FACTBOX-Subprime crisis affects banks worldwide

Sun Feb 17, 2008 8:37pm GMT
 
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(Reuters) - The government said on Sunday it would nationalise ailing lender Northern Rock, abandoning efforts to find a private sector buyer for the bank whose funding model was wrecked by the global credit crisis.

Here is a list of other banks that have been affected by the credit crisis:

2007

February 8 - HSBC - Europe's biggest bank HSBC Holdings blames soured U.S. subprime loans for its first-ever profit warning.

April 2 - NEW CENTURY - The U.S. subprime lender files for Chapter 11 bankruptcy protection in the biggest collapse of a mortgage lender in the U.S. housing downturn.

July - IKB & SACHSENLB - Two banks in Germany, IKB and state bank SachsenLB suffer exposure to the U.S. subprime market. The German banking industry bails out IKB but SachsenLB almost goes under and is quickly sold to state-backed Landesbank Baden-Wuerttemberg (LBBW).

August 9 - BNP PARIBAS - The French bank bars investors from redeeming cash in $2.2 billion (1.12 billion pounds) worth of funds, telling the markets it is unable to calculate the value of the three funds due to turmoil in the subprime market.

August 9 - NIBC - The Dutch merchant bank discloses 137 million euros (102.7 million pounds) of losses on U.S. asset-backed securities in the first half, and shelves plans indefinitely for an initial public offering.

September 13 - NORTHERN ROCK - The British mortgage lender has a run on the bank after the government reveals it has stepped in to rescue the firm.  Continued...

 
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