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Historical view
• Signs of the crisis
• Synthesis of the crisis
in the United States
Signs of the crisis
• July 2007, the German IKB Deutsche Industry bank in
difficulty.
• September 2007, UBS and Swiss Credit (reduction of 1
500 people) are touched by the American mortgage market crisis.
• February 2008, the British government acknowledged the
presence of a solvency crisis by nationalizing Northern Rock,
a bank specialised in home loans.
• March 2008, the American bank, Bear Stearns, on the
verge of going bankrupt, is bought back for 1, 2 billion dollars
by JPMorgan Chase with the support of Fed.
• July 2008, the Spanish bank Banco Santander buys back
the British bank Alliance & Leicester for 1,3 billion £.
• August 2008, the German bank Dresdner Bank is sold by
the Allianz insurer to his compatriot for 9, 8 billion €.
• September 2008 :
- Put under guardianship by the American treasury, FANNY Mae
and Freddy Mac, which are two major organisms of mortgage
refinancing that guarantee about 40% of American home loans
(equal to 5 300 billion dollars). An actual nationalization,
exceptional event for societies listed on stock exchange in
the United Sates.
-
Repurchase of the German bank Deutsche Postbank, a subsidiary
of Deutsche Post, by its compatriot, the Deutsche Bank for
9, 3 billion €.
- Repurchase of Merrill Lynch by the Bank of America for 50
billion $.
-
The first American insurer, AIG, is saved by a credit of the
State for 85 billion dollars granted by the Fed and a nationalization
of almost 80% of the capital.
- Repurchase of the assets of the American bank Lehman Brothers,
which announced its bankruptcy, by the British bank Barclays
and the Japanese bank Nomura.
-
Repurchase of the British bank Halifax- Bank of Scotland (HBOS),
by the Lloyds TSB, for 12,3 billion $.
- Selling of most of Washington Mutual assets, one of the
first American saving institutions, to JPMorgan Chase, for
1,9 billion $, that then becomes the first American bank by
the asset under management.
-
Partial nationalization of the Benelux Fortis bank, by bringing
11, 2 billion € of equities for 49% of the capital.
- Nationalization of the British bank, Bradford & Bingley,
specialized in home loans. With the repurchase of its banking
network, by the Spanish bank Banco Santader for 773 billion
euro.
-
The German bank Hypo Real Estate, specialized in real estate
financing, is saved by an emergency plan of 35 billion euro
that must enable « liquidity in order and not in a panic».
- The first worldwide bank for the financing of local authorities,
the French-Belgian Dexia, raises 6,4 billion euro from governments
of Belgium, France and Luxembourg, as well as existing shareholders.
-
Entry into Morgan Stanley capital (21% of the shares for 9
billion dollar) of the biggest Japanese bank, Mitsubishi UFJ
Financial Group (MUFG).
- Repurchase of Wachovia by Wells Fargo for 15 billion $.
- BNP Paribas takes the control of Fortis in Belgium and in
Luxembourg for 14,7 billion €, while the Belgian State
becomes the first shareholder of the French group.
- The first bank of Italy, Unicrédit, calls for the
market for 6,3 billion €.
- The German government obtained from the banking and insurance
sector that they grant an additional credit of 15 billion
€ to Hypo Real Estate.
- In France, the groups Caisses d'Epargne and Banques populaires
formalize their connection plan, precipitated by the financial
crisis. Indeed, their common subsidiary of investement bank
Natixis might be affected bythe crisis.
- Eight British banks are nationalized.
- The Japanese insurer Yamato Life declares to be bankrupt.
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