Dexia is a European banking group that has been properly managed since the end of 2011. The group is 99.6% owned by the Belgian and French states.
Validated in December 2012 by the European Commission, Dexia's orderly resolution plan aims to avoid the bankruptcy and liquidation of the group which, given its residual size, would have been likely to destabilize the entire European banking sector.
Given its importance3, since 4 November 2014 Dexia has been under the direct prudential supervision of the European Central Bank under the Single Supervisory Mechanism (SSM). Dexia, the parent company of the group, is a public limited company and financial company under Belgian law whose shares are listed on Euronext Brussels.
At December 31, 2018, the group had 773 employees. Dexia Crédit Local is the main operating entity of the group and the entity benefiting from the financing guarantee, of a maximum amount of EUR 85 billion, granted by the Belgian, French and Luxembourgish States to enable the orderly resolution to be carried out. It is based in France, where it has a banking license, and has an international presence through its branches in Ireland, the United States, and Spain4 and its subsidiaries in Germany5 and Italy. These subsidiaries also have a banking license.
Dexia no longer has any commercial activity and is fully dedicated to the management of its asset portfolio, which consists mainly of assets related to the local public sector and sovereigns, while preserving the interests of its clients. State shareholders and guarantors of the group.
In order to fulfill this mission, Dexia has set itself three strategic objectives:
• Maintain the refinancing capacity of the balance sheet throughout the resolution;
• Preserve the capital base to ensure compliance with regulatory ratios;
• Ensuring operational continuity, retaining the necessary skills and resources, and optimizing its information system.
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