Dexia: EU Commission Approves Guarantees For FSA Unit Assets
March 13 2009 - 12:59PM
Dow Jones News
Dexia (DEXB.BT) said Friday that The European Commission has
Friday approved the guarantee from the Belgian and French
governments granted for the assets in the Financial Products
portfolio of Financial Security Assurance (FSA).
Another milestone has therefore been passed in the process of
disposing of the insurance activities of FSA to Assured Guaranty
(AGO), the General Meeting of which is to be held on Monday Mar.
16.
The Commission also opened an inquiry into the restructuring
plan which the Belgian, French and Luxembourg governments submitted
to it at the end of Feb..
This inquiry is a classic procedure in community practice with
regard to government aid. Within the context of an in-depth
dialogue with the Commission, Dexia will assist the governments to
detail and explain the measures necessary for the Group's recovery.
There is already a resolute commitment to these measures, which
inter alia involve long-term financing, the sale of FSA in the
United States and KA in Austria and the mastery of costs.
Company Web site: www.dexia.com