Troubled Asset Relief ProgramThe Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by PresidentGeorge W. Bush. It was a component of the government's measures in 2008 to address the subprime mortgage crisis. The TARP originally authorized expenditures of $700 billion.
European Central BankSupranational central bank in EuropeEuro monetary policy Euro zone inflation year/year M3 money supply increases Marginal Lending Facility Main Refinancing Operations Deposit Facility Rate EuriborSeat of the European Central BankFrankfurt am Main, the European Central Bank from Alte MainbrückeEuropean Central Bank – Blue hour 2023The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union.
2008 financial crisisWorldwide economic crisisThe TED spread, an indicator of perceived in the financial system, increased significantly during the crisis. It spiked sharply in August 2007, remained volatile for a year, and spiked even higher in September 2008 to reach a record 4.65% on October 10, 2008.A major worldwide financial crisis centered in the United States took place in 2008.
American International GroupAmerican International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 200 countries and jurisdictions. As of 2023, AIG employed 25,200 people. The company primarily provides commercial and personal insurance products, including property and casualty insurance, liability coverage, accident and health insurance, and specialty insurance products.
Bank of EnglandThe Bank of England (BoE) is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker and debt manager, and still one of the bankers for the government of the United Kingdom, it is the world's second oldest central bank, after Sweden's (1668). It is considered to be one of the world's "Big Four" central banks.
International Monetary FundThe International Monetary Fund (IMF) is an international financial institution and a specialized agency of the United Nations, headquartered in Washington, D.C. It consists of 191 member countries, and its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world".
2008 United Kingdom bank rescue packageShadow ChancellorBlair–Brown dealChancellor of the ExchequerChancellorship1997 budgetWinter Fuel PaymentFive economic testsFinancial Services Authority10p tax rateSale of UK gold reserves, 1999–2002PoliciesElectoral historyMP for Kirkcaldy and CowdenbeathBrownismNew LabourThird WayPrime Minister of the United KingdomPremiershipInternational trips2007 leadership electionMinistryTreaty of Lisbon2008 financial crisisBank rescue packages20082009Climate Change Act 20082009 European elections2010 general electionPost-premiership2014 Scottish independence referendumPeter Mandelson and Jeffrey Epstein scandalBibliographyCourage: Eight PortraitsBritain's Everyday HeroesThe Change We ChooseBeyond the CrashMy Life, Our TimesDuring the period 2007–2009, the UK government intervened financially to support the UK banking sector, and four UK banks in particular.Systemically important financial institutionA systemically important financial institution (SIFI) is a bank, insurance company, or other financial institution whose failure might trigger a financial crisis. They are colloquially referred to as "too big to fail". As the 2008 financial crisis unfolded, the international community moved to protect the global financial system through preventing the failure of SIFIs, or, if one did fail, limiting the adverse effects of its failure.
HBOSGroup headquarters on The Mound, EdinburghHBOS Office at Trinity Road, HalifaxHalifax offices in Aylesbury, BuckinghamshireHBOS offices in Lovell Park, Leeds, formerly those of the Leeds Permanent Building Society before its takeover by the Halifax Building SocietyHBOS plc (an abbreviation of Halifax-Bank of Scotland) was a banking and insurance company in the United Kingdom, now a wholly owned subsidiary of the Lloyds Banking Group, having been taken over in January 2009.Paul Tucker (banker)Sir Paul Tucker (born 24 March 1958) is a British central banker and author. He was formerly the Deputy Governor of the Bank of England, with responsibility for financial stability, and served on the Bank's Monetary Policy Committee from June 2002 until October 2013 and its interim and then full Financial Policy Committee from June 2011. In November 2012 he was turned down for the position of governor in favour of Mark Carney.
General Motors Chapter 11 reorganizationThe 2009 General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through Chapter 11, Title 11, United States Code in the United States bankruptcy court for the Southern District of New York. The United States government-endorsed sale enabled the NGMCO Inc. ("New GM") to purchase the continuing operational assets of the old GM.
Moral hazardLook up moral hazard in Wiktionary, the free dictionary.
BankruptcyBankruptcy is a legal process through which people or other entities who cannot repay debts to may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, meaning the term bankruptcy is not a synonym for insolvency. EtymologyThe word bankruptcy is derived from Italianbanca rotta, literally meaning 'broken bank'.
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