Division 17

The Belgian, French and Luxembourg authorities shall submit to the prior approval of the Commission, and at the latest one month after this final decision, a list of one to three persons, chosen in agreement with Dexia, to be appointed as independent expert responsible for detailed verification of the application of the commitments above (the ‘independent expert’).

The independent expert must have the required skills and may not be exposed to conflicts of interest when performing his task.

The Commission may either approve or reject the independent expert(s) proposed. If the Commission rejects the independent expert(s) proposed, Dexia and the Belgian, French and Luxembourg authorities shall propose, within one month of communication of the rejection, one to three new candidates who shall also have to be approved or rejected by the Commission.

If all the candidates proposed are finally rejected by the Commission, the Commission shall designate an ‘independent expert’.

The costs of the services of the independent expert shall be paid by Dexia.