MAY 2008
15 May
Barclays takes a further £1bn writedown on assets.
Read the full story
12 May
HSBC reveals a further $3.2bn of losses linked to the US sub-prime market.
Read the full story
APRIL 2008
22 April
The UK's second largest bank, RBS, reveals £5.9bn in writedowns from the credit crunch, and asks its shareholders for an additional £12bn to rebuild its capital base.
Read the full story
18 April
Citigroup reveals another $12bn in sub-prime losses, bringing its total to $40bn, the most of any bank. It cuts 9000 jobs amid a quarterly loss of $5bn, down from $9.8bn in the previous quarter.
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MAIN CREDIT LOSSES SO FAR
17April
US investment bank Merrill Lynch reveals an additional $4.5bn in credit writedowns and a loss of nearly $2bn in the first quarter of the year.
Read the full story
1 April
Swiss bank UBS reveals a further $19bn of asset writedowns. This came on top of the $18.4bn which it announced for 2007.
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1 April
Germany's Deutsche Bank warns of credit losses of $3.9bn in the first three months of 2008.
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MARCH 2008
31 March
US Treasury announces major package to reform regulation of US financial markets and prevent future financial crises. The plans are criticised by consumer groups but generally praised on Wall Street.
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18 March
Wall Street investment banks Goldman Sachs and Lehman Brothers reveal that their first quarter profits have been halved by the credit crunch.
But stocks rise on the news that their results have not been as bad as expected.
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17 March
Wall Street investment bank Bear Stearns is acquired by JPMorgan Chase for $240m, a fraction of its share price, in deal backed by $30bn in Fed loans.
The bank got into trouble over its huge exposure to sub-prime mortgage-backed securities.
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14 March
Bear Stearns receives emergency funding, after its exposure to mortgage-backed investments undermined confidence in the bank.
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14 March
Investment fund Carlyle Capital fails as the credit crisis spreads from sub-prime related products to other mortgage-backed investments.
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11 March
Central banks make another coordinated attempt to ease conditions in the credit markets, by announcing $200bn of new emergency lending for banks.
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7 March
The former bosses of Merrill Lynch and Citigroup are questioned by a Congressional panel over their bumper pay - despite huge, sub-prime related bosses at their banks.
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6 March
A £1bn hedge fund run by Peloton Partners collapsed, after it struggled to meet interest payments due to the credit crisis.
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5 March
France's biggest retail bank Credit Agricole announced a fourth quarter loss hit by a 3.3bn euro charge at its investment banking boss, Calyon.
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3 March
HSBC announced a $17.2bn (£8.7bn) loss after the decline in the US housing market hit the value of its loans.
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FEBRUARY 2008
14 February
Commerzbank, Germany's second-biggest bank, cuts $1.1bn off the value of investments linked to the sub-prime mortgage crisis and warns its losses could worsen.
Read the full storySwiss investment bank UBS confirms it has made a loss of $4bn in 2007 after cutting the value of investments by $18.4bn.
Read the full story13 February
Britain's Bradford & Bingley cuts the value of its sub-prime mortgage-related investments by £144.4m ($284.5m). A few weeks earlier it had said it did not expect to suffer any write-downs.
Read the full story
Japan's financial watchdog says Japanese banks suffered losses of $5.6bn by the end of 2007. These have more than doubled in the last three months of the year.
Read the full story12 February
Swiss bank Credit Suisse says losses on sub-prime investments were $1.8bn, less than originally expected.
Read the full story10 February
Leaders from the G7 group of industrialised nations say worldwide losses from the US mortgage crisis could reach $400bn.
Read more here8 February
Deutsche Bank announces $3.2bn of sub-prime write-downs in the third quarter of the financial year and predicts there is not much more to come.
Read the story here
7 February
US Federal Reserve boss Ben Bernanke expresses concern about bond insurers that guarantee against defaults on mortgage loans.
