Timeline Public

8/10/2019 Timeline Public

1/5

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

BankLiabilityGuarantees

OtherMarket

Interventions

LiquidityandRescue

Interventions

International Responses to the Crisis Timeline (Sept 2008 - Oct 2008)

Click on any event for further information. This timeline is updated on the first of every month.

If you encounter broken links or have other feedback, please e-mail [email protected].

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-SeptIrelandDeposit insuranceincreased to EUR100,000

3-OctUnited KingdomDeposit insuranceincreased to GBP50,000

8-OctUnited KingdomMajor financialinstitutions mustraise Tier I capitalby GBP 25 billioncombined, fundswill be available

8-OctUnited KingdomCredit GuaranteeScheme announcedto guarantee debtof short maturity

Sep-07 thru Feb-08United KingdomGovernment providesliquidity facilities andguarantees to NorthernRock before it is

ultimately nationalized

Aug-07 thru Aug-08GermanyIKB, WestLB, BayernLBand SachsenLB receivecapital injections, creditlines and asset-backedsecurity loss guarantees

13-OctUnited KingdomCapital injectionsof GBP 37 billion toHBOS/Lloyds, RBS

30-SeptIrelandSix banks receiveguarantees on alldeposits and somedebt instruments

6-OctSwedenDeposit insuranceextended to alltypes of deposits,up to SEK 500,000

8-OctSwedenSEK 5 billionliquidity facilitycreated forKaupthing Bank

27-OctSwedenSEK 1 billionliquidity facilitycreated forCarnegie

28-OctSwedenCarnegie liquidityfacility increasedto SEK 5 billion

20-OctSwedenGovernment willguarantee up toSEK 1.5 trillion innew debt issues

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

10-OctSwedenCentral bank announcesit will discontinue repoops for monetary policy,and will instead issue

debt to absorb liquidity

9-OctFranceGovernmentguarantees 36.5%of EUR 150 billionDexia refinancing

13-OctFranceEUR 320 billionfund to provideloans to banks andother financialfirms announced

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

15-OctSwitzerlandCentral bank will

begin issuing itsown debt to absorbexcess liquidity

13-OctFranceEUR 40 billion tobe made availableto recapitalizefinancial firms

20-OctFranceGovernment subscribesto EUR 10.5 billion insubordinated debt issueby six largest banks

30-SeptFranceGovernment andstate-owned bankcontribute EUR 3billion to Dexiarecapitalization

18-SeptIrelandShort salesoffinancial stocksprohibitedindefinitely

19-SeptFranceShort salesoffinancial stocksprohibited, plusdisclosurerequirements

19-SeptCanadaShort salesoffinancial stocksprohibitedtemporarily

3-OctCanadaProhibition on short

salesextended untilend of SECs ban

10-OctCanadaGovernment will purchase25 billion in government-insured mortgage pools

14-OctJapanDisclosure ofshort positionsnow requireddaily by sector

9-OctItalyGovernment statesno banks will fail,no depositors willsuffer losses

1-OctItalyShort salesoffinancial stocksprohibitedtemporarily

29-OctItalyProhibition on shortsalesextended untilyear end

13-OctItalyGovernment passesbank financingguarantee, willprovide unspecifiedamount

27-OctJapanNaked short sellingbanned, exchangesmust disclose holdersof 0.25% short position,until end of April

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

18-SeptUnited KingdomShort salesof financialstocks prohibited,disclosure of shortpositions required

29-SeptUnited KingdomBradford & Bingleybank nationalized,branch system anddeposits sold toBanco Santander

6-OctGermanyHypo Real Estatefinancing guaranteeincreased to EUR 50billion

13-OctGermanyEUR 400 billion

plan to guaranteebank financingannounced

13-OctGermanyEUR 70 billionrecapitalizationfund announced

31-OctGermanySoffin provides

Hypo Real Estatewith an additionalEUR 15 billion inguarantees

27-OctGermanyFinancial rescue fundSoffin begins operation,with power to guaranteefinancing, buy assets,and recapitalize firms

