers, including state compulsion of mergers and
declaration of bankruptcy by a bank. Other European nations are threatening legal action based on the
terms of its depository guarantees, alleging discrimination against foreign holders. The krona has lost half its
value against other currencies and no longer is being traded. In other restrictions, Icelandic citizens’ use of
credit cards abroad has been limited, corporations may only foreign currency to import fuel, food or
medicine, and individuals may only obtain foreign currency with an international airline ticket. Iceland had
established itself in recent years as an offshore banking haven for continental Europe, and banking services
comprised the largest sector of its economy in 2008.

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 The Global Financial Crisis

FINANCIAL INSTITUTIONS WITH MAJOR WRITEDOWNS2

ACA Fannie Mae Morgan Stanley

Accredited Home Lenders Fifth Third Bancorp Munich Re

AIG First Horizon National Australia Bank

Alliance & Leicester Fortis National Bank of Canada

Allianz Freddie Mac National City

Ambac Fremont General Natixis

American Express Gateway New Century Financial

American Home Mortgage GE (WMC Mortgage) Northern Rock

ANZ Bank GMAC Novastar Financial

BankAtlantic Goldman Sachs Peloton Partners

Bank of America H&R Block PMI Group

Bank of China Hannover Re Postbank

Bank of Montreal HBOS Radian Group

Bank United HSBC RBC

Barclays Huntington Bancshares RBS

Basis Capital IKB Regions Financial

Blackstone IndyMac Sachsen Landesbank

BNP Paribas ING Scotia Bank

Bradford and Bingley Japan Société Générale

Capital One JP Morgan Chase SunTrust Bank

Carlyle Group Kensington Swiss Re

CIBC KeyCorp Triad

Citigroup Legg Mason UBS

Columbia Bancorp Lehman Brothers US Bancorp

2 From http://www.creditwritedowns.com/2008/05/credit-crisis-timeline.html.

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 The Global Financial Crisis

Comerica Lloyds TSB Wachovia

Commerzbank (incl. Dresdner) M&T Bank Washington Mutual

Credit Agricole Marshall and Ilsley Wells Fargo

Credit Suisse MBIA WestLB

Deutsche Bank Merrill Lynch Zions

Duesseldorfer Hypothekenbank MGIC

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 The Global Financial Crisis

BANKS' SUBPRIME-RELATED LOSSES SURGE TO $591 BILLION: TABLE3

The following table shows the $590.8 billion in asset writedowns and credit losses at more than 100 of the
world's biggest banks and securities firms as well as the $434.2 billion capital raised to cope with them.

Firm Writedown & Loss Capital Raised Spread

Citigroup Inc.* 60.8 71.1 10.3

Wachovia Corporation* 52.7 11.0 -41.7

Merrill Lynch & Co. 52.2 29.9 -22.3

Washington Mutual Inc. 45.6 12.1 -33.5

UBS AG 44.2 28.0 -16.2

HSBC Holdings Plc 27.4 5.1 -22.3

Bank of America Corp. 21.2 20.7 -0.5

JPMorgan Chase & Co. 18.8 19.7 0.9

Morgan Stanley* 15.7 14.6 -1.1

IKB Deutsche 14.8 12.2 -2.6

Industriebank AG

Royal Bank of Scotland 14.1 23.1 9

Group Plc

Lehman Brothers Holdings 13.8 13.9 0.1

Inc.

Credit Suisse Group AG 10.4 3.0 -7.4

Deutsche Bank AG 10.4 6.1 -4.3

Wells Fargo & Company 10.0 5.8 -4.2

Credit Agricole S.A. 8.8 8.5 -0.3

Barclays Plc 7.6 17.9 10.3

Canadian Imperial Bank 7.2 2.8 -4.4

3 Note, AR: The author has edited a table originally appearing in Yalman Onaran and Dave Pierson, Banks' Subprime-Related
Losses Surge to $591 Billion: Table, http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSlW.imTKzY8
(Bloomberg, 29 September 2008), retaining excerpts of the original text. Specifically, I have added the fourth column,
Spread, to indicate which firms have faced rescue or bankruptcy – or are likely do so in the near future.

