The Pride - Issue 4 - Winter 2021 - Magazine - Page 19
April 2007: Sub-prime
mortgage issuing
specialist New Century
Financial files for
bankruptcy
9 August 2007: The European
Central Bank, the US Fed,
Bank of Canada and Bank of
Japan start pumping money
into the banking system.
9 August 2007: BNP Paribas
becomes the first big bank to
acknowledge potential exposure
to sub-prime mortgage markets,
freezes three funds.
April 2008: Royal Bank of Scotland
announces a £12bn rights issue (a
measure to raise money from its
shareholders), the biggest in history.
30 April 2008: The first
annual fall in house
prices for 12 years
is recorded.
22 May 2008: UBS
announces a $15.5bn
rights issue.
14 September 2007: In the first
run on a British bank in 150
years, customers queue outside
Northern Rock, hoping to pull
out their savings.
17 August 2007: The US
Fed cuts the rate at which it
lends to banks, warning of
a risk to economic growth.
18 September 2007:
The US Fed cuts main
interest rates
17 March 2008: JP Morgan buys
investment bank Bear Stearns,
whose value has plummeted to
$236m from $18bn thanks to subprime mortgage debts.
22 January 2008: Global
indices including the FTSE
100 see their biggest falls
since the 9/11 terror attacks
amidst recession worries.
March 2008: A traditional
safe haven for investors,
gold hits a record high.
17 February 2008: Northern Rock
is nationalised as a “temporary
measure” after two failed private
takeover bids. It would take four years
to return it to the private sector.
25 June: Barclays announces
a £4.5bn fundraising,
and the Qatar Investment
Authority is announced as a
major shareholder.
30 August 2008:
Chancellor Alistair Darling
warns the UK economy
is facing its biggest crisis
since World War II.
8 July 2008: The FTSE 100
officially (if briefly) dips into
a bear market.
19 September 2007:
In a policy U-turn,
the Bank of England
injects £10bn into
money markets.
15 September 2008:
Lehman Brothers files
for bankruptcy.
7 September 2008: The US’
two biggest lenders, which
looked after $5 trillion worth
of home loans, are bailed
out by the US government.
CONTINUED OVER LEAF
Issue 2 Winter 2018 - TH E P R I DE - 19