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You are here: Home / Banking crisis timeline

Banking crisis timeline

· October 30, 2008 ·

Friday October 31 Barclays said it would raise up to £7.3bn, mainly from Middle East investors, who could end up owning nearly a third of the UK’s second largest bank. The deal drew fierce criticism from Liberal Democrat deputy leader and Treasury spokesman Vince Cable, who said it was a “scandal of mammoth proportions”. The Bank of Japan cut interest rates for the first time in seven years in response to the global financial crisis. The bank cut the key interest rate from 0.5% to 0.3%, a move some criticised as half-hearted. Thursday October 30 Alistair Darling urged banks to use a £4bn package of support from the European Investment Bank to help small and medium-sized businesses through the credit crunch. The chancellor also called on oil companies to pass on lower costs to consumers. Deutsche Bank reported steep falls in pre-tax and net profits and a further series of writedowns in the third quarter. Wednesday October 29 The US Federal Reserve cut interest rates by a half point, trying to avert a prolonged economic downturn in the wake of the financial crisis. Monetary policy committee member David Blanchflower said the Bank of England failed to respond to the warning… Read full this story

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Banking crisis timeline have 255 words, post on www.theguardian.com at October 30, 2008. This is cached page on Vietnam Colors. If you want remove this page, please contact us.

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