Funding guarantee agreement


Within the framework of the Group’s orderly resolution plan, on 24 January 2013 the French, Belgian and Luxembourg governments entered
  into a several but not joint funding guarantee agreement in favour of Dexia Crédit Local.
The guarantee covers debt raised by Dexia Crédit Local (acting through its head office or its New York branch) from qualified, institutional or professional investors, in the form of securities and financial instruments, deposits and borrowings. It allows funding with a maximum maturity of 10 years to be raised until 31 December 2021.
The 2013 guarantee mechanism covers amounts up to EUR 85 billion in principal over the short and long term.
An overview of the amounts issued by Dexia under the different guaranteed mechanism is given on the National Bank of Belgium’s website.
Dexia Crédit Local’s short and long-term debt guaranteed programmes are rated respectively  A-1+ and AA by Standard & Poor’s, F1+ and AA- by Fitch Ratings and P1 an Aa3 with stable outlook by Moody’s, reflecting the outlook for the Belgian government, the main guarantor.