COUNTDOWN TO DISASTER
2007
AUGUST 9 BNP Paribas bank freezes access to certain funds invested in sub-prime mortgages
2008
The Irish economy enters severe recession FEBRUARY 22 Northern Rock nationalised after bank ‘run’ by customers SEPTEMBER 9 Lehman Brothers goes bust SEPTEMBER 16 The Federal Reserve Bank of New York (The Fed) lends $85bn to another institution – AIG. The value of the Fed’s Reserve Primary Money Fund falls below $1, causing panic SEPTEMBER 29 The Irish Government guarantees the whole banking system – a total commitment of €440bn that it could never pay
2009
Irish economy in depression – a once-in-a-century crisis MARCH Anglo Irish Bank reports €12.7bn loss – the biggest in Irish history. World shares down 50% SEPTEMBER 30 Anglo bailout
2010
21 NOVEMBER Troika bails out Ireland
2012
FEBRUARY Unemployment hits 14.6% after 300,000 people lose their jobs