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Belgium nationalizes part of Dexia bank

The Belgian state will buy the national subsidiary of embattled bank Dexia for €4 billion (¥410 billion) and provide tens of billions of euros in new guarantees as part of a wider bailout of the lender, the first victim of a new squeeze in European credit markets.

The part-nationalization of Franco-Belgian Dexia, announced Oct. 10, was triggered by other banks' increasing reluctance to lend to it due to its exposure to highly indebted eurozone states like Greece and Italy.

Belgium's caretaker prime minister Yves Leterme said the nationalization was necessary to insulate the Belgian retail bank from the risks of the wider group, Dexia SA. He said support from the state ensures that all of Dexia's clients "can be sure and certain that their money is in full security."

On top of the nationalization, the governments of Belgium, France and Luxembourg together will provide an additional €90 billion (¥9.4 trillion) in funding guarantees for the bank for up to 10 years. (AP)

Shukan ST: October 21 2011

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World News Belgium nationalizes part of Dexia bank The Belgian state will buy the national subsidiary of embattled bank Dexia for €4 billion (¥410 billion) and provide tens of billions of euros in new guarantees as part of a wider bailout of the lender, the first victim of a new squeeze in European credit markets. The part-nationalization of Franco-Belgian Dexia, announced Oct. 10, was triggered by other banks' increasing reluctance to lend to it due to its exposure to highly indebted eurozone states like Greece and Italy. Belgium's caretaker prime minister Yves Leterme said the nationalization was necessary to insulate the Belgian retail bank from the risks of the wider group, Dexia SA. He said support from the state ensures that all of Dexia's clients "can be sure and certain that their money is in full security." On top of the nationalization, the governments of Belgium, France and Luxembourg together will provide an additional €90 billion (¥9.4 trillion) in funding guarantees for the bank for up to 10 years. (AP) Shukan ST: October 21 2011 (C) All rights reserved