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22 February 2007: First warning as HSBC says its potential losses on American sub-prime mortgages have mushroomed.

2 April: New Century Financial, the second-largest provider of sub-prime loans in the US, files for bankruptcy protection.

19 July: Ben Bernanke, chairman of the Federal Reserve, warns sub-prime losses could amount to $100 billion.

August: Credit supplies go into freefall on both sides of the Atlantic, forcing up the costs banks incur for borrowing money from each other.

9 August: Central banks around the world make the first injection of cash into the banking system with more than $100 billion of funds.

14 September: savers rush to take cash out of Northern Rock after it calls for state aid because it cannot afford to borrow on the wholesale markets.

6 December: Bank of England cuts interest rates to 5.5 per cent.

21 January 2008: Crisis cut by Federal Reserve of 0.75% as sub-prime losses mount.

30 January: Another US cut by 0.5%.

7 February: Bank of England follows US lead with 0.25% cut to 5.25%.

17 February: Northern Rock is finally nationalised.

17 March: Federal Reserve makes string of interventions to save Bear Stearns.

21 April: Bank of England plans £50 billion bank bail-out as Bank of Scotland calls for £10 billion rights issue.

15 May: Cost of interbank lending soars after string of institutions admit extent of sub-prime losses.

30 August: Chancellor Alistair Darling warns economy is facing worst crisis in 60 years.

4 September: Interest rates held at 5%.

16 September: Black Monday: Lehman Brothers goes into administration and Merrill Lynch is forced into takeover by Bank of America. A day later AIG is rescued before it collapses, HBOS is forced into the arms of Lloyds TSB and the markets plunge.

8 October: Government unveils £50 billion banks rescue and Bank cuts interest rates to 4.5%, far ahead of US level (1.5%) and Eurozone (3.75%).

6 November: Dramatic emergency interest rate cut to 3%.

4 December: Another rate cut to 2%.