Financial Stability
HKMA offers emergency liquidity
The Hong Kong Monetary Authority (HKMA) on Tuesday announced five steps to counter paralysis in the territory's money markets.
Central banks act as busts prompt panic
Central banks pledged to inject an additional $330 billion in dollar funds on Monday after interbank markets froze following a wave of bank failures.
Citigroup rescues teetering Wachovia
US regulators managed to avert another bank failure on Monday, persuading Citigroup, the world's biggest bank, to rescue Wachovia, another large US lender, which looked likely to collapse in the coming days.
UK nationalises lender
The UK authorities have taken a second mortgage lender into public ownership after events triggered by the collapse of Lehman Brothers, an investment bank, sparked a withdrawal of deposits.
Benelux authorities part nationalise Fortis
The governments of Belgium, Luxembourg and the Netherlands have bought sizeable stakes in Fortis, Belgium's biggest lender, after capital fears triggered a cull in shares.
An offer they couldn't refuse
US Treasury secretary Hank Paulson's plan to buy troubled assets could prove the vital action in averting a financial meltdown. But only if the Treasury can take the right steps to put a floor under the market, says Claire Jones, the editor of Central…
House rejects Paulson plan, stocks plunge
The House of Representatives, the lower house of the US Congress, has rejected US Treasury secretary Hank Paulson's plan to buy up to $700 billion-worth of distressed assets.
Central banks pledge 7-day funds as plan stalls
Central banks in major financial markets have offered week-long loans in a bid to abate money-market tensions that have further heightened as talks on the US Treasury's plan to buy troubled assets have stalled.
Washington Mutual bust, bought by JP Morgan
US regulators on Thursday night presided over the biggest bank failure in the country's history, closing Washington Mutual, which was then sold to JPMorgan Chase.
Paulson plan is critical: Canada's Carney
Mark Carney, the governor of the Bank of Canada, has warned that the plan put forward by the US treasury secretary Hank Paulson to buy up to $700 billion in distressed assets is "critically important".
US was prone to housing meltdown
The housing meltdown happened in the US, in part, because of its tax, legal and regulatory systems, research published by the Bank for International Settlements finds.
Ex-FSA's McCarthy wants more realism on risk
Financial institutions need greater realism and modesty about their risk management capability, said Callum McCarthy, a former chairman of the Financial Services Authority (FSA).
IMF ups crisis loss estimate to $1.3 trillion
The International Monetary Fund (IMF) now expects the US credit crisis to cost the global financial system $1.3 trillion.
Saudi soothes markets as Gulf liquidity woes mount
The Saudi Arabian Monetary Agency on Thursday became the third central bank in the Gulf this week to counter money-market fears of a liquidity shortage.
EU Commission competition claims wrong
It is the low level of cross-border account mobility, not low customer mobility in national markets, which hinders the EU's bank customers' ability to switch to a more competitive bank, says Deutsche Bank research.
Canada's Murray on domestic credit markets
Strains in Canadian credit markets have been considerably less intense than those seen in the United States and elsewhere, said John Murray, a deputy governor of the Bank of Canada.
Nordic banks and RBA join Fed swap club
The Federal Reserve on Wednesday stepped up efforts to counter money market tensions, establishing additional swap lines with the Reserve Bank of Australia and three Scandinavian central banks to meet demand for dollar loans.
HKMA counters rumours third-largest lender unsound
The Hong Kong Monetary Authority (HKMA) on Wednesday moved to placate fears that the Bank of East Asia, the territory's third-largest lender, is in trouble.
BoJ: money markets still edgy
Global money markets remained nervous in the first half of 2008, according to the newest financial markets report from the Bank of Japan.
More banks will fail if we don't act: Paulson
Ben Bernanke, the chairman of the Federal Reserve, and Hank Paulson, the US Treasury secretary, have told lawmakers that a failure to rush through proposals for the purchase of up to $700 billion-worth of distressed assets would cripple the US economy.
Systemic banking crises - a new database
A paper from the International Monetary Fund presents a new database on the timing of systemic banking crises and policy responses to resolve them.
Kuwait on standby to inject funds - reports
The Central Bank of Kuwait has said it is ready to pump funds into the country's banking system, local media reported Tuesday.
Goldmans, MS abandon model, seek Fed shelter
And then there were none. Goldman Sachs and Morgan Stanley, the last of the big five Wall Street investment banks, have abandoned their business model to secure greater Fed protection and soothe negative market sentiment.
UAE launches emergency facility
The Central Bank of the United Arab Emirates on Monday became the latest monetary institution to inject funds to alleviate interbank tensions, pledging Dh50 billion ($13.6 billion).