News
Australia, NZ guarantee all deposits
Australia and New Zealand became the latest countries to guarantee all deposits over the weekend.
EU agrees to re-capitalise banks
European Union (EU) officials on Sunday agreed to follow Britain's lead in pledging to inject sufficient capital into the region's battered banks.
Markets plunge, interbank rates rise despite cut
The unprecedented half-point coordinated rate cut by six of the most powerful central banks on Wednesday has done little to abate the panic in global equity and interbank markets.
DSK proposes "action plan" for crunch
Dominique Strauss-Kahn, the managing director of the International Monetary Fund (IMF), on Friday urged governments to guarantee retail, interbank and money-market deposits.
India slashes reserve ratio by 150 basis points
The Reserve Bank of India on Friday lowered its reserve requirement ratio by 150 basis points in a bid to ease liquidity tensions brought on by the global turmoil.
Icelanders protest outside central bank
Icelanders have staged a protest outside the country's central bank reportedly calling for the resignation of the governor, David Oddsson.
IMF should monitor stability: Riksbank's Ingves
Stefan Ingves, the governor of the Riksbank, called for the International Monetary Fund (IMF) to be given a greater role in promoting financial stability.
BoJ minutes reveal thinking behind dollar funding
The minutes of the Bank of Japan's Monetary Policy Meeting on 18 September reveal discussions that led to the central bank introducing dollar fund-supplying operations against pooled collateral as a temporary measure.
Iceland nationalises biggest bank, halts trading
The Icelandic authorities on Thursday took control of Kaupthing, the country's biggest bank, and halted trading in all shares listed in Reykjavik.
Asia makes rate cut 'truly global'
China cut rates for the second time in as many months on Wednesday, supporting the joint action by six of the most important central banks to loosen policy. A host of other Asian central banks have also replicated the Federal Reserve-led move.
Paulson hints at possible bank recapitalisation
Hank Paulson, the US Treasury secretary, has indicated that America is likely to attempt to recapitalise its ailing banks.
SNB's Hildebrand and Italy's Saccomanni on crisis
The crisis has shown central bankers and regulators rightly predicted that highly-leveraged institutions presented a threat to stability. But officials' attentions were directed at the wrong type of institution, admitted Philipp Hildebrand, a governor of…
Fed offers more support to world's biggest insurer
The Federal Reserve has loaned American International Group (AIG), the world's biggest insurer, an additional $37.8 billion, taking the size of beleaguered company's borrowing facility with the central bank up to $122.8 billion.
Global central banks cut as system teeters
Six central banks have taken the unprecedented step of cutting rates by half a point in unison in an attempt to avert a global financial-market meltdown.
Britain bails out banks
The British authorities on Wednesday pledged to spend up to £50 billion ($86 billion) in taxpayer funds to recapitalise its beleaguered banking industry, shares in which have plummeted in recent days.
Spain sets up €50 billion rescue fund
Madrid on Tuesday said it would establish a rescue fund to buy high-quality assets from its banking industry, hampered by a downturn in the country's housing market and the global turmoil.
Riksbank pumps Skr5 billion into Icelandic bank
The Riksbank on Wednesday agreed to prop up Kaupthing, Iceland's largest lender, with a Skr5 billion ($700m) loan, on fears the bank's liquidity problems threatened the stability of the Swedish financial system.
HKMA cuts discount rate by full percentage point
The Hong Kong Monetary Authority (HKMA) on Wednesday cut the rate at which it lends to banks through its discount window by 100 basis points.
IMF wants global action, warns of risk of meltdown
The International Monetary Fund (IMF) has urged policymakers around the world to step up efforts to tackle the rapid deterioration of the global financial system.
Fed to accept commercial paper for funds
The Federal Reserve on Tuesday adopted a new strategy to placate financial market tensions, saying that it would swap funds for unsecured commercial paper direct from the issuer.
Central banks pledge more dollars
Central banks around the world unveiled a fresh round of dollar auctions on Tuesday, aimed at tiding the banking system over the year-end period when money-market tensions tend to heighten.
Iceland nationalises second-largest bank
The crisis in the Icelandic financial system deepened on Tuesday as the authorities took control of Landsbanki, the country's second-largest lender, and pegged the ailing krona to the euro.
Australia slashes rates by 100 basis points
The Reserve Bank of Australia shocked markets on Tuesday, opting to cut its key rate by a full percentage point to 6%, the steepest margin since 1992.
Global stock markets plunge on banking fears
The Dow Jones average of shares listed in New York sank below 10,000 for the first time since 2004 as equities markets around the world plunged on signs that troubles in the global banking system had further intensified over the weekend.