29-SeptGermanyHypo Real Estatereceives EUR 35billion guaranteedfinancing

5-OctGermanyGovernmentguarantees allprivate bankaccounts 23-Oct

CanadaCanadian LendersAssurance Facilityannounced toguarantee debt upto three years
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protected]://www.consob.it/mainen/press_release/comunicato_20081029.htmhttp://www.consob.it/mainen/press_release/comunicato_20081001.htmhttp://www.dlapiper.com/files/upload/%205087723_1_UKGROUPS(EMEA%20Govt%20Rescue%20Plan%20-%20Italy%20-%209%20Feb%2009).PDFhttp://www.bloomberg.com/apps/news?pid=20601092&sid=aYaoIil78MSQ&refer=italyhttp://www.fsa.go.jp/en/news/2008/20081027-2.htmlhttp://www.snb.ch/en/mmr/reference/pre_20081015_3/source/pre_20081015_3.en.pdfhttp://www.fsa.go.jp/en/news/2008/20081014-1.htmlhttp://www.riksbank.com/templates/Page.aspx?id=29232http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2008/2008-10-10-1700.cfmhttp://www.osc.gov.on.ca/Media/NewsReleases/2008/nr_20081003_osc-extends-temp-order.jsphttp://www.amf-france.org/documents/general/8424_1.pdfhttp://www.osc.gov.on.ca/Media/NewsReleases/2008/nr_20080919_osc-issue-temp-order.jsphttp://www.fsa.gov.uk/pages/Library/Communication/PR/2008/102.shtmlhttp://www.financialregulator.ie/press-area/press-releases%5CPages%5CShortSellingofIrishFinancialStocks.aspxhttps://www.riksgalden.se/templates/RGK_Templates/NewsPage____16985.aspxhttp://www.riksbank.com/templates/Page.aspx?id=29407http://www.soffin.de/presse.en.php?sub=5http://www.riksbank.com/templates/Page.aspx?id=29377http://www.bloomberg.com/apps/news?pid=20601090&refer=france&sid=a9dkor6OdHdwhttp://www.regeringen.se/sb/d/586/a/113805http://www.efd.admin.ch/dokumentation/medieninformationen/00467/index.html?lang=en&msg-id=22019http://www.bloomberg.com/apps/news?pid=20601085&sid=a5.7jh.ogtak&refer=europehttp://www.bloomberg.com/apps/news?pid=20601100&refer=germany&sid=aYSv0XgWCvqkhttp://www.hm-treasury.gov.uk/press_105_08.htmhttp://www.riksbank.com/templates/Page.aspx?id=29186http://www.hm-treasury.gov.uk/press_97_08.htmhttp://www.hm-treasury.gov.uk/press_100_08.htmhttp://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=a2H_u8sduPCEhttp://www.bloomberg.com/apps/news?pid=20601100&refer=germany&sid=asN0QfHj9W.Ihttp://www.fin.gc.ca/n08/08-080-eng.asphttp://www.regeringen.se/sb/d/586/a/113805http://www.bloomberg.com/apps/news?pid=20601085&sid=a5.7jh.ogtak&refer=europehttp://www.bloomberg.com/apps/news?pid=20601100&refer=germany&sid=aYSv0XgWCvqkhttp://www.bloomberg.com/apps/news?pid=20601087&sid=a129YK5vxjf8&refer=homehttp://www.hm-treasury.gov.uk/press_100_08.htmhttp://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aSS161MtBpd8http://www.regeringen.se/sb/d/586/a/112972http://www.bloomberg.com/apps/news?pid=20601100&sid=aCSxEWvbeaxY&refer=germanyhttp://www.fsa.gov.uk/pages/Library/Communication/PR/2008/114.shtmlhttp://www.finance.gov.ie/documents/pressreleases/2008/blo11.pdfhttp://www.bloomberg.com/apps/news?pid=20601100&refer=germany&sid=aYrHPYX01iuQhttp://www.finance.gov.ie/viewdoc.asp?DocID=5466


2/5



BankLiability

Guarantees

OtherMarket

Interventions

Liq

uidityandRescue

Interventions

Unconventional

MonetaryPolicy

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



5-NovSwitzerlandDeposit insuranceincreased to CHF100,000

2-FebSwitzerlandCentral bank willnow also issuedebt denominatedin USD

12-MarSwitzerlandCentral bank willpurchase foreigncurrency againstthe Franc to haltits appreciation

12-MarSwitzerlandCentral bank willpurchase CHF-denominated bonds

15-DecUnited KingdomCredit GuaranteeScheme guaranteelengthened tofive years

3-DecGermanySoffin providesBayernLB withEUR 15 billionin guarantees

12-NovCanadaCanadian LendersAssurance Facilitylowers its guaranteefee to be in line withother programs

12-NovCanadaGovernment announcesan additional 50 billionin insured mortgage poolpurchases

22-DecGermanySoffin providesIKB with EUR5 billion inguarantees

19-JanUnited KingdomCredit GuaranteeScheme extended toguarantee debt issuesuntil year-end 2008

19-DecJapanPurchases of Japanesegovernment bondsincreased to JPY 1.4trillion per month

30-DecItalyShort saleprohibitionextended for financialstocks, rules for non-financial stocks relaxed

29-JanItalyShort saleprohibition

extended for financialstocks

25-FebItalyEUR 12 billionrecapitalizationplan approved

26-FebItalyShort saleprohibitionextended for financialstocks

18-MarJapanPurchases of Japanesegovernment bondsincreased to JPY 1.8trillion per month

19-JanUnited KingdomBank of Englandannounces GBP 50billion in purchasesof high-qualityprivate sector assets

5-MarUnited KingdomAsset Purchase Planincreased to GBP 75billion, will includepurchases of gilts

26-FebUnited KingdomRBS agrees toparticipate in APS,receives capitalinjection of GBP 13billion, giving 84%ownership to govt

7-MarUnited KingdomLloyds agrees toparticipate in APS,

Treasury convertspreference sharesinto common equity

19-JanUnited KingdomAsset ProtectionScheme announced,for a fee Treasurywill assume 90% oflosses after initialprovision

