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).

October 2008:

- 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, Unicrdit, 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.