Dexia

Dexia, a company listed on the stock exchanges in Brussels and Paris banking group with headquarters in Brussels, is mainly active in the financing of the public sector. Dexia was the merger of Crédit Communal de Belgique ( founded in 1860 ) in 1996 and Crédit Local de France ( founded in 1987 ) is formed. Dexia 's IPO took place on 2 January 1997 with a starting price of 6.86 euros per share. Due to massive problems of the Group during the financial crisis of 2011, the bank is split into several units.

The Group is in the Rogier Tower, built with 38 floors and 145 meters in the years 2002 to 2006 in Brussels, which traded until 2012 as the Dexia Tower.

History

Financial crisis in autumn 2008

Due to the international financial crisis, Dexia Group received on 3 October 2008 state aid of three billion euros from Belgium and France and 376 million euros of Luxembourg. For Belgium and France were stakes of 5.7 percent in Dexia.

The financial problems of Dexia resulted primarily from the shorter-term refinancing at lower interest rates of long- term loans to municipalities. Due to the drying up of the interbank money market as a result of the Lehman collapse dried up this source of funding. The business model and the collapse is thus similar to the Depfa Bank in Dublin / Ireland, a subsidiary of the German Pfandbrief bank Hypo Real Estate ( HRE). After the stock quote had broken into the first days of October 2008, announced on 9 October 2008 the Governments of the States of France, Belgium and Luxembourg a guarantee for a period of one year from to enable the Bank to the inclusion of further capital resources.

In February 2009, the Dexia Bank announced that it has made in 2008 3.326 billion euros, or 4.2 billion U.S. dollars loss.

The EU Commission was not convinced of the rescue plan for Dexia Group and commenced an investigation to do so. On 14 October 2009, the European Commission gave approval to extend the state guarantees from France, Belgium and Luxembourg for the Dexia Group until 31 October 2010. Dexia sold with " Dexia Epargne Pension " his life insurance business to BNP Paribas. The Executive Director of the Bank Pierre Mariani announced that Dexia was determined to replace the state guarantees until the end of 2010. June 30, 2010, Dexia waived prematurely on all state guarantees.

On 4 October 2011 massive financial problems of Dexia were known, which also relate to the German subsidiary.

Just three years after the outbreak of the financial crisis, the Bank has still not getting their contaminated sites in the handle. In the second quarter of 2011, the group had reported four billion euro loss. The bank, whose business model was focused on the financing of public lenders such as municipalities, cities and states, had been involved with 3.8 billion euros in Greek government bonds and with a billion euros in Greek private sector debt. Therefore, Dexia has on the Greek bonds a value discount of 21 percent, or 377 million euros, made ​​in the first half of 2011, after the Government had agreed to the participation of the private sector's debt cut for Greece.

Breakdown

On 10 October 2011, Dexia SA announced the splitting of the bank. In addition, 95 billion euros will be outsourced to risky assets into a bad bank.

In addition, the entire Bank of Belgium, France and Luxembourg will equipped with state guarantees in the amount of 90 billion euros, of which Belgium will pay a share of 60.5 percent. Luxembourg's share of this warranty program is 3 percent, which. Limited to max EUR 2.7 billion is estimated. Together with the 2008 remaining residual guarantees guarantees the state of Luxembourg in this context for four billion euros, equivalent to 9.6 percent of Luxembourg 's gross domestic product in 2010. In a fixed-term until May 2012 interim agreement Belgium, France and Luxembourg guarantee bonds in the amount of 45 billion euros.

Shareholder

The Dexia Group had the following on 31 December 2012 Shareholder:

Activities abroad

• In Germany the Franco-Belgian group is now one of the daughter completely Dexia Municipal Bank Germany AG (until February 2006: Dexia Bank mortgage Berlin AG ) headquartered in Berlin. At the end of fiscal year 2004, the German subsidiaries had total assets of 35.05 billion euros, making it one of the largest German banks ( ranked 36 ). Your location is Berlin.
• In Austria it was up to 3 November 2008, a minority shareholder of Kommunalkredit Austria, in 2008 the People's Bank Group was the majority owner. Kommunalkredit was saved that day by an emergency nationalization from bankruptcy.
• In Luxembourg, the Crédit Communal de Belgique, a majority holding in Banque Internationale à Luxembourg ( BIL) had taken over in 1992 already, which they had introduced in 1996 with the merger. This daughter was named to the splitting up of the Dexia Group, Dexia -BIL and is based on the number of branches and residential customers the second largest bank in Luxembourg after Spuerkeess and before the BGL BNP Paribas. 10 October 2011 in Luxembourg Finance Minister Luc Frieden had advised that a financial group from Qatar was ready to take on the Luxembourg Dexia subsidiary Dexia -BIL. Dexia -BIL, Luxembourg - Hollerech
• The collaboration with the Royal Bank of Canada RBC Dexia 's daughter had arisen; based in London and a financial center in Luxembourg. Also, this investment was sold during the splitting of the Dexia Group.
• The American insurance company Financial Security Assurance Inc. (FSA ) was taken from March to June 2000. Announced in November 2008, the company was until July 2009 by the Assured Guaranty Ltd.. adopted and in Assured Guaranty Municipal Corp.. (AGM ) renamed.