Answer given by Mr Almunia on behalf of the Commission
As of 2008, the Dexia group has benefited from significant state support from France, Belgium and Luxembourg, approved by the Commission in return for a restructuring plan to be concluded by the end of 2014. However, the bank fell behind with the implementation of that plan and the deepening crises of summer 2011 continued to imbalance its financing sources.
Since then, the Member States concerned have granted additional aid to Dexia group, via the sale of Belfius to the Belgian State and additional state guarantees on the new refinancing measures for Dexia SA and Dexia Crédit Local (DCL).
The Commission, by decision of 17 October 2011(1), temporarily authorised, under the Community rules on state aid, the acquisition of Belfius by the Belgian State, and for this purpose opened a formal investigation procedure. At this stage, the Commission is not in a position to conclude whether or not the transaction is compatible with the rules on state aid.
Until the Commission reaches its final decision, Belfius remains subject to the commitments entered into (including, in particular, a coupon ban on its financial instruments) at the time of the
decision to restructure Dexia group on 26 February 2010.