Read the story here6 February
Wall Street sees its worst share losses in almost a year, amid fears that the worst US housing slump in 25 years is crippling the wider economy.
Read the full story5 February
US financial firm GMAC, which owns sub-prime lender Residential Capital, says it has made a $2.3bn loss in 2007, compared with a $2.1bn profit the year before.
Read the full story
JANUARY 2008
31 January
Bond insurer MBIA announces a $2.3bn loss, its biggest yet for a three-month period. It was hit by declines in the value of US mortgage-backed debt, which it guarantees against.
Read the story here30 January
The US Federal Reserve cuts interest rates to 3% from 3.5%. It is the second cut in nine days. US economic growth slows.
Read the story here29 January
The US Federal Bureau of Investigation launches an investigation into 14 companies involved in the sub-prime mortgage crisis.
Read the story herePub chain owner Mitchells & Butlers loses £274m when a property deal falls through due to the credit crisis.
Read the story here28 January
Belgian bank Fortis warns its losses connected to bad US mortgage debt could be as high as $1.47bn.
Read the story here25 January
Barclays Capital predicts banks will need to raise as much as $143bn to weather the credit crisis.
Read the story here23 January
The Bank of China dismisses rumours it was about to unveil massive losses caused by its exposure to the US sub-prime mortgage market.
Read the story here22 January
The US Federal Reserve cuts interest rates by half a percentage point to 3.5%, it's biggest cut in 25 years.
Read the story here21 January
Global stock markets, including London's FTSE 100 index, suffer their biggest falls since 11 September 2001.
21 January
German Bank WestLB warns investors that it expects to write down $1.45bn of investments and make a net loss of a similar amount.
Read the story here18 January
Scottish Equitable introduces delays for investors wanting to withdraw money from its commercial property funds, citing recession and sub-prime worries.
Read the story here17 January
Merrill Lynch unveils a $14.1bn write-down of investments linked to sub-prime mortgages and posts a net loss of $7.8bn in 2007.
Read the story hereInvestment bank Lehman Brothers cuts 1,300 jobs as it scales back its US mortgage lending business.
Read the story here
16 January
US bank JP Morgan Chase says it has cut the value of its mortgage-related investments by $1.3bn. Profits for the last three months of 2007 fall by a third.
Read the story hereCitigroup, the largest bank in the US, reports a $9.8bn loss for the fourth quarter and writes down $18bn in sub-prime losses. It also announces further investments in the group by Kuwait and Saudi Arabia.
Read the full story
11 January
Swiss investment bank UBS warns that is still does not know the scale of its total losses from the sub-prime crisis and says it might make a loss in 2007 when it reports its full results.
Read the full storyFederal Reserve boss Ben Bernanke says that the outlook for the US economy is deteriorating among continuing worries about the sub-prime crisis.
Read the full storyThe largest mortgage lender in the US, Countrywide, which pioneered sub-prime mortgages, is bought by Bank of America for $4bn after its shares plunge 48%.
Read the full story9 January
Bear Stearns boss James Cayne steps down after the firm reveals $1.9bn in sub-prime losses, the largest in its history.
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World Bank says that world economic growth will slow in 2008 due to credit crunch, but strong performance in China and India will cushion impact.
Read the full story7 January
President George W Bush admits that the credit crunch could slow the US economy in 2008, but says it is still fundamentally strong.
Read the full storyUS economists urge government action to ease looming US economic slowdown as a result of credit crunch.
Read the full story4 January
US unemployment rises sharply as job report sparks fall in stock market
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DECEMBER 2007
19 December
Morgan Stanley writes off $9.4bn in sub-prime losses and sells a 9.9% stake in the company to the Chinese state investment company CIC for $5bn to rebuild its capital.
Read the full story18 December
The US Federal Reserve Bank tightens rules on sub-prime lending, requiring mortgage companies to check more carefully on customers' income and give full disclosure of the cost of the loan.
