Sunday, July 05, 2009

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Commission approves state guarantees for Dexia

Thursday 20 November 2008

The European Commission has given the green light to state guarantees worth 150 billion euros offered by France, Belgium and Luxembourg in October to the cash-strapped Franco-Belgian bank Dexia.

Thursday 20 November 2008

By   (text)

The European Commission said on Thursday it had approved a state-backed guarantee for Dexia from Belgium, Luxembourg and France to ensure the survival of the bank and reassure investors.

"The solution found for Dexia shows that cross-border cooperation is possible and can be approved quickly once we have all the relevant information," European Union Competition Commissioner Neelie Kroes said in a statement.

On Oct. 9 Belgium, France and Luxembourg agreed on a joint guarantee mechanism -- covered 60.5 percent by Belgium, 36.5 percent by France and 3 percent by Luxembourg -- to facilitate access to financing for Dexia, hit hard by
the financial crisis.


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