Morning:
9°c
Countdown to Chancellor's bail-out
Evening Standard8 Oct 2008
17 July 2007 - Two hedge funds specialising in the US sub-prime mortgage market declared worthless by US investment bank Bear Stearns.
August 2007 - Lending in the interbank market starts to dry up.
13 September 2007 - Reports that Northern Rock has been forced to seek emergency funding from Bank of England. First “run” on UK bank for more than 150 years.
17 September 2007 - Alistair Darling says Government will guarantee all Northern Rock deposits.
October 2007 - US investment banks announce huge write-downs to cover losses in sub-prime markets.
17 February - Northern Rock nationalised.
22 April - RBS announces a £12bn rights issue as it reveals £5.9bn write-down on the value of its investments between April and June — the largest write-off yet for a British bank.
1 July - Nationwide reveals fastest house price fall since early Nineties
7 September - American mortgage lenders Fannie Mae and Freddie Mac rescued by the US government.
15 September - Lehman Brothers files for Chapter 11 bankruptcy protection.
16 September - US government announces $85billion rescue package for AIG, the country's biggest insurance company.
25 September - US mortgage lender Washington Mutual, valued at $307bn, is closed down by regulators and sold.
29 September - Bradford & Bingley nationalised.
3 October - Government raises level of protection for savers from £35,000 to £50,000. The US House of Representatives passes $700bn rescue package.
5 October - Icelandic government in crisis talks to prop up banking sector, as German Chancellor Angela Merkel says no-one should fear for safety of their savings.
Monday - More than £93bn wiped from value of the UK's biggest companies — the largest percentage fall since Black Monday in 1987. FTSE 100 closes 391.1 points down at 4589.2. Luxembourg summit for finance ministers fails to agree EU plan to guarantee savers up to £80,000.
Yesterday
8am - Internet bank Icesave stops savers withdrawing money. Shares in major UK banks plunge after rumours of recapitalisation.
4pm - Bank shares dive again. By end of the day HBOS is down by 41 per cent, RBS by almost 40 per cent, LloydsTSB by 13 per cent and Barclays by 9 per cent.
4.30pm - FTSE 100 Index at the close is up 16.03 at 4605.22.
5pm - PM and Chancellor hold talks with Bank of England governor Mervyn King and chairman of the Financial Services Authority Lord Turner.
7.30pm - Alistair Darling announces rescue package will be unveiled ahead of stock market opening.
Today
1.45am - Darling goes to bed as bankers finally agree their part of the deal.
4.30am - Darling wakes up
5.30am - Darling signs off the deal on behalf of the Government
7.20am - Treasury sends announcement to the London Stock Exchange
7.30am - The LSE's Regulatory News Service publishes Chancellor's statement
