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Timeline: Bradford and Bingley's year of turmoil
Reports of Bradford & Bingley's imminent nationalisation caps a miserable year for the Yorkshire lender which has seen boardroom turmoil, botched funding attempts and a slump into the red.
January 2 - B&B's shares are valued at 278.5p
February 13 - The firm unveils annual profits of 126 million - 49% below the previous year after an "eventful and difficult" period for the banking sector.
Bad debt charges treble, arrears rise, and the firm writes off 144.1 million on investments hit by the credit crunch.
February 17 - Northern Rock is nationalised.
April 13 - Reports emerge that B&B is attempting to raise hundreds of millions from shareholders in a rights issue. B&B denies the reports
April 22 - The bank says demand for buy-to-let mortgages is "robust". It said it continued to fund its operations "successfully", helped by a 1.9 billion increase in savings deposits since the beginning of 2008. Shares are at 163.5p
May 14 - In a dramatic U-turn, B&B asks shareholders for 300 million in a bid to bolster its balance sheet and its shares fall to a record low. The new shares are offered at 82p - a 48% discount to the previous evening's close.
Chief executive Steven Crawshaw says the move will strengthen B&B's financial standing and reinforce its position "as one of the better capitalised banks in the UK".
June 1 - Steven Crawshaw steps down because of ill-health. Speculation grows that the company is about to issue a profits warning.
June 2 - B&B warns over this year's profits and said it had agreed to sell a 23% stake to private equity firm Texas Pacific in a move to bolster its finances alongside a restructured rights issue, raising 400 million in total.
The new shares are priced at 55p as the group's then share price fell closer to the 82p "discount" price under the previous terms.
June 27 - Investment firm Resolution - which offered alternative plans for a 400 million fund-raising - walks away after B&B's board rejects proposals.
July 4 - Texas Pacific pulls out of the deal to buy a 23% stake in B&B after the lender's investment status was downgraded by a ratings agency.
B&B relaunches its rights issue plans for a second time - backed by major investors - but its shares fall below 55p "discount" price.
August 18 - B&B said 27.8% of its new shares had been taken up by investors, but the group finally gets its 400 million.
August 29 - B&B crashes into the red in the first half of 2008, after credit crunch losses and rising bad debts. The firm's pre-tax losses are 26.7 million. Shares fall to 49p.
September 15 - Lehman Brothers goes bankrupt and another week of turmoil for the banking sector begins. Interbank lending costs rise sharply, putting more pressure on B&B's funding costs. Shares fall to 31.5p.
September 19 - With global money markets grinding to a halt, the US Government announces plans for a 700 billion US dollar bail-out, pushing the FTSE 100 Index to its biggest-ever one-day rise.
September 21 - Reports emerge that the Financial Services Authority is sounding out other banks over a takeover of B&B. B&B's shares are just 27.75p.
September 23 - B&B rearranges onerous terms of a deal under which it bought mortgages from US financial services firm GMAC. These mortgages have been hit by rising arrears.
September 25 - The bank axes 370 jobs under a cost-cutting drive but fails to boost the share price.
September 26 - Bank of England announces more moves to free up money markets with extra funds. But shares in B&B fall to a record low of just 16.5p during the day, eventually closing at 20p.
September 27 - News breaks of talks over nationalising the lender.
Full coverage of the Bradford & Bingley crisis
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Saturday 11 February 2012
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