Feb 8: HSBC warns of the US subprime provision a month before its results announcement

April 2: US subprime lender New Century Financial files for Chapter 11 bankruptcy

August 6: American Home Mortgage files for Chapter 11 bankruptcy

August 9: BNP Paribas stops valuing three of its funds and suspends withdrawals by investors

August 10: Fed and global central banks inject money into the banking systems

August 16: Countrywide Financial, the biggest US mortgage lender, takes an emergency loan of $11 billion from a group of banks to avoid bankruptcy

August 17: Fed cuts the discount rate by 50 basis points to 5.75 percent

August 28: Australian hedge fund - Basis Yield Alpha Fund - applies for bankruptcy protection

September 14: UK bank Northern Rock faces liquidity problems related to the subprime crisis; the Bank of England agrees to give emergency financial support

September 18: Fed cuts interest rates by 50 basis points

October 31: Fed cuts interest rates by 25 basis points

November 1: Fed injects $41 billion into the money market

December 6: US President George W. Bush announces a plan to temporarily freeze the adjustable rate mortgages

December 11: Fed sets up biweekly term auction facility (TAF) in easing the short-term funding pressure

2008

January 18: Bush announces plans on tax breaks and rebates

January 22: After an emergency meeting, Fed lowers the rates by 75 basis points to 3.5 percent

January 30: Fed cuts rate by 50 basis points

February 11: Whistlejacket, an SIV set up by Standard Chartered Bank, loses 50 percent of asset value, which triggers the bank to appoint receiver

March 14: Bear Stearns gets Fed funding as shares plummet

March 16: Bear Stearns is acquired by JPMorgan Chase in a fire sale avoiding bankruptcy

Fed cuts discount rates by 25 basis points to 3.25 percent, creates a lending facility to provide financing to primarily dealer and approves the financing between Bear Stearns and JPMorgan Chase

March 18: Fed cuts rates by 75 basis points to 2.25 percent

March 31: US Treasury Secretary Henry Paulson announces his plan for regulatory revolution

(HK Edition 04/15/2008 page2)