5-JanUnited KingdomShort saledisclosure

requirements extended,additional disclosuresrequired

19-JanUnited KingdomCGS-eligible firmscan get a full orpartial guaranteeon AAA-rated ABS

19-JanUnited Kingdom

Treasury convertspreference sharesin RBS into commonequity

19-DecJapanBank of Japan will conducttemporary purchases ofcommercial paper to easeyear-end financing

3-FebJapanBank of Japanwill purchaseJPY 1 trillion ofbank stock

22-JanJapanBank of Japan willpurchase JPY 3trillion of CP andasset-backed CP

19-FebJapanBank of Japanwill purchaseJPY 1 trillion ofcorporate bonds

17-MarJapanBank of Japanannounces asubordinatedloan programof JPY 1 trillion

27-MarJapanShort salerestrictionsextendedto July

19-FebJapanBank of Japan willcontinue purchasingcommercial paperuntil September

3-FebSwedenSEK 50 billionrecapitalizationprogramannounced

10-NovSwedenCarnegie seized bythe government, ascollateral on theliquidity facility thatcannot be repaid

17-DecSwedenGovernment announcesit will purchase SEK 15billion against EUR, inforeign exchange, givena historically weak krona

21-JanFranceSecond round ofrecapitalization for

another EUR 10.5billion of debt

19-DecFranceShort salebanmaintained,to be revisitedin February

21-JanGermanySoffin provides HypoReal Estate with anadditional EUR 12 billionin guarantees

2-NovGermanySoffin gives EUR 8.2billion of loans toCommerzbank AG

28-NovGermanyBayernLB receives EUR7 billion of capital fromBavaria, requests 3billion more from Soffin

8-JanGermanySoffin gives anotherEUR 8.2 billion of loansto Commerzbank, andbuys 1.8 billion worth

of equity

30-MarGermanySoffin purchases8.7% of Hypo RealEstate for EUR 60

million

24-FebGermany

Two German statesrecapitalize thestate-owned HSHNordbank

11-FebIrelandNew terms forrecapitalizationfor two banksannounced

21-DecIrelandSubject to shareholdervote, three banks willreceive EUR 5.5 billionin preference shares

14-DecIrelandFinance Ministryannounces EUR10 billion will bemade availablefor recapitalization

15-JanIrelandAnglo Irish banknationalized dueto weak fundingposition andunacceptablepractices

26-FebFranceGovernment providesEUR 5 billion in debtand preference sharesto two merging banks

7-MarGermanySoffin provides HSHNordbank with EUR30 billion in guarantees
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3/5

BankLiability

Guarantees

OtherMarket

Interventions

Unconventional

MonetaryPolicy

International Responses to the Crisis Timeline (Apr 2009 - Aug 2009)

Apr 3 6 9 12 15 18 21 24 27 30May 3 6 9 12 15 18 21 24 27 30Jun 3 6 9 12 15 18 21 24 27 30Jul 3 6 9 12 15 18 21 24 27 30Aug 3 6 9 12 15 18 21 24 27 30



2-AprSwedenGuarantee schemeextended untilend of October

14-AprGermanySoffin extends EUR 52billion in guaranteesto Hypo Real Estateuntil mid-August

3-JulGermanyIKB receives an additionalEUR 7 billion in guarantees

7-MayUnited KingdomAsset purchase planincreased to GBP 125billion in assets

8-JunUnited KingdomAsset purchases to beexpanded to includesecured commercialpaper

26-JunUnited KingdomShort saledisclosurerequirements extendeduntil new, permanentregulations can beintroduced

6-AugUnited KingdomAsset purchase planincreased to GBP 175billion in assets

7-MayECBCentral bank announcesEUR 60 billion in purchasesof covered bonds

9-AprGermanySoffin makes a bid forHypo Real Estate, willnationalize if investorsdo not accept by May

3-JunGermanyHypo Real Estate shareholders,led by Soffin at 47% ownership,vote for a EUR 3 billion capitalinjection giving governmentfull control

10-JulGermanyBad bank plan passed bylegislature: trades toxicassets for guaranteed debt,but firms must repay anylosses over 20 year period

11-AprGermanyFinance Minister proposesbad bank plan that keepstoxic assets on the books, butwill take illiquid assets

7-AprIrelandGovernment announcesit will swap governmentbonds for EUR 90 billionface value of toxic assets

30-JulIrelandBad bank draft proposalreleased, legislative debateto begin mid-September

6-AprECB, UK, JapanSwitzerlandForeign central banksagree to provide theFederal Reserve withforeign currencyliquidity

25-JunECB, UK, SwedenSwitzerlandSwap lines with theFederal Reserve

extended untilFebruary 1st

15-JulJapanSwap line with theFederal Reserve

extended untilFebruary 1st

28-JulJapanShort sale restrictionsextended until October31st

Liq

uidityandRescue

Interventions

28-MaySwedenGovernment announcesit is expanding its SEKpurchases against the EURby SEK 35 billion to 50 billion

