List of banking crises
Encyclopedia
This is a list of banking crises. A banking crisis is a financial crisis
Financial crisis
The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these...

 that affects banking activity. Banking crises include bank run
Bank run
A bank run occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent...

s, which affect single banks; banking panics, which affect many banks; and systemic banking crises, in which a country experiences a large number of defaults and financial institutions and corporations face great difficulties repaying contracts. A banking crisis is marked by bank runs that lead to the demise of financial institutions, or by the demise of a financial institution that starts a string of similar demises.

Bank runs

A bank run
Bank run
A bank run occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent...

 occurs when a large number of bank customers withdraw their deposits
Deposit account
A deposit account is a current account, savings account, or other type of bank account, at a banking institution that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the...

 because they believe the bank might fail. There have been many runs on individual banks throughout history; for example, some of the 2008–2009 bank failures in the United States were associated with bank runs.

18th century

  • Crisis of 1763, started in Amsterdam, begun by the collapse of Leendert Pieter de Neufville
    Leendert Pieter de Neufville
    Leendert Pieter de Neufville was a Dutch banker in Amsterdam. During the Seven Years' War he implemented a financial innovation the so called "wisselruiterij". After the outbreak of peace in 1763 he could no longer meet his obligations and he went bankrupt. This also brought other banks into...

    , spread to Germany and Scandinavia
  • Crisis of 1772–1773 in London and Amsterdam, begun by the collapse of the bankers Neal, James, Fordyce and Down
    Neal, James, Fordyce and Down
    Neal, James, Fordyce and Down was a London banking house which collapsed in June 1772, precipitating a major banking crisis which included the collapse of almost every private bank in Scotland, and a liquidity crisis in the two major banking centres of the world, London and Amsterdam...

    .
  • Panic of 1792
    Panic of 1792
    The Panic of 1792 was a financial credit crisis that occurred during March and April of 1792 due to the speculation of William Duer and Alexander Macomb against stock held by the Bank of New York. While Duer attempted to drive the price of stocks up, the Livingston family attempted to drive the...

  • Panic of 1796–1797

19th century

  • Panic of 1819
    Panic of 1819
    The Panic of 1819 was the first major financial crisis in the United States, and had occurred during the political calm of the Era of Good Feelings. The new nation previously had faced a depression following the war of independence in the late 1780s and led directly to the establishment of the...

    , a U.S. recession with bank failures; culmination of U.S.'s first boom-to-bust economic cycle
  • Panic of 1825
    Panic of 1825
    The Panic of 1825 was a stock market crash that started in the Bank of England arising in part out of speculative investments in Latin America, including the imaginary country of Poyais...

    , a pervasive British recession in which many banks failed, nearly including the Bank of England
    Bank of England
    The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

  • Panic of 1837
    Panic of 1837
    The Panic of 1837 was a financial crisis or market correction in the United States built on a speculative fever. The end of the Second Bank of the United States had produced a period of runaway inflation, but on May 10, 1837 in New York City, every bank began to accept payment only in specie ,...

    , a U.S. recession with bank failures, followed by a 5-year depression
  • Panic of 1847
    Panic of 1847
    The Panic of 1847 was started as a collapse of British financial markets associated with the end of the 1840s railway industry boom. As a means of stabilizing the British economy the ministry of Robert Peel passed the Bank Charter Act of 1844...

  • Panic of 1857
    Panic of 1857
    The Panic of 1857 was a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Indeed, because of the interconnectedness of the world economy by the time of the 1850s, the financial crisis which began in the autumn of 1857 was...

    , a U.S. recession with bank failures
  • Panic of 1866
    Panic of 1866
    The Panic of 1866 was an international financial downturn that accompanied the failure of Overend, Gurney and Company in London, and the corso forzoso abandonment of the silver standard in Italy.-References:...

  • Panic of 1873
    Panic of 1873
    The Panic of 1873 triggered a severe international economic depression in both Europe and the United States that lasted until 1879, and even longer in some countries. The depression was known as the Great Depression until the 1930s, but is now known as the Long Depression...

    , a U.S. recession with bank failures, followed by a 4-year depression
  • Panic of 1884
    Panic of 1884
    The Panic of 1884 was a panic during the Recession of 1882-85. Gold reserves of Europe were depleted and the New York City national banks, with tacit approval of the United States Treasury Department, halted investments in the rest of the United States and called in outstanding loans. A larger...

  • Panic of 1890
    Panic of 1890
    The Panic of 1890 was an acute depression, although less serious than other panics of the era. It was precipitated by the near insolvency of Barings Bank in London. Barings, led by Edward Baring, 1st Baron Revelstoke, faced bankruptcy in November 1890 due mainly to excessive risk-taking on poor...

  • Panic of 1893
    Panic of 1893
    The Panic of 1893 was a serious economic depression in the United States that began in 1893. Similar to the Panic of 1873, this panic was marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures...

