Brussels, 10 October
Statement by Vice President Almunia on Dexia
The Commission takes note of the announcement made by the French, Belgian and Luxembourgish authorities of a new restructuring plan for Dexia. It welcomes the stabilising effect of the agreement on the banking group and for the financial system as a whole.
Dexia is under monitoring by the Commission, following its decision of February 2010 that authorised the state aid already granted to Dexia in 2008/2009.
Therefore, any changes to the restructuring plan and any new aid measures need to be notified and reviewed by the Commission.
The Commission will apply its usual criteria of (i) verifying the restoration of the long term viability of the activities remaining in the market, (ii) ensuring that the burden of the restructuring is adequately shared, and (iii) making sure that sufficient measures are taken to address competition distortion.