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

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

Click on any event for further information. This timeline is updated on the �rst of every month. If you encounter broken links or have other feedback, please e-mail william.ryan@ny.frb.org.

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 GBP 50,000

8-OctUnited KingdomMajor �nancialinstitutions 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 isultimately 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 the right to buy out shareholdersin systemically importantinstitutions at market price

10-OctSwedenCentral bank announcesit will discontinue repoops for monetary policy,and will instead issuedebt to absorb liquidity

9-OctFranceGovernmentguarantees 36.5%of EUR 150 billionDexia re�nancing

13-OctFranceEUR 320 billion fund to provide loans to banks andother �nancial �rms announced

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

15-OctSwitzerlandCentral bank willbegin issuing itsown debt to absorbexcess liquidity

13-OctFranceEUR 40 billion tobe made availableto recapitalize�nancial �rms

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

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

18-SeptIrelandShort sales of�nancial stocksprohibitedinde�nitely

19-SeptFranceShort sales of�nancial stocksprohibited, plusdisclosurerequirements

19-SeptCanadaShort sales of�nancial stocksprohibitedtemporarily

3-OctCanadaProhibition on shortsales extended untilend of SEC’s 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 willsu�er losses

1-OctItalyShort sales of�nancial stocksprohibitedtemporarily

29-OctItalyProhibition on shortsales extended untilyear end

13-OctItalyGovernment passesbank �nancingguarantee, willprovide unspeci�edamount

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 sales of �nancialstocks prohibited,disclosure of shortpositions required

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

6-OctGermanyHypo Real Estate�nancing guaranteeincreased to EUR 50billion

13-OctGermanyEUR 400 billionplan to guaranteebank �nancingannounced

13-OctGermanyEUR 70 billionrecapitalizationfund announced

31-OctGermanySo�n providesHypo Real Estatewith an additionalEUR 15 billion inguarantees

27-OctGermanyFinancial rescue fundSo�n begins operation,with power to guarantee�nancing, buy assets,and recapitalize �rms

29-SeptGermanyHypo Real Estatereceives EUR 35billion guaranteed�nancing

5-OctGermanyGovernmentguarantees allprivate bankaccounts 23-Oct

CanadaCanadian LendersAssurance Facilityannounced toguarantee debt upto three years

Click on any event for further information. This timeline is updated on the �rst of every month. If you encounter broken links or have other feedback, please e-mail william.ryan@ny.frb.org.

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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

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

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 to�ve years

3-DecGermanySo�n 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-DecGermanySo�n providesIKB with EUR 5 billion in guarantees

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

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

30-DecItalyShort sale prohibitionextended for �nancialstocks, rules for non-�nancial stocks relaxed

29-JanItalyShort sale prohibitionextended for �nancialstocks

25-FebItalyEUR 12 billionrecapitalizationplan approved

26-FebItalyShort sale prohibitionextended for �nancialstocks

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 gov’t

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 sale disclosurerequirements extended,additional disclosuresrequired

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

19-JanUnited KingdomTreasury convertspreference sharesin RBS into common equity

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

3-FebJapanBank of Japanwill purchaseJPY 1 trillion ofbank stock

22-JanJapanBank of Japan willpurchase JPY 3 trillion 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 the liquidity facility thatcannot be repaid

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

21-JanFranceSecond round ofrecapitalization foranother EUR 10.5billion of debt

19-DecFranceShort sale banmaintained,to be revisitedin February

21-JanGermanySo�n provides Hypo Real Estate with an additional EUR 12 billion in guarantees

2-NovGermanySo�n gives EUR 8.2billion of loans toCommerzbank AG

28-NovGermanyBayernLB receives EUR7 billion of capital fromBavaria, requests 3billion more from So�n

8-JanGermanySo�n gives anotherEUR 8.2 billion of loansto Commerzbank, andbuys 1.8 billion worthof equity

30-MarGermanySo�n purchases8.7% of Hypo RealEstate for EUR 60million

24-FebGermanyTwo German statesrecapitalize the state-owned HSHNordbank

11-FebIrelandNew terms forrecapitalizationfor two banksannounced

21-DecIrelandSubject to shareholdervote, three banks willreceive EUR 5.5 billionin preference shares14-Dec

IrelandFinance Ministryannounces EUR10 billion will bemade availablefor recapitalization

15-JanIrelandAnglo Irish banknationalized dueto weak fundingposition and“unacceptablepractices”

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

7-MarGermanySo�n provides HSHNordbank with EUR 30 billion in guarantees

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

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

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

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

2-AprSwedenGuarantee schemeextended untilend of October

14-AprGermanySo�n extends EUR 52billion in guaranteesto Hypo Real Estateuntil mid-August

3-JulGermanyIKB receives an additional EUR 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 sale disclosurerequirements 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-AprGermanySo�n makes a bid forHypo Real Estate, willnationalize if investorsdo not accept by May

3-JunGermanyHypo Real Estate shareholders,led by So�n 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 �rms must repay anylosses over 20 year period

11-AprGermanyFinance Minister proposes“bad 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 Reserveextended untilFebruary 1st

15-JulJapanSwap line with theFederal Reserveextended untilFebruary 1st

28-JulJapanShort sale restrictionsextended until October31st

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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%

Click on any event for further information. This timeline is updated on the �rst of every month. If you encounter broken links or have other feedback, please e-mail william.ryan@ny.frb.org.

31-JulItalyBanco Popolare becomesthe �rst bank to use theItalian bank liabilityguarantee program

28-MayItalyShort sale ban is relaxedexcept on �rms 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 sale banon �nancial �rmsextended untilJanuary 2010

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

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

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

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

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

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Click on any event for further information. This timeline is updated on the �rst of every month. If you encounter broken links or have other feedback, please e-mail william.ryan@ny.frb.org.

8-OctSwedenGuarantee scheme extendedan additional six months toApril 30th

23-OctJapanShort sale restrictionsextended until January31st

22-JanJapanShort sale restrictionsextended until April 30th

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

29-SepFranceBNP Paribus announcesa rights o�er to raisecapital in order to repaygovernment aid

6-OctFranceSociete Generale followsBNP Paribus, announcinga rights o�er to repaygovernment aid

27-JanFranceShort sale ban on �nancial�rms extended inde�nitelyuntil EU-wide permanentregime in place

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

3-NovUnited KingdomLloyds exits the Asset Protection Scheme for a fee; RBS will continueparticipating under new conditions

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

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

4-MarGermanyShort positions in selected�nancial stocks must nowbe disclosed

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Click on any event for further information. This timeline is updated on the �rst of every month. If you encounter broken links or have other feedback, please e-mail william.ryan@ny.frb.org.

23-AprJapanShort sale restrictionsextended until July 30th

17-MarJapanBank of Japan expands �xedrate loans to JPY 20 trillionfrom JPY 10 trillion