OpenLegislation

Division 13 Dexia shall undertake the divestments of the assets according to the list and schedule set out below:

United Kingdom

Original text. Later amendments are not shown.

  1. (a)

    Divestment or stock exchange flotation of the group’s 70 % stake in its Italian subsidiary, Crediop, by 31 October 2012. Under point 15 of the Bank Restructuring Communication, Dexia shall not be required to sell its stake in Crediop at an excessively depressed price (less than […] times the book value in 2010 and 2011 and […] times the book value in 2012).

  2. (b)

    Divestment by 30 June 2010 of Dexia Epargne-Pension (DEP), French subsidiary of DIB (Dexia Insurance Belgium), which operates in the fields of life assurance and collective insurance. The sales agreement was signed on 9 December 2009 and the sale should be completed during the first half of 2010.

  3. (c)

    Divestment or stock exchange flotation by 31 December 2010 of Dexia’s 51 % stake in AdInfo, a subsidiary active in the provision of IT services to local authorities in Belgium.

  4. (d)

    Divestment of Dexia’s stake in SPE by 31 December 2010.

  5. (e)

    Divestment of Dexia’s 20 % stake in Crédit du Nord. This divestment took place on 11 December 2009 (actual transfer of the securities and cash).

  6. (f)

    Closure by 2010 of about 80 branches in Belgium under the new group distribution model.

  7. (g)

    Cessation of the following activities of RCB International:

    1. (i)

      the divestment of Experta Jersey, the run-off of Dexia PB Jersey, the cessation of Montevideo’s PB activities, the cessation of the PB development project in Singapore, the cessation of the consumer finance project in Russia and the cessation of the activities of Dexia Asset Management (DAM) in the countries of Central and Eastern Europe and the divestment of the trust activities of Experta in Switzerland were carried out in 2009 and early 2010;

    2. (ii)

      the divestment of Experta’s trust activities in the Bahamas and the divestment of the Danish subsidiary of Dexia BIL, which engages in asset management, private banking and market activities/structuring are to be realised by 31 December 2011.

  8. (h)

    Divestment or stock exchange flotation by 31 October 2012 of Dexia’s stake in its Slovak subsidiary Dexia Banka Slovensko (DBS). Under point 15 of the Bank Restructuring Communication, Dexia shall not be required to sell DBS at an excessively depressed price (less than […] times the book value in 2010 and […] times the book value in 2011).

  9. (i)

    Cessation and run-off of the following PWB international activities:

    1. 1..

      India: sale of the entity carried out in 2009;

    2. 2..

      Switzerland (Dexia Public Finance Switzerland) and Sweden (Dexia Norden): closure and liquidation by 31 December 2010;

    3. 3..

      Mexico, Australia and Japan: run-off of the balance sheet and staff cuts. The Mexican entity was closed in 2009 and its assets were transferred to DCL New York where they are placed in run-off; the workforce in Japan and Australia was halved in 2009 and the related activities will be placed in run-off.

  10. (j)

    Divestment of FSA (finalised on 1 July 2009) then divestment of Dexia’s holdings in Assured Guaranty (AGO) by 31 December 2011.

  11. (k)

    Divestment of the group’s 49 % stake in Kommunalkredit Austria (KA), which took place in the fourth quarter of 2008.

  12. (l)

    Divestment or stock exchange flotation of Deniz Emeklilik, the insurance subsidiary of DenizBank by 31 October 2012.

  13. (m)

    Divestment of the group’s 60 % stake in Dexia Sabadell by 31 December 2013.

  14. (n)

    Fast-track divestment of Dexia’s bond portfolio at the rate of EUR [10-20] billion per year in 2010 and 2011, EUR [5-15] billion to EUR [10-20] billion in 2012, EUR [0-10] billion to EUR [5-15] billion per year in 2013 and 2014.

  15. (o)

    In accordance with the restructuring plan submitted on 17 December 2009, run-off of the Standby Bond Purchase Agreements (SBPA) and Tender Option Bonds (TOB) activities (USA/Canada).

The divestment commitments listed in points (a) to (n) above shall be deemed to have been met when Dexia and the purchaser have concluded a binding, definitive agreement (i.e. an agreement which cannot be cancelled unilaterally by Dexia without payment of a penalty) for the divestment of Dexia’s entire holding in the entity or asset concerned, even if all the authorisations or declarations of non-objection have not yet been obtained from the competent supervisory authorities when the agreement is signed.