Read the full storyECB lends European commercial banks $500bn over the Christmas period to help ease the credit crisis.
Read the full storyBank of England makes £10bn available to UK banks to ease credit crunch.
Read the full story17 December
US central bank, the Federal Reserve, makes $20bn available to commercial banks at auction to help ease the credit crunch.
Read the full storyFormer Fed chairman Alan Greenspan urges the US government to give direct aid to homeowners hit by the sub-prime crisis.
Read the full story14 December
Citigroup takes $49bn worth of sub-prime debts back on its balance sheets, effectively closing seven structured investment vehicles (SIVs) which had relied on money market funding.
Read the full story13 December
World central banks agree coordinated action to inject at least $100bn into short-term inter-bank credit markets to restore confidence.
Read the full story11 December
US central bank, the Federal Reserve, cuts interest rates for a third time to 4.25% to ease the credit crunch.
Read the full story10 December
Swiss bank UBS reports a further $10bn write-down caused by bad debts in the US housing market.
Read the full storyLloyds TSB reveals that bad debt linked to the US sub-prime mortgage crisis will cost it £200m.
Read the full story6 December
President George W Bush outlines plans to protect more than a million homeowners hit by the US housing slump.
Read the full storyRoyal Bank of Scotland warns it will write off about £1.25bn because of exposure to the US sub-prime market.
Read the full storyThe Bank of England cuts UK interest rates for the first time since 2005, amid signs that the economy is slowing.
Read the full storyThe European Central Bank keeps interest rates in the eurozone at their current level of 4%.
Read the full story4 December
US mortgage giant Fannie Mae is to issue $7bn of shares to cover losses linked to the housing market.
Read the full storyCanada cuts interest rates for the first time since April 2004 amid credit fears.
Read the full storyThe future of the UK mortgage industry remains bright, despite the current funding crisis, say lenders.
Read the full storyUK mortgage lenders should prepare for the global credit crunch to get much worse, the City watchdog says.
Read the full story3 December
Credit agency Moody's widens its debt review, having already earmarked $116bn of debt for downgrading.
Read the full story
November 2007
30 November
US construction spending falls sharply, led by a large fall in the building of private homes.
Read the full storyMorgan Stanley co-president Zoe Cruz is to retire, seen as the latest casualty of the US sub-prime crisis.
Read the full story29 November
Bank of England governor Mervyn King warns that growth in the UK economy may slow and inflation is likely to rise.
Read the full storyThe US lowers its 2008 economic growth forecast amid ongoing housing and credit market problems.
Read the full story27 November
US mortgage guarantor Freddie Mac is selling $6bn of shares to cover further bad debt losses.
Read the full storyUS house prices dropped sharply in the third quarter, falling at their biggest rate in 21 years, a survey shows.
Read the full storyCitigroup agrees to sell shares worth $7.5bn to an investment fund owned by Abu Dhabi.
Read the full story23 November
The US Christmas shopping season gets under way, with shoppers braving the cold to look for bargains.
Read the full story22 November
UK lender Kensington Mortgages withdraws its entire range of sub-prime mortgages because of market conditions.
Read the full storyThe Nationwide, the UK's largest building society, benefits from being seen as a haven from troubled banks.
Read the full story20 November
US mortgage guarantor Freddie Mac sets aside $1.2bn to cover bad loans and reports a $2bn loss.
Read the full storyThe US Federal Reserve cuts its 2008 growth forecast citing credit and housing market woes.
Read the full storyUK buy-to-let mortgage lender Paragon sees its shares fall nearly 40% after revealing funding difficulties.
Read the full storyConstruction of new US homes in October remains sharply lower than a year earlier, figures show.
Read the full story19 November
Northern Rock says bids to buy bank are "below current market value."
Read the full storySwiss Re expects to lose $1bn on insurance a client took out against any fall in the value of its mortgage debt.
Read the full story16 November
Goldman Sachs forecasts sub-prime losses for entire financial sector at $400bn (£200bn).
