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Troubled Dexia reports 1 bn euros loss for 2013

AFP

A picture taken on May 10, 2012 shows the towers of (left to right) French state-owned nuclear giant Areva, French-Belgian bank Dexia, French energy giant Total and French energy company GDF Suez in the business district of La Defense, outside ParisA picture taken on May 10, 2012 shows the towers of (left to right) French state-owned nuclear giant Areva, French-Belgian bank Dexia, French energy giant Total and French energy company GDF Suez in the business district of La Defense, outside Paris

A picture taken on May 10, 2012 shows the towers of (left to right) French state-owned nuclear giant Areva, French-Belgian bank Dexia, French energy giant Total and French energy company GDF Suez in the business district of La Defense, outside ParisA picture taken on May 10, 2012 shows the towers of (left to right) French state-owned nuclear giant Areva, French-Belgian bank Dexia, French energy giant Total and French energy company GDF Suez in the business district of La Defense, outside Paris

French-Belgian bank Dexia, twice bailed out and now being closed down in a state-funded programme, reported Thursday a 2013 net loss of more than one billion euros.

The 2013 net loss of 1.08 billion euros was less than half 2012's 2.86 billion euros

In 2011, the bank suffered a massive loss of 11.63 billion euros, sparking a second rescue by the French and Belgian governments who first bailed it out in 2008 as the global financial crash spread.

Dexia said the 2013 results were in line with forecasts made for the winding up of the business.

In 2012, Dexia obtained approval from the European Commission to continue unwinding its activities over several decades rather than going into immediate liquidation.

Last year, French government auditors estimated that the bank's rescue had cost Paris 6.6 billion euros, with Belgium likely facing a similar bill.

Date created : 2014-02-20