2-JulSwedenRiksbank lowers monetarypolicy rates; deposit ratenow negative 0.25%



31-JulItalyBanco Popolare becomesthe first bank to use theItalian bank liabilityguarantee program

28-MayItalyShort saleban is relaxedexcept on firms receivingcapital injections

20-AugSwitzerlandGovernment converts itsstake in UBS to shares andsells them, in addition toa cash payment from UBSin lieu of coupon payments

24-JulFranceShort salebanon financial firmsextended untilJanuary 2010
http://www.sweden.gov.se/sb/d/586/a/123819http://www.sweden.gov.se/sb/d/586/a/123819http://www.sweden.gov.se/sb/d/586/a/123819http://www.sweden.gov.se/sb/d/586/a/123819http://www.sweden.gov.se/sb/d/586/a/123819http://www.bloomberg.com/apps/news?pid=20601100&sid=a3Z2N9ERz5rEhttp://www.bloomberg.com/apps/news?pid=20601100&sid=a3Z2N9ERz5rEhttp://www.bloomberg.com/apps/news?pid=20601100&sid=a3Z2N9ERz5rEhttp://www.bloomberg.com/apps/news?pid=20601100&sid=a3Z2N9ERz5rEhttp://www.bloomberg.com/apps/news?pid=20601100&sid=a3Z2N9ERz5rEhttp://www.bloomberg.com/apps/news?pid=20601100&sid=a3Z2N9ERz5rEhttp://www2.ikb.de/content/en/press/press_releases/2009/090703_SoFFin.jsphttp://www2.ikb.de/content/en/press/press_releases/2009/090703_SoFFin.jsphttp://www2.ikb.de/content/en/press/press_releases/2009/090703_SoFFin.jsphttp://www2.ikb.de/content/en/press/press_releases/2009/090703_SoFFin.jsphttp://www.bankofengland.co.uk/publications/news/2009/037.htmhttp://www.bankofengland.co.uk/publications/news/2009/037.htmhttp://www.bankofengland.co.uk/publications/news/2009/037.htmhttp://www.bankofengland.co.uk/publications/news/2009/037.htmhttp://www.bankofengland.co.uk/publications/news/2009/037.htmhttp://www.bankofengland.co.uk/publications/news/2009/045.htmhttp://www.bankofengland.co.uk/publications/news/2009/045.htmhttp://www.bankofengland.co.uk/publications/news/2009/045.htmhttp://www.bankofengland.co.uk/publications/news/2009/045.htmhttp://www.bankofengland.co.uk/publications/news/2009/045.htmhttp://www.bankofengland.co.uk/publications/news/2009/045.htmhttp://www.fsa.gov.uk/pages/Library/Communication/PR/2009/084.shtmlhttp://www.fsa.gov.uk/pages/Library/Communication/PR/2009/084.shtmlhttp://www.fsa.gov.uk/pages/Library/Communication/PR/2009/084.shtmlhttp://www.fsa.gov.uk/pages/Library/Communication/PR/2009/084.shtmlhttp://www.fsa.gov.uk/pages/Library/Communication/PR/2009/084.shtmlhttp://www.fsa.gov.uk/pages/Library/Communication/PR/2009/084.shtmlhttp://www.fsa.gov.uk/pages/Library/Communication/PR/2009/084.shtmlhttp://www.fsa.gov.uk/pages/Library/Communication/PR/2009/084.shtmlhttp://www.bankofengland.co.uk/publications/news/2009/063.htmhttp://www.bankofengland.co.uk/publications/news/2009/063.htmhttp://www.bankofengland.co.uk/publications/news/2009/063.htmhttp://www.bankofengland.co.uk/publications/news/2009/063.htmhttp://www.bankofengland.co.uk/publications/news/2009/063.htmhttp://www.bloomberg.com/apps/news?pid=20601087&sid=abQX3ARv881s&refer=homehttp://www.bloomberg.com/apps/news?pid=20601087&sid=abQX3ARv881s&refer=homehttp://www.bloomberg.com/apps/news?pid=20601087&sid=abQX3ARv881s&refer=homehttp://www.bloomberg.com/apps/news?pid=20601087&sid=abQX3ARv881s&refer=homehttp://www.bloomberg.com/apps/news?pid=20601087&sid=abQX3ARv881s&refer=homehttp://www.bloomberg.com/apps/news?pid=20601100&sid=aSftunqSpF_whttp://www.bloomberg.com/apps/news?pid=20601100&sid=aSftunqSpF_whttp://www.bloomberg.com/apps/news?pid=20601100&sid=aSftunqSpF_whttp://www.bloomberg.com/apps/news?pid=20601100&sid=aSftunqSpF_whttp://www.bloomberg.com/apps/news?pid=20601100&sid=aSftunqSpF_whttp://www.bloomberg.com/apps/news?pid=20601100&sid=aSftunqSpF_whttp://www.bloomberg.com/apps/news?pid=20601087