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E.U.: Source says Commission to approve of Dexia bailout

By  |  November 29, 2012

Sources have said that the European Commission will likely announce its approval for French-Belgian bank Dexia to receive state funds and to sell some of its assets. While at one time it was the globe’s largest municipal lender, Dexia will become a portfolio of loans and bonds funded by the state as Belgium and France both agreed to push $7.1 billion into the lender earlier this month. In order to approve of the Dexia bailout, the Commission reportedly said that the bank had to sell some of its assets of its management unit and its Italian business, which has not yet found a buyer. The source also said that Dexia agreed to behavioral remedies of its Belgian banking unit Belgius and DMA, which may include pay caps.

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