Division 20 On the basis of a duly substantiated request by France, Belgium and Luxembourg, the Commission may:

authorise Dexia to delay the divestment of one or more assets referred to in point 13 above; or

authorise Dexia to substitute for the divestment of one or more assets referred to in point 13 above a divestment of assets representing an equivalent proportion of Dexia’s balance sheet; or

decide that one or more of the commitments set out above no longer applies;

take account of Dexia’s ability to cover its short-term funding need by mobilising its asset reserves eligible for repos if one or other of the indicators defined in point 5 is not achieved.