Guarantee Agreement

between the Belgian State, the French State, the Luxembourg State
and Dexia SA/NV


Following the European Commission authorisation on 19 November 2008, the Belgian, French and Luxembourg States have signed an agreement with Dexia on 9 November 2008 (NL, FR, EN) (hereafter the “Guarantee Agreement”). This agreement specifies the practical arrangements for implementing the agreement concluded on 9 October 2008 between the three States, in the presence of Dexia. In accordance with this agreement, the three governments have severally but not jointly undertaken to set up a guarantee mechanism covering borrowings by Dexia SA, Dexia Banque Belgique, Dexia Crédit Local de France and Dexia Banque Internationale Luxembourg.

Until October 31, 2009, the Guarantee Agreement was covering Dexia's liabilities towards credit institutions and institutional counterparties, as well as bonds and other debt securities issued for the same counterparties, provided that these liabilities, bonds or securities were falling due before 31 October 2011 and had been contracted, issued or renewed between 9 October 2008 and 31 October 2009.

By Amendment to the above mentioned Guarantee Agreement of 9 December 2008, dated 14 October 2009, the Belgian, French and Luxembourg governments on the one hand and Dexia on the other, agreed to renew the guarantee scheme for a period of one year, until 31 October 2010 (hereafter “the Amendment of 14 October 2009”). This renewal also brings some modifications to the guarantee scheme and, among other, (i) the lowering of the cap of the outstanding guaranteed amount (from EUR 150 billion to EUR 100 billion, with a commitment by Dexia to do its best efforts to limit the use of the guarantee to no more than EUR 80 billion, considering the improvement of Dexia’s liquidity position), (ii) the extension to 4 years of the maximum maturity of the new financing issued under the revised guarantee scheme, (iii) the waiver by Dexia of the benefit of the guarantee, as from 16 October 2009, for all new Contracts with a maturity of less than one month and all Contracts with an indefinite term. The renewal and modification as provided for in the Amendment of 14 October 2009 have been duly authorized by an interim decision of the European Commission for a period of 4 months as from [30 October 2009] or until the final decision – if such decision is adopted before the expiry of such period of 4 months - of the European Commission in the context of the State aid procedure opened on March 13, 2009 (Decision C(2009) 1960 final corr. of March 13, 2009), in relation to the aid granted to Dexia with community rules.

The text of the Amendment of 14 October 2009 as well as of its annex containing a coordinated version of Guarantee Agreement as amended pursuant to said Amendment, can be downloaded by clicking on the link below.

  • Amendment of 14 October 2009 to the Guarantee Agreement (NL, FR, EN).

  • Press release of the European Commission of 30 October 2009 (NL, FR, EN)

In addition to the Guarantee Agreement, the three States and Dexia have entered into an "Operational Memorandum" supplementing said agreement on operational and procedural aspects. Notably, this Operational Memorandum, which is still into force in the context of the renewal of the guarantee scheme pursuant to the Amendment of 14 October 2009, provides for:

  • a monitoring process of the guaranteed amounts on a daily basis, including a the daily publication of the aggregate guaranteed amount (see below). Accordingly, investors can monitor, on a daily basis, the total amount under guarantee compared to the total cap of the guarantee (150 bln EUR until October 31, 2009 and 100 bln EUR as from November 1, 2009);

  • with respect to guaranteed bond issues of Dexia, a system of eligibility certificates whereby the States will issue, on request from Dexia, certificates confirming for each bond issue that it is covered by the guarantee agreement. A list of all certified bond issues is also published below.

This website is set up with the sole purpose of centralizing and publishing the information that is to be disseminated to the public according to the Operational Memorandum. Such information is published for information only, and will be without prejudice to the rights of the States pursuant to the Guarantee Agreement.

1. Total outstanding amount of "Guaranteed Liabilities"

Archives (pdf, xls)

The information is updated each business day at 12:30 pm and represents the information of the preceding business day.

2. Securities for which the States have issued an "Eligibility Certificate"

2010-06-28: List of Securities (pdf, xls)

The list of securities is regularly updated, depending on the requests of Dexia and the information received from the three States.

 

DISCLAIMER:
The information published on this website is a pure representation of the information received from Dexia (for the total outstanding amount of "Guaranteed Liabilities") and from the three States (for the list of Securities for which an "Eligibility Certificate" was issued). The host of this website cannot be held responsible for the information that is made public through this website.