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 The Global Financial Crisis

of Commerce

Fortis* 7.1 23.1 16

Bayerische Landesbank 6.9 0.0 -6.9

HBOS Plc 6.8 7.2 0.4

ING Groep N.V 6.7 4.6 -2.1

Societe Generale 6.6 9.4 2.8

Mizuho Financial Group 6.1 0.0 -6.1

Inc.

National City Corp. 5.4 8.9 3.5

Natixis 5.3 11.8 6.5

Indymac Bancorp Inc 4.9 0.0 -4.9

Goldman Sachs Group Inc. 4.9 10.6 5.7

Lloyds TSB Group Plc 4.7 4.8 0.1

Landesbank Baden- 4.7 0.0 -4.7

Wurttemberg

WestLB AG 4.6 7.2 2.6

Dresdner Bank AG 3.9 0.0 -3.9

BNP Paribas 3.9 0.0 -3.9

E*TRADE Financial Corp. 3.6 2.4 -1.2

HSH Nordbank AG 3.5 1.8 -1.7

Rabobank 3.5 0.0 -3.5

Nomura Holdings Inc. 3.4 1.2 -2.2

Bear Stearns Companies 3.2 0.0 -3.2

Inc.

Bank of China Ltd 3.1 0.0 -3.1

DZ Bank AG 2.6 0.0 -2.6

Landesbank Sachsen AG 2.5 0.0 -2.5

UniCredit SpA 2.5 0.0 -2.5

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 The Global Financial Crisis

Commerzbank AG 2.3 0.0 -2.3

ABN AMRO Holding NV 2.2 0.0 -2.2

Royal Bank of Canada 2.2 0.0 -2.2

Fifth Third Bancorp 1.9 2.6 0.7

Dexia SA 1.6 0.0 -1.6

Mitsubishi UFJ Financial 1.6 1.6 0

Group

Bank Hapoalim B.M. 1.5 2.5 1

Marshall & Ilsley Corp. 1.4 0.0 -1.4

Alliance & Leicester Plc 1.3 0.0 -1.3

U.S. Bancorp 1.3 0.0 -1.3

Bank of Montreal 1.2 0.0 -1.2

KeyCorp 1.2 1.6 0.4

Groupe Caisse d'Epargne 1.2 0.0 -1.2

Hypo Real Estate Holding 1.1 0.0 -1.1

AG*

Sovereign Bancorp Inc. 1.0 1.9 0.9

Gulf International Bank 1.0 1.0 0

Sumitomo Mitsui Financial 1.0 4.9 3.9

Group

Sumitomo Trust and 0.8 1.0 0.2

Banking Co.

National Bank of Canada 0.7 1.0 0.3

DBS Group Holdings 0.2 1.1 0.9

Limited

Other European Banks* 9.1 2.9 -6.2

Other Asian Banks 5.5 8.9 3.4

Other US Banks 2.9 4.8 1.9

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 The Global Financial Crisis

Other Canadian Banks 0.4 0.0 -0.4

TOTAL 590.8 434.2 -156.6

All the charges stem from the collapse of the U.S. subprime-mortgage market and reflect credit losses or
writedowns of mortgage assets that aren't subprime, as well as charges taken on leveraged-loan commitments
since the beginning of 2007. They are net of financial hedges the firms used to mitigate losses and pre-tax
figures unless the bank only provided after-tax numbers. Credit losses include the increase in the provisions for
bad loans, impacted by the rising defaults in mortgage payments.
Capital raised includes common stock, preferred shares, subordinated debt and hybrid securities which count
as Tier 1 or Tier 2 capital as well as equity stakes or subsidiaries sold for capital strengthening. Capital data
begins with funds raised in July 2007.
All numbers are in billions of U.S. dollars, converted at today's exchange rate if reported in another currency.

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 The Global Financial Crisis

STATUS OF FIRMS UNABLE TO RAISE PRIVATE CAPITAL SUFFICIENT

TO COVER WRITEDOWNS

Firms Status Source

Wachovia Acquired See above

Corporation*

Merrill Lynch Acquired See above

& Co.

Washington Acquired See above

Mutual Inc.