&sid=aw5ATOaeIdCEhttp://www.bloomberg.com/apps/news?pid=20601087&sid=aw5ATOaeIdCEhttp://www.bloomberg.com/apps/news?pid=20601087&sid=aw5ATOaeIdCEhttp://www.bloomberg.com/apps/news?pid=20601087&sid=aw5ATOaeIdCEhttp://www.bloomberg.com/apps/news?pid=20601087&sid=aw5ATOaeIdCEhttp://www.bloomberg.com/apps/news?pid=20601087&sid=aw5ATOaeIdCEhttp://www.bloomberg.com/apps/news?pid=20601087&sid=aw5ATOaeIdCEhttp://www.bloomberg.com/apps/news?pid=20601100&sid=asRlz0WSB3.chttp://www.bloomberg.com/apps/news?pid=20601100&sid=asRlz0WSB3.chttp://www.bloomberg.com/apps/news?pid=20601100&sid=asRlz0WSB3.chttp://www.bloomberg.com/apps/news?pid=20601100&sid=asRlz0WSB3.chttp://www.bloomberg.com/apps/news?pid=20601100&sid=asRlz0WSB3.chttp://www.bloomberg.com/apps/news?pid=20601100&sid=asRlz0WSB3.chttp://www.bloomberg.com/apps/news?pid=20601100&sid=asRlz0WSB3.chttp://www.bloomberg.com/apps/news?pid=20601087&sid=a4bkx9evqseAhttp://www.bloomberg.com/apps/news?pid=20601087&sid=a4bkx9evqseAhttp://www.bloomberg.com/apps/news?pid=20601087&sid=a4bkx9evqseAhttp://www.bloomberg.com/apps/news?pid=20601087&sid=a4bkx9evqseAhttp://www.bloomberg.com/apps/news?pid=20601087&sid=a4bkx9evqseAhttp://www.bloomberg.com/apps/news?pid=20601087&sid=a4bkx9evqseAhttp://www.bloomberg.com/apps/news?pid=20601102&sid=aBVnArmPPSak&refer=ukhttp://www.bloomberg.com/apps/news?pid=20601102&sid=aBVnArmPPSak&refer=ukhttp://www.bloomberg.com/apps/news?pid=20601102&sid=aBVnArmPPSak&refer=ukhttp://www.bloomberg.com/apps/news?pid=20601102&sid=aBVnArmPPSak&refer=ukhttp://www.bloomberg.com/apps/news?pid=20601102&sid=aBVnArmPPSak&refer=ukhttp://www.bloomberg.com/apps/news?pid=20601102&sid=aBVnArmPPSak&refer=ukhttp://www.irishtimes.com/newspaper/breaking/2009/0730/breaking1.html?via=relhttp://www.irishtimes.com/newspaper/breaking/2009/0730/breaking1.html?via=relhttp://www.irishtimes.com/newspaper/breaking/2009/0730/breaking1.html?via=relhttp://www.irishtimes.com/newspaper/breaking/2009/0730/breaking1.html?via=relhttp://www.irishtimes.com/newspaper/breaking/2009/0730/breaking1.html?via=relhttp://www.federalreserve.gov/newsevents/press/monetary/20090406a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090406a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090406a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090406a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090406a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090406a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090406a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090406a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090625a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090625a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090625a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090625a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090625a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090625a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090625a.htmhttp://www.boj.or.jp/en/type/release/adhoc09/un0907a.pdfhttp://www.boj.or.jp/en/type/release/adhoc09/un0907a.pdfhttp://www.boj.or.jp/en/type/release/adhoc09/un0907a.pdfhttp://www.boj.or.jp/en/type/release/adhoc09/un0907a.pdfhttp://www.boj.or.jp/en/type/release/adhoc09/un0907a.pdfhttp://www.boj.or.jp/en/type/release/adhoc09/un0907a.pdfhttp://www.fsa.go.jp/en/news/2009/20090728-10.htmlhttp://www.fsa.go.jp/en/news/2009/20090728-10.htmlhttp://www.fsa.go.jp/en/news/2009/20090728-10.htmlhttp://www.fsa.go.jp/en/news/2009/20090728-10.htmlhttp://www.fsa.go.jp/en/news/2009/20090728-10.htmlhttps://www.riksgalden.se/templates/RGK_Templates/NewsPage____17629.aspxhttps://www.riksgalden.se/templates/RGK_Templates/NewsPage