Banking/Timelines
The early years
1244 Genoa's Leccacorvo bank[1]
1609 Amsterdam Wisselbank founded[2] - the first central bank.
1694 Formation of the Bank of England[3]
The 19th century
1863 US National Bank Act[4][5] - creates a national currency system and a system of banking regulation.
1866 Overend-Gurney collapse causes banking panic [6]
1890 Barings crisis. Bank of England organises rescue of Barings bank by Rothschilds[7]
1850-1907 Bank runs in the United States in 1857, 1873, 1884, 1890, 1893, (and 1907} [8]
The 20th century
1913 US National Reserve Act creates the Federal Reserve System
1930-33 The Banking crises of the Great Depression
1933 The Banking Act of 1933 creates The Federal Deposit Insurance Corporation[9]
- US The Glass-Steagall Act [10]
1980 US Depository Institutions Deregulation and Monetary Control Act[11]
1986 UK Building Societies Act[12]
1988 Basel I[13] (The Basel Capital Accord)
1989 US Financial Institutions Reform, Recovery, and Enforcement Act[14]
1995 UK Barings bank failure [15].
1999 US Gramm-Leach-Bliley Act[16] - repealed the Glass Steagall Act of 1933, and introduced other changes including expanding the Federal Home Loan Bank System.
The 21st century
2002
2006
- Basel II[19] (Revised International Capital Framework)
2007
- French bank BNP Paribas freezes funds because it is .unable to value its US mortgage-backed assets. [20]
2008
- Bear Stearns bought by J P Morgan Chase & Co for $2 a share[21] [22] (with $30 billion support from the Federal Reserve)
- Bank of England announces its Special Liquidity Scheme[23] (to allow banks to swap temporarily their high quality mortgage-backed and other securities for UK Treasury Bills)
- Lehman Brothers becomes bankrupt [24] with losses of $365 billion to insurers of its bonds.
2009
- More bank failures and rescues
- UK Banking Act 2009[25] (including the Special Resolution Regime[[26]
- "Basel 3": Enhancements to the Basel II framework[27][28]
2010