    , a U.S. recession with bank failures
  • Australian banking crisis of 1893
    Australian banking crisis of 1893
    The 1893 banking crisis occurred in Australia when several of the commercial banks of the colonies within Australia collapsed.During the 1880s there was a speculative boom in the Australian property market...


20th century

  • Panic of 1907
    Panic of 1907
    The Panic of 1907, also known as the 1907 Bankers' Panic, was a financial crisis that occurred in the United States when the New York Stock Exchange fell almost 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on...

    , a U.S. economic recession with bank failures
  • Great Depression
    Great Depression
    The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...

    , the worst systemic banking crisis of the 20th century
  • Secondary banking crisis of 1973–1975
    Secondary banking crisis of 1973–1975
    The Secondary Banking Crisis of 1973–75 was a dramatic crash in property prices in Great Britain which caused dozens of small lending banks to be threatened with bankruptcy.-Crisis:...

     in the UK
  • Japanese asset price bubble
    Japanese asset price bubble
    The was an economic bubble in Japan from 1986 to 1991, in which real estate and stock prices were greatly inflated. The bubble's collapse lasted for more than a decade with stock prices initially bottoming in 2003, although they would descend even further amidst the global crisis in 2008. The...

     (1986–2003)
  • Savings and loan crisis
    Savings and Loan crisis
    The savings and loan crisis of the 1980s and 1990s was the failure of about 747 out of the 3,234 savings and loan associations in the United States...

     of the 1980s and 1990s in the U.S.
  • Finnish banking crisis of 1990s
    Finnish banking crisis of 1990s
    The Finnish Banking Crisis of 1990s was a deep systemic crisis of the entire Finnish financial sector that took place mainly in the years 1991–1993, after several years of debt-based economic boom in the late 1980s. Its total taxpayer cost was roughly 8% of the Finnish GNP, making it the most...

  • Swedish banking crisis (1990s)
  • Venezuelan banking crisis of 1994
    Venezuelan banking crisis of 1994
    The 1994 banking crisis occurred in Venezuela when a number of the banks of Venezuela had to be taken over by the government. The first to fail, in January 1994, was Banco Latino, the country's second-largest bank. Later, two banks accounting for 18% of total deposits also failed...

  • 1997 Asian financial crisis
  • 1998 collapse of Long-Term Capital Management
    Long-Term Capital Management
    Long-Term Capital Management L.P. was a speculative hedge fund based in Greenwich, Connecticut that utilized absolute-return trading strategies combined with high leverage...

  • 1998 Russian financial crisis
  • Argentine economic crisis (1999–2002)
  • 1998–99 Ecuador banking crisis

21st century

  • 2002 Uruguay banking crisis
    2002 Uruguay banking crisis
    The Uruguay Banking Crisis was a major banking crisis that hit Uruguay in July 2002. In this, a massive run on banks by depositors caused the government to freeze banking operations. The crisis was caused by a considerable contraction in Uruguay's economy and by over-dependence on neighboring...

  • Late-2000s financial crisis
    Late-2000s financial crisis
    The late-2000s financial crisis is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s...

    , including:
  • Subprime mortgage crisis
    Subprime mortgage crisis
    The U.S. subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages....

     in the U.S. starting in 2007
  • 2008 United Kingdom bank rescue package
    2008 United Kingdom bank rescue package
    A bank rescue package totalling some £500 billion was announced by the British government on 8 October 2008, as a response to the ongoing global financial crisis. After two unsteady weeks at the end of September, the first week of October had seen major falls in the stock market and severe worries...

  • 2009 United Kingdom bank rescue package
    2009 United Kingdom bank rescue package
    A second bank rescue package totalling at least £50 billion was announced by the British government on 19 January 2009, as a response to the ongoing global financial crisis. The package was designed to increase the amount of money that banks could lend to businesses and private individuals...

  • 2008–2009 Belgian financial crisis
    2008–2009 Belgian financial crisis
    The 2008–2009 Belgian financial crisis is a major financial crisis that hit Belgium from mid-2008 onwards. Two of the country's largest banks - Fortis and Dexia - started to face severe problems, exacerbated by the financial problems hitting other banks in the world. The value of their stocks, as...

  • 2008–2011 Icelandic financial crisis
  • 2008–2009 Russian financial crisis
    2008–2009 Russian financial crisis
    The 2008–2009 Russian financial crisis, part of the world Economic crisis of 2008, was a crisis in the Russian financial markets as well as an economic recession that was compounded by political fears after the war with Georgia and by the plummeting price of Urals heavy crude oil, which lost more...

  • 2008–2009 Ukrainian financial crisis
    2008–2009 Ukrainian financial crisis
    Ukraine was hit heavily by the late-2000s recession, the World Bank expects Ukraine's economy to shrink 15% in 2009 with inflation being 16.4%....

  • 2008–2011 Spanish financial crisis
  • 2008–2011 Irish banking crisis
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