____17629.aspxhttps://www.riksgalden.se/templates/RGK_Templates/NewsPage____17629.aspxhttps://www.riksgalden.se/templates/RGK_Templates/NewsPage____17629.aspxhttps://www.riksgalden.se/templates/RGK_Templates/NewsPage____17629.aspxhttps://www.riksgalden.se/templates/RGK_Templates/NewsPage____17629.aspxhttp://www.riksbank.com/templates/Page.aspx?id=32047http://www.riksbank.com/templates/Page.aspx?id=32047http://www.riksbank.com/templates/Page.aspx?id=32047http://www.riksbank.com/templates/Page.aspx?id=32047http://www.riksbank.com/templates/Page.aspx?id=32047mailto:[email protected]://online.wsj.com/article/BT-CO-20090731-710211.htmlhttp://online.wsj.com/article/BT-CO-20090731-710211.htmlhttp://online.wsj.com/article/BT-CO-20090731-710211.htmlhttp://online.wsj.com/article/BT-CO-20090731-710211.htmlhttp://online.wsj.com/article/BT-CO-20090731-710211.htmlhttp://online.wsj.com/article/BT-CO-20090731-710211.htmlhttp://www.consob.it/mainen/press_release/comunicato_20090528.htmhttp://www.consob.it/mainen/press_release/comunicato_20090528.htmhttp://www.consob.it/mainen/press_release/comunicato_20090528.htmhttp://www.consob.it/mainen/press_release/comunicato_20090528.htmhttp://www.consob.it/mainen/press_release/comunicato_20090528.htmhttp://www.consob.it/mainen/press_release/comunicato_20090528.htmhttp://www.bloomberg.com/apps/news?pid=20601087&sid=aVh0D6cQFqx4http://www.bloomberg.com/apps/news?pid=20601087&sid=aVh0D6cQFqx4http://www.bloomberg.com/apps/news?pid=20601087&sid=aVh0D6cQFqx4http://www.bloomberg.com/apps/news?pid=20601087&sid=aVh0D6cQFqx4http://www.bloomberg.com/apps/news?pid=20601087&sid=aVh0D6cQFqx4http://www.bloomberg.com/apps/news?pid=20601087&sid=aVh0D6cQFqx4http://www.bloomberg.com/apps/news?pid=20601087&sid=aVh0D6cQFqx4http://www.amf-france.org/documents/general/9050_1.pdfhttp://www.amf-france.org/documents/general/9050_1.pdfhttp://www.amf-france.org/documents/general/9050_1.pdfhttp://www.amf-france.org/documents/general/9050_1.pdfhttp://www.amf-france.org/documents/general/9050_1.pdfhttp://www.amf-france.org/documents/general/9050_1.pdfhttp://www.amf-france.org/documents/general/9050_1.pdfhttp://www.fsa.go.jp/en/news/2009/20090728-10.htmlhttp://www.amf-france.org/documents/general/9050_1.pdfhttp://www.boj.or.jp/en/type/release/adhoc09/un0907a.pdfhttp://www.fsa.gov.uk/pages/Library/Communication/PR/2009/084.shtmlhttp://www.federalreserve.gov/newsevents/press/monetary/20090625a.htmhttp://www.consob.it/mainen/press_release/comunicato_20090528.htmhttps://www.riksgalden.se/templates/RGK_Templates/NewsPage____17629.aspxhttp://www.federalreserve.gov/newsevents/press/monetary/20090406a.htmhttp://www.bloomberg.com/apps/news?pid=20601087&sid=aVh0D6cQFqx4http://www.irishtimes.com/newspaper/breaking/2009/0730/breaking1.html?via=relhttp://www.bloomberg.com/apps/news?pid=20601100&sid=asRlz0WSB3.chttp://www.bloomberg.com/apps/news?pid=20601087&sid=aw5ATOaeIdCEhttp://www.bloomberg.com/apps/news?pid=20601087&sid=a4bkx9evqseAhttp://www.bloomberg.com/apps/news?pid=20601100&sid=aSftunqSpF_whttp://www.bloomberg.com/apps/news?pid=20601102&sid=aBVnArmPPSak&refer=ukhttp://www.bankofengland.co.uk/publications/news/2009/063.htmhttp://www.riksbank.com/templates/Page.aspx?id=32047http://www.bankofengland.co.uk/publications/news/2009/045.htmhttp://www.bloomberg.com/apps/news?pid=20601087&sid=abQX3ARv881s&refer=homehttp://www.bankofengland.co.uk/publications/news/2009/037.htmhttp://online.wsj.com/article/BT-CO-20090731-710211.htmlhttp://www2.ikb.de/content/en/press/press_releases/2009/090703_SoFFin.jsphttp://www.bloomberg.com/apps/news?pid=20601100&sid=a3Z2N9ERz5rEhttp://www.sweden.gov.se/sb/d/586/a/123819mailto:[email protected]


