World News Belgium nationalizes part of Dexia bank

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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)

金融大手のデクシア破たん

フランスとベルギーに経営基盤を置く金融大手デクシアの取締役会は10月10日、銀行部門の一部を一時国有化し、両国政府に支援を要請することを発表した。

Shukan ST: October 21 2011

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