Guarantees given
Source: Agencies |
December 6, 2011, Tuesday
|
Print Edition
Print Edition
CRISIS-HIT Franco-Belgian bank Dexia has secured temporary financing guarantees from Belgium, France and Luxembourg to keep it running while the countries cement the bailout they put together in October.
Dexia yesterday said a draft temporary guarantee agreement had been submitted to its board of directors and to the European Commission, which will need to determine whether the rescue complies with state aid rules.
Dexia was rescued by the three states in October, receiving 90 billion euros (US$121 billion) of guarantees to cover its borrowings and accepting that Belgium would take over its operations there for 4 billion euros. However, these guarantee have yet to take effect.
Dexia yesterday said a draft temporary guarantee agreement had been submitted to its board of directors and to the European Commission, which will need to determine whether the rescue complies with state aid rules.
Dexia was rescued by the three states in October, receiving 90 billion euros (US$121 billion) of guarantees to cover its borrowings and accepting that Belgium would take over its operations there for 4 billion euros. However, these guarantee have yet to take effect.
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