Dexia unveils €6.3bn losses after nationalisation

Discussion in 'Wall St. News' started by ASusilovic, Nov 9, 2011.

  1. Dexia, the ailing Franco-Belgian lender, unveiled one-off losses of €6.3bn in the third quarter, linked to the emergency nationalisation of its Belgian unit and the fall in value of its holdings of eurozone sovereign bonds.

    The bank also cleared the way for a capital injection of up to €4.2bn for Dexia Credit Local, its municipal lending unit, needed to comply with French regulatory requirements.


    As well as Greece, Dexia has a large exposure to Spain and Italy via local subsidiaries, including holdings of sovereign debt which has depreciated sharply in recent days, particularly in the case of Italy.