UBS AG Government See above

Financing

HSBC Government See above

Holdings Plc Financing

Bank of Solvent, http://news.smh.com.au/business/bank-of-america-merrill-deal-cleared-

America Corp. acquisition of 20081016-51pg.html
Merrill Lynch
cleared

Morgan Acquired See above

Stanley*

IKB Deutsche German http://online.wsj.com/article/SB122375258121026119.html?mod=googl

Industriebank bailout enews_wsj
AG

Credit Suisse Recent capital http://www.forbes.com/markets/economy/2008/10/16/credit-suisse-

Group AG raise closer-markets-equity-cx_ll_lal_1016markets43.html

Deutsche NTR Not participating in rescue

Bank AG

Wells Fargo & Fed 250bn http://www.time.com/time/magazine/article/0,9171,1851140,00.html

Company bank injection

Credit UNICO See above

Agricole S.A. participant

Canadian NTR Stock performing well; general trend among Canadian financial institutions
Imperial Bank
of Commerce

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 The Global Financial Crisis

Bayerische Exploring http://www.forbes.com/feeds/ap/2008/10/13/ap5543393.html

Landesbank merger with
Landesbank
Baden-
Wurttemberg

ING Groep NTR

N.V

Mizuho NTR
Financial
Group Inc.

Indymac Nationalized See above

Bancorp Inc

Landesbank Exploring http://www.forbes.com/feeds/ap/2008/10/13/ap5543393.html

Baden- merger with
Wurttemberg Bayerische
Landesbank

Dresdner Allianz has http://www.ft.com/cms/s/0/6171b42e-9ba7-11dd-ae76-

Bank AG agreed to sell 000077b07658.html
Dresdner to
Commerzbank

BNP Paribas Struggling, See above

bailout

E*TRADE NTR
Financial
Corp.

HSH Rating cut

Nordbank AG

Rabobank UNICO See above

participant

Nomura Acquiring http://www.japancorp.net/Article.Asp?Art_ID=20305

Holdings Inc. Lehman’s Asia-
Pac ops

Bear Stearns Acquired See above

Companies
Inc.

Bank of China Government http://www.iht.com/articles/ap/2008/10/17/america/Sovereign-

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 The Global Financial Crisis

Ltd support Wealth-Funds-Investment.php

DZ Bank AG UNICO See above

participant

Landesbank Sold to See above

Sachsen AG Landesbank
Baden-
Wuerttemberg

UniCredit SpA 2.5 0.0

Commerzbank Acquires http://www.ft.com/cms/s/0/6171b42e-9ba7-11dd-ae76-

AG Dresdner 000077b07658.html

ABN AMRO Liquidated in http://www.ft.com/cms/s/0/931024ea-ef98-11dc-8a17-

Holding NV ongoing assets 0000779fd2ac.html
sale

Royal Bank of NTR

Canada

Dexia SA Bailout See above

Marshall & NTR

Ilsley Corp.

Alliance & Acquired by http://www.ft.com/cms/s/0/6171b42e-9ba7-11dd-ae76-

Leicester Plc Santander 000077b07658.html

U.S. Bancorp NTR

Bank of NTR
Montreal

Groupe 600m euros in http://www.nytimes.com/2008/10/18/business/worldbusiness/18frenchb

Caisse unauthorized ank.html?ref=europe
d'Epargne trading losses;
under
investigation;
exploring
merger with
Banque
Populaire

Hypo Real German See above

Estate Holding bailout
AG*

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The Global Financial Crisis

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 The Global Financial Crisis

GRAPHICS AND TABLES4

BANKS AFFECTED BY THE GLOBAL CRISIS - 2008

Bank Date Status

Fannie Mae 07 Sep Nationalised

Freddie Mac 07 Sep Nationalised

Lehman Bros 15 Sep Collapsed

Merrill Lynch 15 Sep Taken over

AIG 16 Sep Part-nationalised

HBOS 17 Sep Taken over

WaMu 25 Sep Collapsed and sold

Fortis 28 Sep Nationalised

Bradford & 29 Sep Nationalised

Bingley

Wachovia 29 Sep Taken over

Glitnir 29 Sep Nationalised

Hypo Real Estate 06 Oct Rescue package

RBS 13 Oct Part-nationalised

Lloyds TSB 13 Oct Part-nationalised

4 http://news.bbc.co.uk/2/hi/business/7644238.stm.

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