List of bankrupt or acquired banks during the financial crisis of 2007–2008

List of bankrupt or acquired banks during the financial crisis of 2007–2008

This is a list of financial institutions that have been affected by the Financial crisis of 2007–2008. The list includes banks (including commercial banks and investment banks), building societies and insurance companies that have either been:
* taken over or merged with another financial institution;
* nationalised by a government or central bank; or
* declared insolvent or liquidated.

In the United States, the Federal Deposit Insurance Corporation (FDIC) may assume deposits of banks or allow other banks to assume them. The largest banks to be acquired have been the presumed Merrill Lynch acquisition by Bank of America, the Bear Stearns acquisition by JPMorgan Chase, and the Countrywide Financial acquisition also by Bank of America. IndyMac Bank was also a large bank that was changed into a bridge bank by the FDIC, after its failure, until the funds can be disposed of. In addition, the investment bank Lehman Brothers has filed for Chapter 11 bankruptcy protection.

In the United Kingdom, Her Majesty's Treasury has the power to acquire failing banks under the Banking (Special Provisions) Act 2008. Using powers granted by this Act, Her Majesty's Treasury acquired the shareholdings of both Northern Rock and the Bradford & Bingley; and transferred the savings accounts of failed Icelandic banks to ING Direct. Anti-terrorism legilsation has been used to seize assets of the Icelandic banks, the Government of Iceland and the Icelandic central bank in the UK.

Acquisitions

ee also

* List of business failures

Notes

*Acquired a nearly 80% share in exchange for a ]
*Well Fargo made a second agreement that cancelled out the Citigroup deal. Citigroup is taking legal action.
*The Icelandic Financial Supervisory Authority has announced that it will not honour its commitment to British savers, and Her Majesty's Treasury has announced that the UK's Financial Compensation Scheme will payout for all Icesave customers in the UK, over and above the usual £50,000 limit
*Per the [http://www.opsi.gov.uk/si/si2008/uksi_20082644_en_1 The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008]
*Per the [http://www.opsi.gov.uk/si/si2008/uksi_20082674_en_1 The Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008]

References


Wikimedia Foundation. 2010.

Игры ⚽ Нужна курсовая?

Look at other dictionaries:

  • 2008 Icelandic financial crisis — The 2008 Icelandic financial crisis involves all three of the major banks in Iceland and their control has been seized by the government. In late September, it was announced that Glitnir would be nationalised. The following week, the control of… …   Wikipedia

  • Subprime mortgage crisis — Part of a series on: Late 2000s financial crisis Major dimensions …   Wikipedia

  • List of Occupy movement protest locations in the United States — Contents 1 List 2 Gallery 3 See also 4 References …   Wikipedia

  • Late-2000s financial crisis — The TED spread (in red) increased significantly during the financial crisis, reflecting an increase in perceived credit risk …   Wikipedia

  • Financial Crisis of 2008 — ▪ 2009 Introduction by Joel Havemann       In 2008 the world economy faced its most dangerous crisis since the Great Depression of the 1930s. The contagion, which began in 2007 when sky high home prices in the United States finally turned… …   Universalium

  • 1997 Asian Financial Crisis — The Asian Financial Crisis was a period of financial crisis that gripped much of Asia beginning in July 1997, and raised fears of a worldwide economic meltdown (financial contagion). It is also commonly referred to as the IMF crisis. Overview The …   Wikipedia

  • Crisis situations and unrest in Europe since 2000 — List of crises situations and major protests in countries of Europe since year 2000. Contents 1 2011 2 2010 3 2009 4 2008 5 2007 …   Wikipedia

  • List of Occupy movement protest locations — Protesters during day fourteen of Occupy Wall Street (September 30, 2011) The Occupy Wa …   Wikipedia

  • Emergency Economic Stabilization Act of 2008 — This article is about one division of an enacted statute. For the entire statute, see Public Law 110 343. For the enacted rescue program, see Troubled Asset Relief Program. The Emergency Economic Stabilization Act of 2008 (Division A of Pub.L.… …   Wikipedia

  • United States bear market of 2007–2009 — US Bear market of 2007–2009 The US bear market of 2007–2009 was declared in June 2008 when the Dow Jones Industrial Average (DJIA) had fallen down 20% from its October 11, 2007 high.[1][2] …   Wikipedia

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”