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The Recession - September 2008

A time line of what happened in September 2008 and what contributed to the recession.

Rhys Evans

on 15 June 2011

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Transcript of The Recession - September 2008

4th September The rate at which banks
lend to eachother rises
to it's highest level since
december 1998. Recession
September 2008 13th September The BBC reveals Northern Rock
has asked for and been granted emergency financial support from the Bank of England,
in the latter's role as lender of last resort. Northern Rock relied heavily on the markets, rather than savers' deposits, to fund its mortgage lending. The onset of the credit crunch has dried up its funding. A day later depositors withdraw £1bn in what is the biggest run on a British bank for more than a century. They continue to take out their money until the government steps in to guarantee their savings. September 14th 8pm BST: Barclays pulls out of the bidding and Bank of America turns its attention to Merrill Lynch. 2pm BST: Talks run into a third day. Traffic in New York snarls up under the sheer weight of backed-up, blacked-out limousines transporting the stressed-out bankers. September 15th 4am BST: Bank of America agrees a $50bn rescue bid for Merrill Lynch. 4am BST: Bank of America agrees a $50bn rescue bid for Merrill Lynch. 7am BST: 4,500 Lehman staff at its Canary Wharf HQ are told it's all over. 9am BST: Shares in HBOS, Britain's biggest mortgage lender, crash 34% in early trading. September 21st The Financial Services Authority holds crisis talks over a possible bail-out of Bradford & Bingley, which has seen its shares plunge 90% this year so far. September 23rd New figures show UK mortgage approvals hit a record low in August September 25 the Archbishop of Canterbury, wades into the debate, calling for tighter regulation of a financial industry that has been allowed to run away with itself. HSBC adds to home owners' woes by raising its rates. Woolwich and First Direct follow suit. September 29th As a result of the intense fear among bankers about which institution will be next to fold, the interbank lending rate goes through the roof despite desperate attempts by Central Banks to pump cash into the system. New figures from the Bank of England show mortgage lending collapsed in August. Those people who do manage to sell are taking much lower prices for their homes.
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