TIMELINE: Know all about the global banking crisis in 10 points

New Delhi: In mere 10 days, banks and financial institutions across the globe went through a massive negative transition due to the global banking crisis which is considered to be the biggest since 2008. It all started with the collapse of Silicon Valley Bank, or SVB, and Credit Suisse suffered a sharp decline in confidence, sending its stock and bond prices tumbling. But the question, even now, remains as what led to the banking crisis. Here’s global banking crisis in 10 points: Timeline of global banking crisis: 1 - Silvergate Capital Corp, a crypto-friendly bank, on 8 March said it would gradually close operation and voluntarily liquidate. On the same day, Silicon Valley Bank (SVB) expressed its intention to raise $2.25 billion in common equity and preferred convertible stock. Following the announcement of SVB and Silvergate’s decision to wind down operations, the S&P 500 bank index tumbled on 9 March. SVB stock collapsed 60 per cent forcing the bank to reassure its clients that their money was safe. 2 - On 10 March, a California regulator shut down SVB and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The decision made the US bank stock bleed with regional lenders being largely affected. To calm investors amid spill-over, First Republic Bank and Western Alliance said their liquidity and deposits remained strong. US Treasury Secretary Janet Yellen, on 12 March, said she was working closely with banking regulators to respond to SVB collapse. Later, the US officials said that the customers of SVB will have access to their deposits. Meanwhile, New York state’s Department of Financial Services took possession of New York-based Signature Bank. 3 - The UK subsidiary of SVB was acquired on 13 March by HSBC for 1 pound. The FDIC informed that it had transferred all deposits of SVB to a newly created bridge bank. On the same day, shares of US regional banks tumbled, with First Republic leading the pack. US Federal Home Loan Banks had them amped up their lending warchests to give out more liquidity to banks amid the persistent higher-than-usual demand for funds. 4 - It was on 14 March, Moody’s Investors Service revised its outlook on the US banking system to “negative” from “stable”. It citied heightened risk for the downgrade. 5 - On 15 March, Credit Suisse, a troubled Swiss giant, said it would borrow up to 50 billion Swiss francs (around $54 billion) from the Swiss National Bank to strengthen its liquidity. Yellen had then informed the US Senate that uninsured deposits would only be guaranteed in banks deemed a contagion threat. The remarks raised fears about smaller banks. To shore up finances of the lenders, large US banks pumped in $30 billion into First Republic Bank. 6 - On 17 March, SVB Financial Group filed for Chapter 11 bankruptcy protection. 7 - UBS, on 19 March, agreed to buy Credit Suisse for 3 billion Swiss francs in stock after days of mulling. It also agreed to assume up to 5 billion francs in losses. 8 - On 20 March, FDIC decided to break up SVB by holding two separate auctions for its traditional deposits unit and its private bank. The decision was taken after it failed to find a buyer for the lender. Yellen had then told bankers that she was ready to intervene to protect depositors in smaller US banks. She told lawmakers that she has not considered or discussed “blanket insurance” to US banking deposits without approval by Congress, which again enhanced worry among investors. 9 - Federal Reserve Chair Jerome Powell, on 22 March, had said SVB’s failure is not indicative of wider weaknesses in the banking system. 10 - On 24 March, shares of Deutsche Bank shares dropped 8.4 per cent in Europe. This spiked up the cost of insuring the company’s bonds against the risk of default. It also weighed on stocks of other banks in Europe. With inputs from Reuters Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.