February 17, 2008 / 8:12 PM / 11 years ago

FACTBOX-Subprime crisis affects banks worldwide

Feb 17 (Reuters) - The British government said on Sunday it would nationalise ailing UK lender Northern Rock NRK.L, 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

Feb. 8 - HSBC (HSBA.L) - Europe’s biggest bank HSBC Holdings blames soured U.S. subprime loans for its first-ever profit warning.

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 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).

Aug. 9 - BNP PARIBAS (BNPP.PA) - 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.

Aug. 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 indefinitely for an initial public offering.

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

Oct. 1 - CREDIT SUISSE CSGN.VX says its results will be “adversely impacted” by the market turmoil but it will remain profitable in the third quarter of 2007.

Oct. 15 - CITIGROUP (C.N), the largest U.S. bank by market value, says third-quarter profit fell 57 percent due to sub prime losses.

Oct. 19 - WACHOVIA CORP WB.N - The fourth-largest U.S. bank posts a 10 percent decline in third-quarter profit, having suffered $1.3 billion of write-downs resulting from credit market turmoil.

Oct. 24 - MERRILL LYNCH MER.N stuns Wall Street after writing down $8.4 billion, mostly from bad investments related to risky subprime mortgages.

Oct. 26 - COUNTRYWIDE - U.S. mortgage lender Countrywide Financial Corp CFC.N posts a $1.2 billion third-quarter loss after writing down $1 billion in subprime lending losses.

Oct. 29 - MITSUBISHI UFJ FINANCIAL GROUP INC (8306.T), Japan’s largest bank, says it will write down subprime-related investments by as much as 30 billion yen ($260 million) — six times more than previously announced.

Oct. 30 - UBS - Swiss bank UBS UBSN.VX reports a third-quarter pre-tax loss of 726 million Swiss francs ($624.8 million) after a 4.2 billion franc charge on subprime-related losses.

Nov. 4 - CITIGROUP says it may write off $8 billion to $11 billion of subprime mortgage losses, on top of a $6.5 billion write-down in its third quarter.

Dec. 19 - MORGAN STANLEY (MS.N) posts a $3.59 billion fourth quarter loss and $9.4 billion of mortgage-related writedowns.

2008

Jan 17. MERRILL LYNCH reports its worst ever quarter, revealing around $16 billion in mortgage-related write-downs and adjustments.

Jan. 24 - French bank SOCIETE GENERALE (SOGN.PA) says fraud by a single trader has cost it over $7 billion.

Feb. 13 - Germany agrees a 1.5 billion euro rescue package for IKB, the third bailout for the stricken lender, saying a collapse of the bank would have “incalculable” consequences.

Feb. 14 - UBS UBSN.VX says it will have to write down $18 billion in bad loans. Analysts warn its writedowns could yet double.

Feb. 17 - The British government says it will nationalise NORTHERN ROCK for a temporary period, abandoning efforts to find a private sector buyer for the ailing lender.

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