Timeline Thursday 25 June 1772

Events on Thursday 25 June 1772 1

• 1772 Credit crisis of 1772 Collapse of the Ayr Bank triggers a British and European financial panic The Scottish bank Douglas, Heron and Company, known as the Ayr Bank, suspended payments on 25 June 1772 after reckless overexpansion of credit. The failure set off a wave of bankruptcies and bank runs across Britain, Amsterdam, and other European financial centers. The resulting liquidity crunch pushed the financially strained British East India Company toward the brink of collapse.