_Chronology_AuthActions

Authorities' Actions 

2008, Mar 13 : Fed discusses Term Securities Lending Facility (TSLF) term and conditions with primary dealers.

 

2008, Mar 15 : Fed Board authorized the New York Fed to create Maiden Lane LLC (ML LLC) to facilitate the merger of the Bear Stearns Companies and JPMorgan Chase.

 

2008, Mar 16 : Fed announces establishment of Primary Dealer Credit Facility (PDCF), designed to bolster market liquidity and orderly overnight functioning.

 

2008, May 2 : ECB, SNB and Fed announce a coordinated expansion of liquidity measures.

 

2008. Sep 7 : US Government takes control of Fannie Mae and Freddie Mac.

 

2008, Sep 14 : Fed announces several initiatives to support financial markets.

 

2008, Sep 18 : Coordinated liquidity injection of $247bn by major CBs. Fed increased its existing swap lines with ECB and SNB to $110bn and $27bn respectively and agreed new swap lines with BOJ ($60bn), BOE ($40bn) and BOC ($10bn).

 

2008, Sep 19 : Troubled Asset Relief Program (TARP) $700bn proposal.

 

2008, Sep 23 : Fed sets up $30bn swap lines with Australia, Norway, Sweden and Denmark to ease dollar funding in the market.

 

2008, Sep 28 : Fortis is thrown a 11.2bn lifeline by the Benelux three Governments.

 

2008, Sep 29 : TARP is unexpectedly voted down by US House.

CBs inject additional $330bn to improve market liquidity.

 

2008, Sep 30 : Irish Government guarantees all bank deposits.

Dexia gets 6bn infusion from France and Belgium.

German Government sets up a 35bn rescue package for Hypo Real Estate.

Maiden Lane II LLC (ML II LLC) and Maiden Lane III LLC (ML III LLC) were formed to facilitate the restructuring of the New York Feds financial support to American International Group (AIG).

 

2008, Oct 3 : TARP becomes US law.

 

2008, Oct 7 : Fed Board announces the creation of Commercial Paper Funding Facility (CPFF).

UK establishes a 400bn rescue plan and partly nationalization of major banks.

Spain announces emergency funds for 50bn.

 

2008, Oct 8 : Coordinated 50 bps rate cut by 7 major CBs in the world.

 

2008, Oct 13 : It is agreed that reciprocal swap lines between Fed and ECB, SNB and BOE will accomodate at fixed rates whatever quantity of US dollar funding demanded.

 

2008, Oct 21 : FDIC establishes the Temporary Liquidity Guarantee Program and the Deposit/Unsecured-Debt Insurance.

At the same time Treasury launches the Capital Purchase Program.

 

2008, Oct 21 : Fed announces the creation of Money Market Investor Funding Facility (MMIFF).

 

2008, Nov 25 : Fed announces Agencies' MBS purchase program.

 

2008, Dec 1 : Fed announces the creation of TALF (Term Asset-backed securities Loan Facility) and the adoption of the Quantitative Easing approch for monetary policy.

 

2009, Jan 3 : Fed creates AMLF (ABCP Money Market Liquidity Facility)

 

2009, Jan 8 : German lender Commerzbank receives a bailout package to backstop losses at newly acquired Dresdner Bank. Government takes a 25% stake.

 

2009, Jan 16 : Anglo Irish Bank seized by Irish authority.

US Treasury invests $20bn in Bank of America and guarantees a pool of $118bn of bank's assets.

 

2009, Jan 19 : UK Government increases its equity stake up to 70% into troubled RBS after its 2008 28bn losses.

 

2009, Jan 26 : The Dutch authorities grant part of ING's securitised mortgage portfolio worth $35bn

 

2009, Jan 19 : UK Government extends the guarantees for debt issued by participating banks.

 

2009, Jan 21 : The French authorities inject 10.5bn into eligible banks.

 

2009, Feb 10 : Fed announces the extension of 5 liquidity facilities in the scope of MMIFF.

 

2009, Feb 10 : The US authorities announce the expansion of the scope of TALF program by including Commercial MBS.

US Treasury proposes a public-private investment fund of $0,5-$1Tn to purchase troubled assets from banks (PPIP).

 

2009, Mar 05 : BOE adopts the Quantitative Easing approch, in addition to setting Bank Rate at 0.5%, injecting money directly into the economy in order to meet inflation target.

 

2009, Mar 19 : NY Fed purchases $36bn gross Agency MBSs.

 

2009, Mar 19 : Board announces set of eligible collateral for TALF is expanded to include four additional categories of asset-backed securities.