Dexia SA: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Dexia SA Updates on Revised Orderly Resolution Plan
Dexia SA (Dexia) announced that on December 28, 2012 the European Commission communicated its approval of the revised Dexia orderly resolution plan submitted by the Belgian, French and Luxembourg States on December 14, 2012. The Company encountered refinancing difficulties in the autumn of 2011 and announced the implementation of an orderly resolution of its activities with the support of the three States. The revised Dexia orderly resolution plan will permit implementation of the two pillars of the plan which are the EUR 5.5 billion capital increase for the Company on the one hand and the establishment of the definitive tripartite funding guarantee on the other. The elements of the orderly resolution plan include assets disposals and sale of Dexia Municipal Agency. The Belgian, French and Luxembourg States have undertaken to grant a definitive joint and several funding guarantee in favour of Dexia Credit Local. The ceiling of this guarantee will be EUR 85 billion in principal, including funding already covered by the provisional guarantee put in place in December 2011 (which outstanding amount was EUR 53.9 billion as of December 27, 2012). Following the full impairment of the DCL holding in the books of the Company posted on November 7, 2012, the Belgian and French States undertook to subscribe in full to a Dexia capital increase of EUR 5.5 billion, to be realized on December 31, 2012 through the issue of preference shares with voting rights.
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