- Agreement between Aegon and Dexia
- Mr Wim Duisenberg to act as mediator
Dexia and Aegon have reached an agreement regarding the situation of the share
The two groups have agreed to put an end to their dispute. To this end, Aegon
will contribute 218 M€ to Dexia, which will be paid in 2005. This will
help Dexia Bank Nederland to resolve appropriately the cases of its clients
facing financial difficulties, and allocate more funds to indemnify its clients,
whether represented or not by a foundation.
On its side, Dexia will recognize additional expenses amounting to 207 M€
in its 4th quarter 2004 accounts, aimed at covering additional costs of allowances
for the customers of Dexia Bank Nederland experiencing difficulties, as well
as other foreseeable transactions. Note that the latter expenses will not modify
the guidance already indicated concerning the progression of its 2004 results,
several positive nonrecurring items having taken place during the same period.
This expense does not cover legal risks related to spousal consent, which will
depend on the decision of the Supreme Court of the Netherlands. A disclosure
will be made in the annual financial reporting.
Under the aegis of the Central Bank of The Netherlands, Mr Wim Duisenberg,
former Governor of the European Central Bank, has accepted to act as mediator
to seek a settlement between Dexia Bank Nederland and its clients.
Dexia will give its full support to the mediator, and during the mediation
process, Dexia will not introduce any new legal proceeding against its clients
who are party to a share leasing contract.