10th May 2009
GRC Newsletter
2nd April 2009
G20
2nd April 2009
ECB Lowers rate
12th March 2009
Risk Management Survey Results
6th March 2009
ECB lowers policy rate
6th March 2009
Bank of England MPC
5th February 2009
BOE cuts rate to 1%
21st January 2009
Portugal Downgraded
21st January 2009
UK soaring debt levels increases downgrade risk
20th January 2009
Standard and Poors downgrades Spain
7th May 2009
Federal Reserve Stress Tests
23rd March 2009
US Treasury Plans Announced
4th March 2009
Moody's announce CLO review after methodolgy change
11th February 2009
US Bail Out plan announced
30th January 2009
Tier one ratings hit junk
27th January 2009
ING
21st January 2009
ECB tightens rules
20th January 2009
UK Government Announces New Measures
20th January 2009
RBS announces largest UK losses
16th January 2009
Bank of America
Credit Crunch
The 'Credit Crunch' refers to the breakdown in the securitisation and wholesale markets which occured during the Summer of 2007. The initial cause being linked to 'sub-prime' mortgage lending in the US leading to a loss of faith by investors in securities and structured credit products. The effects have been wide spread with the collapse/restructuring or capital raising of a large number of credit linked entities such as conduits, SIVs, monolines and ultimately banks.
In both the US and European markets public placed issuance of securitised products have reduced dramatically with funding being picked up by the central banks.
In both the US and European markets public placed issuance of securitised products have reduced dramatically with funding being picked up by the central banks.
US Treasury Plans Announced
The US treasury has announced details of the plan to help address banks' legacy asset problems.Moody's announce CLO review after methodolgy change
Moody's places 3,600 tranches of CLO's on review for downgradeUS Bail Out plan announced
$2.3trillion bail out plan announcedTier one ratings hit junk
Six European Bank's tier 1 debt downgraded by S&PECB tightens rules
ECB has tightened rules on eligible collateralUK Government Announces New Measures
The UK Government has announced further measures to support the banks.RBS announces largest UK losses
RBS has announced thta it expects to make losses of some GBP28billion for the year ending 31st December 2009.
Anglo Irish Bank Nationalsied
AIB will be nationalised by the Irish GovernmentUS Bankruptcy Bill
Citibank backs measures to help avoid foreclosures£20 billion plan announced by UK Government
UK support for small businesses unveiledModys publishes review and comments on UK mortgage lenders
Moodys has published a report reviewing rating actions and commentary on UK mortgage lenders.CDPC company Primus downgraded
The FT reports losses of some €8.4bln for Financial institutions exposed to Credit Derivative Product Companies.UK Government to review Credit Guarantee Scheme
UK Government reviews CGSFed steps up support above TARP
Some $800 billion additional support ear marked to tackle credit crunch.Citigroup receives Government Support
Citigroup receives support from US government through capital injection and support for troubled assets.AIG US support package reaches $150bln
US authorities provide details of plan which sees support for AIG reach $150bln.
WestLB taps German state's support fund
WestLB have announced that they would increase capital by some €8billion.Dexia share price rises
Dexia share price risesKarel De Boeck to lead Fortis
Karel De Boeck appointed chief executive of Fortis.Moodys further move on Ambac ratings
On 5th November Moodys downgraged Ambac further to Baa1.Bank of England and ECB rate cuts
Bank of England cuts base rate by 1.5%ECB cuts rate by 0.5%
UK £500billion lifeline for banks
The UK government in early October outlined their plans for equity and debt support to the UK's banks.
$700billion bailout
October 4th saw the signing into law of the $700billion bail out fund to support the financial system in the US.Washington Mutual closed
September 25th OTS closes WaMuWachovia to be acquired by Wells Fargo
October 3rd, Switch by Wachovia to Wells FargoCitigroup acquires Wachovia operations
September 29th. Wachovia's share price collapse results in Citigroup acquiring Wachovia's banking operations.Goldman and Morgan Stanley change status
22nd September - Federal Reserve approves the change of status of Goldman and Morgan Stanley.Merrill Lynch & Bank of America
15th September - Bank of America agrees to buy Merrill Lynch for $50billionXLCA and commutation
XLCA agress commutation plan with counterpartiesMerrill Lynch Crystalises Losses
Merrill's disposal for $6.7bn of $30bln in mortgage-related assets.
FSA & Assured at risk of losing AAA
Moodys have placed Assuerd and FSAs rating on watch for downgrade.Retained paper still dominates
European primary market still dominated by retained issuanceUK - Rightmove announces latest price survey
Average asking price for a home fell by 1.8% for JuneRecord oil prices bring inflation fears to fore
UK and European equities shuddered to their lowest levels since 2005 on Friday, a bleak end to a torrid week, as record oil prices fuelled inflation fears and sent investors fleeing to safety.Plans to increase the protection available to consumers
Plans to increase the protection available to consumers who lose money when a bank collapses were announced today.
Mounting recession fears leave markets reeling
A series of dire economic data released yesterday – from rising inflation and falling house prices to rising oil prices – sparked a mass sell-off of stocks in London as fears increased that the UK was heading for recession.