Read the full storyNorthern Rock's boss resigns
Read the full storyNationwide warns of no UK house price growth in 2008
Read the full story15 November
Barclays says it had written down £1.3bn ($2.6bn) in sub-prime losses.
Read the full story
US House of Representatives passes Predatory Lending and Mortgage Protection Act by lopsided majority.
Read the full story14 November
HSBC raised its sub-prime bad debt provision by $1.4bn (£670m) to $3.4bn.
Read the full storyBank of England says that credit crunch caused by sub-prime lending will lead to a sharp slowdown in UK growth
Read the full storyMizuho, Japan's second largest banking group, saw a 17% drop in first-half net profits and cut its full-year operating profit forecast by 13%, largely as a result of sub-prime-related losses at its securities arm.
13 November
Bank of America writes off $3bn in sub-prime losses.
Read the full story12 November
The three biggest US banking groups - Citigroup, Bank of America and JPMorganChase - agree a $75bn superfund to restore confidence to credit markets.
Read the full story9 November
US's fourth largest lender Wachovia revealed a $1.1bn loss due to decline in value of its mortgage debt plus $600m to cover loan losses (total $1.7bn, £829m).
Read the full story8 November
Morgan Stanley unveiled a $3.7bn loss from its US sub-prime mortgage exposure.
Read the full storyBNP Paribas (after temporarily freezing hedge funds with $2.1bn in assets under management in August) revealed it had written down 301m euro ($439m, £214m) because of credit problems, including $197m related to US sub-prime and home builder lending.
6 November
Bank of England governor Mervyn King defends his role in Northern Rock crisis in exclusive interview with BBC Business Editor Robert Peston Read the full story
5 November
Banking giant Citigroup announces fresh losses of between $8bn and $11bn because of exposure to the US sub-prime market. Chief executive and chairman Charles Prince resigns.
Read the full story1 November
Credit Suisse revealed a $1bn write-down on bad debts.
Read the full story
October 2007
31 October
Federal Reserve delivers second rate cut to boost markets
Read the full storyDeutsche Bank revealed a 2.16bn euros ($3bn, £1.6bn) write-down on bad debts. Read the full story
30 October
Merrill Lynch takes a $7.9bn hit following exposure to bad debt. Its chief executive, Stan O'Neal, resigns.
Read the full story
17 October
Further falls in US house building signal bad times for builders.
Read the full storyIMF warns that credit crunch will hit world growth.
Read the full story
16 October
Northern Rock executives defend role at Treasury Select Committee
Read the full storyUS Federal Reserve chairman Ben Bernanke warns sub-prime crisis and housing slump will be significant drag on US economy
Read the full storyConfidence among home builders falls to record low.
Read the full story15 October
Citigroup writes down additional $5.9bn on exposure to the US sub-prime market. Read the full story
Japanese bank Nomura announced the closure of its US mortgage-backed securities business and takes a $621m (£299m) hit.
14 October
US banks holding secret talks at US Treasury float idea of a new super-fund to revive the frozen credit markets.
Read the full story9 October
Bank of England and FSA defend role in Northern Rock crisis
Read the full story5 October
Investment bank Merrill Lynch reveals $5.6bn sub-prime loss
Read the full story1 October
Swiss bank UBS revealed losses of $3.4bn in its fixed income and rates division, and in its mortgage-backed securities business, while Citigroup admits $.31bn in losses.
Read the full story
September 2007
26 September
Commercial banks shun Bank of England rescue fund
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22 September
UK Chancellor Alistair Darling suggests government will consider boosting deposit savings guarantee to £100,000.
Read the full story
20 September
Deutsche Bank boss Josef Ackermann warns of losses from sub-prime exposure.
Read the full storyBank of England governor Mervyn King defends his role in Northern Rock crisis to House of Commons Treasury Select Committee
Read the full storyUS Federal Reserve chairman Ben Bernanke says the losses from the sub-prime mortgage crisis are higher than expected
Read the full storyGoldman Sachs makes a profit by betting that mortgage-backed securities will fall despite $1.5bn exposure.