4/5

BankLiability

Guarantees

OtherMarket

Interventions

Unconventional

MonetaryPolicy

International Responses to the Crisis Timeline (Sep 2009 - Jan 2010)

Sep 3 6 9 12 15 18 21 24 27 30Oct 3 6 9 12 15 18 21 24 27 30Nov 3 6 9 12 15 18 21 24 27 30Dec 3 6 9 12 15 18 21 24 27 30Jan 3 6 9 12 15 18 21 24 27 30



9-SepGermanyCommerzbank announcesit will return all of its unuseddebt guarantees

21-DecGermanyHypo Real Estate receives anextension of EUR 43 bnliquidity facility until Dec 2010,EUR 52 bn in guarantees toexpire in Jun 2010

27-JanEU, UK, Japan, Sweden,SwitzerlandSwap lines with the FederalReserve are allowed toexpire on February 1st

Liq

uidityandRescue

Interventions



8-OctSwedenGuarantee scheme extendedan additional six months toApril 30th

23-OctJapanShort salerestrictionsextended until January31st

22-JanJapanShort salerestrictionsextended until April 30th

29-SepItalyUnicredit announces itwill raise capital throughselling stocks in lieu ofplanned governmentcapital injection

29-SepFranceBNP Paribus announcesa rights offer to raisecapital in order to repaygovernment aid

6-OctFranceSociete Generale followsBNP Paribus, announcinga rights offer to repaygovernment aid

27-JanFranceShort saleban on financial

firms extended indefinitelyuntil EU-wide permanentregime in place

5-NovUnited KingdomAsset purchase planincreased to GBP 200billion in assets

3-NovUnited KingdomLloyds exits the AssetProtection Scheme fora fee; RBS will continueparticipating undernew conditions
http://www.bloomberg.com/apps/news?pid=20601208&sid=ar78uBAPtkp0http://www.bloomberg.com/apps/news?pid=20601208&sid=ar78uBAPtkp0http://www.bloomberg.com/apps/news?pid=20601208&sid=ar78uBAPtkp0http://www.bloomberg.com/apps/news?pid=20601208&sid=ar78uBAPtkp0http://www.bloomberg.com/apps/news?pid=20601208&sid=ar78uBAPtkp0http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aPXnid0.Q7GAhttp://www.bloomberg.com/apps/news?pid=newsarchive&sid=aPXnid0.Q7GAhttp://www.bloomberg.com/apps/news?pid=newsarchive&sid=aPXnid0.Q7GAhttp://www.bloomberg.com/apps/news?pid=newsarchive&sid=aPXnid0.Q7GAhttp://www.bloomberg.com/apps/news?pid=newsarchive&sid=aPXnid0.Q7GAhttp://www.bloomberg.com/apps/news?pid=newsarchive&sid=aPXnid0.Q7GAhttp://www.bloomberg.com/apps/news?pid=newsarchive&sid=aPXnid0.Q7GAhttp://www.federalreserve.gov/newsevents/press/monetary/20100127a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20100127a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20100127a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20100127a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20100127a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20100127a.htmhttp://www.sweden.gov.se/sb/d/586/a/133215http://www.sweden.gov.se/sb/d/586/a/133215http://www.sweden.gov.se/sb/d/586/a/133215http://www.sweden.gov.se/sb/d/586/a/133215http://www.sweden.gov.se/sb/d/586/a/133215http://www.fsa.go.jp/en/news/2009/20091023-1.htmlhttp://www.fsa.go.jp/en/news/2009/20091023-1.htmlhttp://www.fsa.go.jp/en/news/2009/20091023-1.htmlhttp://www.fsa.go.jp/en/news/2009/20091023-1.htmlhttp://www.fsa.go.jp/en/news/2009/20091023-1.htmlhttp://www.fsa.go.jp/en/news/2009/20091023-1.htmlhttp://www.fsa.go.jp/en/news/2010/20100122-2.htmlhttp://www.fsa.go.jp/en/news/2010/20100122-2.htmlhttp://www.fsa.go.jp/en/news/2010/20100122-2.htmlhttp://www.fsa.go.jp/en/news/2010/20100122-2.htmlhttp://www.fsa.go.jp/en/news/2010/20100122-2.htmlhttp://www.bloomberg.com/apps/news?pid=20601092&sid=a6uTR1DMel70http://www.bloomberg.com/apps/news?pid=20601092&sid=a6uTR1DMel70http://www.bloomberg.com/apps/news?pid=20601092&sid=a6uTR1DMel70http://www.bloomberg.com/apps/news?pid=20601092&sid=a6uTR1DMel70http://www.bloomberg.com/apps/news?pid=20601092&sid=a6uTR1DMel70http://www.bloomberg.com/apps/news?pid=20601092&sid=a6uTR1DMel70http://www.bloomberg.com/apps/news?pid=20601092&sid=a6uTR1DMel70http://www.bloomberg.com/apps/news?pid=20601087&sid=a6gDI1pu2Mdghttp://www.bloomberg.com/apps/news?pid=20601087&sid=a6gDI1pu2Mdghttp://www.bloomberg.com/apps/news?pid=20601087&sid=a6gDI1pu2Mdghttp://www.bloomberg.com/apps/news?pid=20601087&sid=a6gDI1pu2Mdghttp://www.bloomberg.com/apps/news?pid=20601087&sid=a6gDI1pu2Mdghttp://www.bloomberg.com/apps/news?pid=20601087&sid=a6gDI1pu2Mdghttp://www.bloomberg.com/apps/news?pid=20601085&sid=aH1NZ8DyhTskhttp://www.bloomberg.com/apps/news?pid=20601085&sid=aH1NZ8DyhTskhttp://www.bloomberg.com/apps/news?pid=20601085&sid=aH1NZ8DyhTskhttp://www.bloomberg.com/apps/news?pid=20601085&sid=aH1NZ8DyhTskhttp://www.bloomberg.com/apps/news?pid=20601085&sid=aH1NZ8DyhTskhttp://www.bloomberg.com/apps/news?pid=20601085&sid=aH1NZ8DyhTskhttp://www.amf-france.org/documents/general/9297_1.pdfhttp://www.amf-france.org/documents/general/9297_1.pdfhttp://www.amf-france.org/documents/general/9297_1.pdfhttp://www.amf-france.org/documents/general/9297_1.pdfhttp://www.amf-france.org/documents/general/9297_1.pdfhttp://www.amf-france.org/documents/general/9297_1.pdfhttp://www.amf-france.org/documents/general/9297_1.pdfhttp://www.bankofengland.co.uk/publications/news/2009/081.htmhttp://www.bankofengland.co.uk/publications/news/2009/081.htmhttp://www.bankofengland.co.uk/publications/news/2009/081.htmhttp://www.bankofengland.co.uk/publications/news/2009/081.htmhttp://www.bankofengland.co.uk/publications/news/2009/081.htmhttp://www.hm-treasury.gov.uk/press_99_09.htmhttp://www.hm-treasury.gov.uk/press_99_09.htmhttp://www.hm-treasury.gov.uk/press_99_09.htmhttp://www.hm-treasury.gov.uk/press_99_09.htmhttp://www.hm-treasury.gov.uk/press_99_09.htmhttp://www.hm-treasury.gov.uk/press_99_09.htmhttp://www.hm-treasury.gov.uk/press_99_09.htmhttp://www.amf-france.org/documents/general/9297_1.pdfhttp://www.federalreserve.gov/newsevents/press/monetary/20100127a.htmhttp://www.fsa.go.jp/en/news/2010/20100122-2.htmlhttp://www.fsa.go.jp/en/news/2009/20091023-1.htmlhttp://www.bankofengland.co.uk/publications/news/2009/081.htmhttp://www.hm-treasury.gov.uk/press_99_09.htmhttp://www.bloomberg.com/apps/news?pid=20601085&sid=aH1NZ8DyhTskhttp://www.bloomberg.com/apps/news?pid=20601087&sid=a6gDI1pu2Mdghttp://www.bloomberg.com/apps/news?pid=20601092&sid=a6uTR1DMel70http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aPXnid0.Q7GAhttp://www.sweden.gov.se/sb/d/586/a/133215http://www.bloomberg.com/apps/news?pid=20601208&sid=ar78uBAPtkp0


