February 21, 2013 / 6:21 AM / 5 years ago

Dexia suffers second year of heavy losses

BRUSSELS, Feb 21 (Reuters) - Bailed out and almost fully nationalised Franco-Belgian lender Dexia suffered a second year of heavy losses in 2012 after taking hits on asset disposals and due to higher funding costs.

The group, now almost 96 percent owned by France and Belgium, said its net loss last year was 2.9 billion euros ($3.88 billion), compared with a loss of 11.6 billion euros in 2011.

The company, once the world's largest municipal lender, is almost an irrelevance as an investment, but its results remain important because France, Belgium and Luxembourg are guaranteeing its borrowings. ($1 = 0.7479 euros) (Reporting By Philip Blenkinsop)

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