Read the full story
19 September
Bank of England in U-turn on bank lending
Read the full story18 September
The US Federal Reserve cuts interest rates to 4.75% from 5.25% to try to energise financial markets.
Read the full story
Savers return to Northern Rock after the government guarantees all savings.
Read the full story15 September
Thousands of depositors queue outside Northern Rock branches to try and get their money out.
Read the full story14 September
Shares in Northern Rock plummet after news of its Bank of England rescue is announced.
Read the full story13 September
The BBC revealed that Northern Rock had asked for and been granted emergency financial support from the Bank of England, in the latter's role as lender of last resort.
Read the full story11 September
ECB president Jean-Claude Trichet blames rating agencies for sub-prime crisis but says EU economy sound.
Read the full storyUS Treasury Secretary Hank Paulson says mortgage lenders are to blame for sub-prime crisis.
Read the full story6 September
ECB injects fresh cash into markets as credit fears intensify. Total intervention has now reached 250bn euros ($300bn, £150bn).
Read the full story4 September
Bank of China reveals $9bn in sub-prime losses but Chinese government says its foreign exchange reserves will not be affected.
Read the full storyOvernight bank lending dries up as banks fear defaults from each other
Read the full story3 September
German regional lender IKB recorded a $1bn loss as a result of exposure to the US sub-prime market.
Read the full story
August 2007
31 August
President Bush, flanked by Treasury Secretary Hank Paulson and Fed chief Ben Bernanke, pledges to ease sub-prime lending crisis.
Read the full story30 August
German Chancellor Angela Merkel criticised credit ratings agencies for not spotting problems on the market.
Read the full story28 August
The German regional bank Sachsen Landesbank is rapidly sold to Germany's biggest regional bank, Landesbank Baden-Wuerttemberg. It came close to collapsing under its exposure to sub-prime debt. It received a 17bn euro lifeline.
Read the full story23 August
Leading sub-prime lender Countrywide gets $2bn cash injection from Bank of America.
Read the full storyShares slump after Countrywide warns that mortgage slump is getting worse.
Read the full storyLeading US and European banks borrow $2bn from Federal Reserve
Read the full story21 August
Sharp rise in US home repossessions as sub-prime borrowers default.
Read the full storyCapital One cuts jobs as sub-prime crisis bites.
Read the full storyCountrywide cuts jobs as sub-prime crisis hits.
Read the full storyUS mortgage lender sells assets
Read the full story
UK sub-prime lenders tighten up lending terms.
Read the full story
17 August
The US Federal Reserve cut the interest rate at which it lends to banks (the discount rate) by half a percentage point to help banks deal with credit problems.
Read the full storyBNP Paribas says sub-prime losses in hedge funds will not impact on quarterly profits.
Read the full story16 August
Countrywide draws on its entire $11.5bn credit line as liquidity crisis looms. Australian mortgage lender Rams also admits liquidity problems.
Read the full story15 August
Shares plunge in largest mortgage lender Countrywide on fears it will go bankrupt
Read the full story13 August
Wall Street giant Goldman Sachs said it would pump $3bn into a hedge fund hit by the credit crunch to help shore up its value.
Read the full story
The European Central Bank pumps 47.7bn euros into the money markets, its third cash injection in as many working days. Central banks in the US and Japan also topped up earlier injections. Read the full story
10 August
Global stock markets stayed under intense pressure over sub-prime fears. London's FTSE 100 index had its worst day in more than four years, closing 3.7% lower.
Read the full storyThe ECB provided an extra 61bn euros of funds for banks. The US Fed said it would provide as much overnight money as would be needed to combat the credit crunch.
