FACTBOX: Subprime crisis affects banks worldwide

Tue Feb 19, 2008 5:16am EST
 
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(Reuters) - Credit Suisse (CSGN.VX: Quote, Profile, Research, Stock Buzz) has written $2.85 billion off the value of its asset-backed investments and found mismarking and pricing errors on its books, it revealed on Tuesday, sending its shares plummeting.

European equities shed 1.3 percent on Tuesday, reversing most of the previous day's 2 percent jump, as banks topped the losers' list after Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) also reported further write-downs.

Here is a list of some of the banks around the world that have been affected by the credit crisis:

February 8, 2007 - HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) - Europe's biggest bank HSBC Holdings blames bad U.S. subprime loans for its first-ever profit warning in February. On September 21, it announced the closure of its U.S. subprime unit, Decision One Mortgage, and records an impairment charge of about $880 million.

April 2 - NEW CENTURY NEWCQ.PK - 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 (IKBG.DE: Quote, Profile, Research, Stock Buzz) and state bank SachsenLB suffer exposure by investing in 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 (BNPP.PA: Quote, Profile, Research, Stock Buzz) - The French bank bars investors from redeeming cash in $2.2 billion 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 ($189 million) of losses on U.S. asset-backed securities in the first half, and shelves plans for an initial public offering indefinitely.

September 13 - NORTHERN ROCK NRK.L - The British mortgage lender experiences a bank run. The Bank of England steps in.  Continued...

 

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