Following the European Commission authorisation on 19 November 2008, the Belgian, French and Luxembourg States signed an agreement with Dexia on 9 December 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 severally but not jointly undertook to set up a guarantee mechanism covering borrowings by Dexia SA, Dexia Banque Belgique, Dexia Crédit Local de France and Dexia Banque Internationale Luxembourg. The guarantee covered Dexia's liabilities towards credit institutions and institutional counterparties, as well as bonds and other debt securities issued for the same counterparties, all fallen due before 31 October 2011.

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 the European Commission.

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).

The agreement concluded on 9 December 2008 and amended on 14 October 2009 has now been replaced by a new agreement entitled "Convention de garantie autonome" signed on 16 December 2011 by the Belgian, French and Luxembourg States, Dexia SA and Dexia Crédit Local SA (the "guarantee agreement"; FR). In accordance with this guarantee agreement, the three governments have severally but not jointly undertaken to set up a guarantee mechanism, each for a definite quota, covering payment obligations stemming from contracts, securities or financial instruments initially issued by Dexia SA or Dexia Crédit Local SA between the 16th of December 2011 up to and including the 31st of May 2012. The guarantee agreement is a first demand guarantee agreement.

This guarantee agreement aims at facilitating temporarily the renewal of the funding existing between Dexia SA and Dexia Crédit Local SA and therefore, allowing Dexia group to honour its short-term commitments.

The guarantee agreement has been amended on 30 May 2012 in order to renew the guarantee mechanism on a new temporary basis, for secured obligations issued up to and including the 30th of September 2012, as long as the European Commission has not given its final authorisation (FR).

The guarantee agreement has also been amended on 5 June 2012 in order to increase the ceiling of the guarantee, which was initially fixed at 45 billion euros, at 55 billion euros, as long as the European Commission has not given its final authorisation (FR).

In order to comply with the decision of the European Commission dated 28 December 2012, the temporary guarantee agreement has been replaced by a guarantee agreement entitled "Convention d'émission de garanties" signed on 24 January 2013 by the Belgian, French and Luxembourg States, Dexia SA and Dexia Crédit Local SA.

This guarantee shall enter into force with immediate effect and replaces the temporary guarantee of 16 December 2011, which is terminated without retroactive effect and without prejudice to rights arising due to bonds issued or entered into prior to the entry into force of the guarantee (FR, EN).

The guarantee ceiling has been increased up to EUR 85 billion in principal (including financing already covered by the temporary guarantee of 2011). The allocation between the States of the guarantee is 51,41% (i.e. a maximum of € 43,6985 billion) for the Belgian State, 45,59% (i.e. a maximum of € 38,7515 billion) for the French State and 3,00% (i.e. a maximum of € 2,55 billion) for the Luxembourg State. The new percentage share contribution is immediately applicable to eligible financings issued or entered into following the effective date of the Guarantee. The former percentage share contribution under the 2011 temporary guarantee continues to apply to eligible financings issued or entered into prior to the effective date of the Guarantee, given the vested rights of investors.

The guarantee covers funds raised in the form of securities and financial instruments, deposits or loans raised from its entry into force until 31 December 2021 and having a maximum maturity of ten years.

In addition, the same parties have entered into an "Operational Memorandum" (EN) on 17 February 2012 which supplements, and does not replace, the operational memorandum dated 18 December 2008 (EN).

Notably, this Operational Memorandum provides for :

1. a monitoring process of the guaranteed obligations on a daily basis, including a daily publication of their amount ;
2. with respect to guaranteed securities, a system of eligibility certificate pursuant to which each State will confirm, upon request from Dexia, severally but not jointly, in respect of a given issuance of securities, that the obligations of the issuer from said securities are guaranteed by the States pursuant to the guarantee. A statement of outstanding securities for which an eligibility certificate was issued is published below.

In order to comply with the decision C(2019) 6974 of the European Commission dated 27 September 2019, the agreement concluded on 24 January 2013 has now been replaced by a new agreement entitled “Convention d’Emission de Garanties” signed on 6 December 2021 by the Belgian State and the French State, Dexia SA and Dexia Crédit Local SA (FR). The Luxembourg State is not a party to this new guarantee agreement. The guarantee agreement is a first demand guarantee agreement (FR, EN). This guarantee agreement enters into force with immediate effect on the 1st of January 2022, without prejudice to the rights arising from the 2008, 2011 or 2013 Agreements, which stay in force according to their terms.

The guarantee ceiling has been decreased to EUR 72 billion in principal. The allocation between the States of the guarantee is 53% (i.e. a maximum of € 38.16 billion) for the Belgian State and 47% (i.e. a maximum of € 33.84 billion) for the French State. The new percentage share contribution is immediately applicable to eligible financings issued or entered into following the effective date of the guarantee. The guarantee covers funds raised in the form of securities, financial instruments, deposits, loans and advances raised from its entry into force until 31 December 2031 and having a maximum maturity of ten years. In addition, the Belgian and French States commit themselves, each to the extent of its percentage share indicated above (53% and 47%), upon request of Dexia Crédit Local SA and subject to compliance with certain conditions, to grant a first demand guarantee covering the interbank overdrafts in favour of a credit institution, up to EUR 3 billion.

In addition, the same parties have entered into an Operational Memorandum on 6 December 2021 (EN) which supplements, and does not replace, the operational memorandum dated 18 December 2008 and the operational memorandum dated 17 February 2012, entered into between the Belgian, French and Luxembourg States, Dexia SA and Dexia Crédit Local SA.

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.

It is no longer possible to deliver any Guarantee call or other notification to the States by Fax (cfr. Art 9 of the Guarantee). The other notification possibilities (Letter / Email) remain valid.