9 August
Short-term credit markets freeze up after French bank BNP Paribas suspends three investment funds worth 2bn euros, citing problems in the US sub-prime mortgage sector. BNP said it could not value the assets in the fund, because the market had disappeared. The European Central Bank pumps 95bn euros into the eurozone banking system to ease the sub-prime credit crunch. The US Federal Reserve and the Bank of Japan take similar steps
Read the full story6 August
American Home Mortgage, one of the largest US independent home loan providers, filed for bankruptcy after laying off the majority of its staff. The company said it was a victim of the slump in the US housing market that had caught out many sub-prime borrowers and lenders.
Read the full story3 August
Shares fall heavily on fears of sub-prime losses and global credit crunch.
Read the full story.
July 2007
31 July
Bear Stearns stopped clients from withdrawing cash from a third fund, saying it has been overwhelmed by redemption requests. The lender also filed for bankruptcy protection for the two funds it had to bail out earlier.
27 July
Worries about the sub-prime crisis hammered global stock markets and the main US Dow Jones stock index slipped. Read the full story
26 July
Bear Stearns seized assets from one of its problem-hit hedge funds as it tried to stem losses. Shares fell 4.2% in five sessions, its worst weekly decline in almost five years.
24 July
Rising defaults on sub-prime loans hit profits at Countrywide, largest mortgage lender.
Read the full story20 July
Federal Reserve chairman Ben Bernanke warned that the crisis in the US sub-prime lending market could cost up to $100bn.
Read the full story19 July
Fed comments shake global shares
Read the full story18 July
Bear Stearns told investors that they will get little, if any, money back from the two hedge funds that the lender was forced to rescue.
13 July
US industrial firm General Electric decided to sell the WMC Mortgage sub-prime lending business that it had bought in 2004. "The mortgage industry has greatly changed since the purchase of WMC," said its chief executive, Laurent Bossard.
10 July
Independent market analyst Datamonitor said UK sub-prime mortgages were set to grow faster than mainstream mortgages, with the market worth some £31.5bn by 2011.
4 July
The UK's Financial Services Authority (FSA) said it would take action against five brokers selling sub-prime mortgages, claiming they offered loans to people who should not be given them.
June 2007
29 June
Bear Stearns fires its head of asset management and hires Jeffrey Lane find out what went wrong at its hedge funds. Read the full story
22 June
Bear Stearns revealed it had spent $3.2bn (£1.5bn) bailing out two of its funds exposed to the sub-prime market. The bailout of the fund was the largest by a bank in almost a decade. Read the full story
14 June
Senior US legislator Barney Frank says Fed could lose its authority to regulate mortgage business. Read the full story
May 2007
30 May
UK sub-prime lender Kensington agrees takeover
Read the full story
21 May
Business economists forecast US economic slowdown due to sub-prime crisis
Read the full story
3 May
GM finance unit loses heavily on sub-prime mortgages
Read the full storyUBS closes its US sub-prime lending arm, Dillon Read Capital Management.
Read the full story
April 2007
17 April
US government-backed lenders try to tackle sub-prime crisis
Read the full story2 April
US home sales fall sharply
Read the full storyNew Century Financial filed for Chapter 11 bankruptcy protection after it was forced by its backers to repurchase billions of dollars worth of bad loans. The company said it would have to cut 3,200 jobs, more than half of its workforce, as a result of the move.
Read the full story
March 2007
16 March
US-based sub-prime firm Accredited Home Lenders Holding said it would sell $2.7bn of its sub-prime loan book - at a heavy discount - in order to generate some cash for its business.
Read the full story
13 March
Wall Street hit by sub-prime fears
Read the full story12 March
Shares in New Century Financial, one of the biggest sub-prime lenders in the US, were suspended amid fears it might be heading for bankruptcy.
Read the full story8 March
Biggest US house builder DR Horton warns of huge losses from sub-prime fall-out.
Read the full story
February 2007
22 February
HSBC fires head of its US mortgage lending business as losses reach $10.5bn.
Read the full story
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