5/5

BankLiability

Guarantees

OtherMarket

Interventions

Unconventional

MonetaryPolicy

International Responses to the Crisis Timeline (Feb 2010 - Jun 2010)

Feb 3 6 9 12 15 18 21 24 27Mar 3 6 9 12 15 18 21 24 27 30Apr 3 6 9 12 15 18 21 24 27 30May 3 6 9 12 15 18 21 24 27 30Jun 3 6 9 12 15 18 21 24 27 30



4-MarGermanyShort positions in selectedfinancial stocks must nowbe disclosed

Liq

uidityandRescue

Interventions



23-AprJapanShort salerestrictionsextended until July 30th

17-MarJapanBank of Japan expands fixedrate loans to JPY 20 trillionfrom JPY 10 trillion
http://www.bafin.de/cln_179/nn_721140/SharedDocs/Mitteilungen/EN/2010/pm__100304__leerverk__transparenz__en.htmlhttp://www.bafin.de/cln_179/nn_721140/SharedDocs/Mitteilungen/EN/2010/pm__100304__leerverk__transparenz__en.htmlhttp://www.bafin.de/cln_179/nn_721140/SharedDocs/Mitteilungen/EN/2010/pm__100304__leerverk__transparenz__en.htmlhttp://www.bafin.de/cln_179/nn_721140/SharedDocs/Mitteilungen/EN/2010/pm__100304__leerverk__transparenz__en.htmlhttp://www.bafin.de/cln_179/nn_721140/SharedDocs/Mitteilungen/EN/2010/pm__100304__leerverk__transparenz__en.htmlhttp://www.fsa.go.jp/en/news/2010/20100423-1.htmlhttp://www.fsa.go.jp/en/news/2010/20100423-1.htmlhttp://www.fsa.go.jp/en/news/2010/20100423-1.htmlhttp://www.fsa.go.jp/en/news/2010/20100423-1.htmlhttp://www.fsa.go.jp/en/news/2010/20100423-1.htmlhttp://www.boj.or.jp/en/type/release/adhoc10/un1003d.pdfhttp://www.boj.or.jp/en/type/release/adhoc10/un1003d.pdfhttp://www.boj.or.jp/en/type/release/adhoc10/un1003d.pdfhttp://www.boj.or.jp/en/type/release/adhoc10/un1003d.pdfhttp://www.boj.or.jp/en/type/release/adhoc10/un1003d.pdfhttp://www.boj.or.jp/en/type/release/adhoc10/un1003d.pdfhttp://www.bafin.de/cln_179/nn_721140/SharedDocs/Mitteilungen/EN/2010/pm__100304__leerverk__transparenz__en.htmlhttp://www.fsa.go.jp/en/news/2010/20100423-1.html

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